A court in Lagos remands a Ponzi scheme operator for allegedly committing a N10 billion fraud.
Adonu Kingsley Ifeanyi, the operator of a Ponzi scam, has been placed under detention at the correctional facility by Federal High Court Justice Chukwujekwu Aneke in Ikoyi, Lagos, while his bail plea in a N10 billion money laundering case is being decided.
Ifeanyi was charged by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, or EFCC, on Thursday, June 19, 2025.
Five counts of money laundering totaling N10 billion were brought against Adonu at his arraignment.
The EFCC Case
Through the scam, the defendant was charged by the Commission of illegally stealing people’s money.”That you ADONU KINGSLEY IFEANYI, within the jurisdiction of this Honorable Court, in Lagos between June 4, 2021, and July 23, 2021, 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, namely: stealing, and you thereby committed an offense against Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended, and are subject to punishment under Section 15 (3) of the same Act.”
What happened in court
When the accusations were given to the defendant during the court session, he entered a plea of “not guilty.”
In response to his plea, S.I. Suleiman, the prosecution’s attorney, requested a trial date and urged the court to remand him in the custody of the Nigerian Correctional Services, or NCoS, until the trial could begin.
In response, Chibuike Opara, the defense attorney, requested that the court hold his client in the EFCC’s facility while his bail application was filed and decided.
However, Suleiman “opposed the application on the grounds that the Correctional Center is the appropriate custody of a defendant upon arraignment.”
What you should know
The development highlights the EFCC’s prosecution of Ponzi scheme suspects.On June 17, 2025, the EFCC Port Harcourt Zonal Directorate arraigned Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over an alleged N13.8 billion Ponzi scheme fraud.
The arraignment took place before Justice S.I. Mark of the Federal High Court in Port Harcourt, Rivers State.
Williams is facing a 14-count charge bordering on conspiracy, obtaining money under false pretences, advance fee fraud, and money laundering.
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