Alleged Ponzi Scheme Operator Arraigned Over Ten Billion Naira Fraud

An alleged Ponzi scheme operator, Adonu Kingsley Ifeanyi was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) before Justice Chukwujekwu Aneke of the Federal High Court, sitting in Ikoyi, Lagos over alleged 10 billion naira fraud.
 
Adonu was arraigned on a five count-charge of money laundering to the tune of N10 Billion.
 
One of the counts read “That you ADONU KINGSLEY IFEANYI between 4” June, 2021 and 23 July, 2021, in Lagos within the jurisdiction of this Honourable Court did take possession of the total sum of N1,076,337,842 (One Billion, Seventy Six Million, Three Hundred and Thirty Seven Thousand, Eight Hundred and Forty Two Naira) through a bank account with account name ‘S.Mobile Netzone Limited’ domiciled in Fidelity Bank Plc., which sum you knew forms part of the proceeds of your unlawful activity to wit: stealing and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 (3) of the same Act.
 
He pleaded “not guilty” to the charges when they were read to him and in view of his plea, prosecution counsel, S.I Suleiman, asked for a trial date, and urged the court to remand him in the custody of the Nigerian Correctional Services,  NCoS, pending trial.
 
Responding, the defense counsel, Chibuike Opara, prayed the court to remand his client in the facility of the EFCC, pending the filing and determination of his bail application.
 
Suleiman however opposed the application on the grounds that the appropriate custody of a defendant upon arraignment is the Correctional Center. 
 
Justice Aneke ordered that the defendant be remanded at the Ikoyi center of the Nigerian Correctional Services NCoS. 
 
The matter was adjourned to July 4, 2025, for hearing of the bail application.