Kingsley Ifeanyi Adonu, a Nigerian telecom tycoon and chief executive officer of SMOBILE Group is currently facing allegations of an alleged ₦10 billion fraud and money laundering.
According to a report by SaharaReporters, Adonu, is set to be arraigned before Justice J.C. Aneke at the Federal High Court in Lagos on a five-count charge bordering on taking possession of criminal proceeds through multiple Nigerian banks.
The charges were filed by the Economic and Financial Crimes Commission (EFCC) under Suit No. FHC/L/280C/2025, in the case titled Federal Republic of Nigeria vs. Kingsley Ifeanyi Adonu.
According to the charge sheet, Adonu is accused of knowingly taking possession of funds totalling over ₦10 billion, which are believed to be proceeds of unlawful activity—specifically, stealing.
The funds allegedly moved through accounts in Fidelity Bank Plc (₦1.73 billion), Guaranty Trust Bank Plc (₦6.79 billion), First City Monument Bank Plc (₦959 million), and Zenith Bank Plc (₦530 million).
According to Count 1, between June 4 and July 23, 2021, Adonu took ₦1.07 billion through a Fidelity Bank account under the name S.Mobile Netzone Limited. Authorities say the money was part of the proceeds of a crime (stealing).
Count 2 alleges that between June 2 and July 14, 2021, Adonu took another ₦656.4 million through the same Fidelity Bank account, also suspected to be proceeds of unlawful activity.
Count 3 accuses Adonu of receiving ₦6.79 billion through a Guaranty Trust Bank account also under S.Mobile Netzone Limited, believed to be linked to criminal activity. The money was received between January 15, 2021 and April 14, 2022.
Count 4 alleges that between March 23 and July 26, 2022, he moved ₦959 million through a First City Monument Bank account in the same company’s name, again suspected to be illicit funds.
Count 5 cites ₦530 million channelled through a Zenith Bank account belonging to Setbiz Datalink Concept Limited in March 2022. According to the count, between March 15 and March 31, 2022, he took possession of ₦530 million through the bank account under the company name, Setbiz Datalink Concept Limited, with the funds believed to be stolen.
The offences are said to violate Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and are punishable under Section 15 (3) of the same Act.
The arraignment, initially scheduled for Wednesday, June 18, was adjourned after Adonu appeared without legal representation. Kingsley Ifeanyi Adonu informed the court that his counsel, Barrister Ike, was unavailable due to an official engagement in Abuja.
Prosecuting counsel S.I. Suleiman appeared on behalf of the Federal Government.
In view of the circumstances, Justice Aneke adjourned the case to Thursday, June 19, 2025, for the formal arraignment of the defendant. Adonu was returned to custody pending the next court date.
In May 2024, Justice Kehinde Ogundare of the Federal High Court in Ikoyi, Lagos, ordered the final forfeiture of a parcel of land measuring 2,348.072 square metres in Enugu State to the Federal Government.
The property was recovered from Babatunde Said Adeola and Adonu, both associated with multiple telecom ventures.
Adeola and Adonu, identified as owners of S. Mobile Netzone Limited, Biss Networks Nigeria Limited, and Pristine Mobile Networks Nigeria Limited, had presented themselves as telecommunications experts involved in joint ventures with major firms, including MTN Nigeria.
However, the EFCC launched an investigation following a petition alleging a conspiracy to defraud investors of ₦510 million. The petitioners claimed they had invested the funds in the defendants’ telecom businesses.
According to the EFCC, investigations revealed that instead of honouring their financial obligations to investors, the duo diverted the funds for personal use and used part of the proceeds to acquire properties, including the land in question.
The disputed property, detailed in Survey Plan No. CSS/EM164/2005, is located along Enugu-Ezike/Obolo-Afor Road in Ogrute, Enugu Ezike, Igboeze Local Government Area of Enugu State.
In July 2023, the court granted the EFCC’s application for an interim forfeiture of the property and ordered a public notice to allow interested parties to contest the action.
The notice was published in the Punch newspaper on November 8, 2023. With no opposition filed, the EFCC proceeded to request a final forfeiture. On Monday, May 13, 2024, Justice Ogundare granted the Commission’s request, ordering the property permanently forfeited to the Federal Government.
The application was supported by a 16-paragraph affidavit deposed to by Adekunbi Mojisola, an EFCC investigator.
Credit: SaharaReporters
