Court Remands Suspected Ponzi Scheme Mastermind Over N10bn Scam

A Federal High Court sitting in Ikoyi, Lagos, has ordered the remand of Adonu Kingsley Ifeanyi, an alleged Ponzi scheme mastermind, over a N10 billion fraud.

The suspect was arraigned on Thursday, June 19, 2025, by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) before Justice Chukwujekwu Aneke on a five-count charge bordering on money laundering.

One of the counts reads:
“That you, ADONU KINGSLEY IFEANYI, between 4th June, 2021 and 23rd July, 2021, in Lagos within the jurisdiction of this Honourable Court, took 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 the name ‘S.Mobile Netzone Limited’ domiciled in Fidelity Bank Plc., which sum you knew formed 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.”

Adonu pleaded not guilty to the charges.

Following his plea, EFCC counsel S.I. Suleiman requested the court to remand the defendant in the custody of the Nigerian Correctional Services (NCoS) pending the commencement of trial. However, the defence counsel, Chibuike Opara, urged the court to remand his client in EFCC custody, pending the determination of a bail application.

Suleiman opposed the plea, arguing that the proper place of custody after arraignment is the Correctional Centre.

Justice Aneke ruled in favour of the prosecution and ordered that Adonu be remanded at the Ikoyi facility of the NCoS. The matter was adjourned to July 4, 2025, for hearing of the bail application.