Kingsley Ifeanyi Adonu, a Nigerian telecom tycoon and chief govt officer of SMOBILE Group is presently dealing with allegations of an alleged ₦10 billion fraud and cash laundering.
In accordance with a report by SaharaReporters, Adonu, is about to be arraigned earlier than Justice J.C. Aneke on the Federal Excessive Court docket in Lagos on a five-count cost bordering on taking possession of prison proceeds by means of a number of Nigerian banks.
The costs have been filed by the {Economic} and {Financial} Crimes Fee (EFCC) below Go well with No. FHC/L/280C/2025, within the case titled Federal Republic of Nigeria vs. Kingsley Ifeanyi Adonu.
In accordance with the cost sheet, Adonu is accused of knowingly taking possession of funds totalling over ₦10 billion, that are believed to be proceeds of illegal exercise—particularly, stealing.
The funds allegedly moved by means of accounts in Constancy {Bank} Plc (₦1.73 billion), Warranty Belief {Bank} Plc (₦6.79 billion), First Metropolis Monument {Bank} Plc (₦959 million), and Zenith {Bank} Plc (₦530 million).
In accordance with Depend 1, between June 4 and July 23, 2021, Adonu took ₦1.07 billion by means of a Constancy {Bank account} below the identify S.Cellular Netzone Restricted. Authorities say the cash was a part of the proceeds of against the law (stealing).
Depend 2 alleges that between June 2 and July 14, 2021, Adonu took one other ₦656.4 million by means of the identical Constancy {Bank account}, additionally suspected to be proceeds of illegal exercise.
Depend 3 accuses Adonu of receiving ₦6.79 billion by means of a Warranty Belief {Bank account} additionally below S.Cellular Netzone Restricted, believed to be linked to prison exercise. The cash was acquired between January 15, 2021 and April 14, 2022.
Depend 4 alleges that between March 23 and July 26, 2022, he moved ₦959 million by means of a First Metropolis Monument {Bank account} in the identical firm’s identify, once more suspected to be illicit funds.
Depend 5 cites ₦530 million channelled by means of a Zenith {Bank account} belonging to Setbiz Datalink Idea Restricted in March 2022. In accordance with the depend, between March 15 and March 31, 2022, he took possession of ₦530 million by means of the {bank account} below the corporate identify, Setbiz Datalink Idea Restricted, with the funds believed to be stolen.
The offences are mentioned to violate Part 15 (2)(d) of the Cash Laundering (Prohibition) Act, 2011 (as amended), and are punishable below Part 15 (3) of the identical Act.
The arraignment, initially scheduled for Wednesday, June 18, was adjourned after Adonu appeared with out authorized illustration. Kingsley Ifeanyi Adonu knowledgeable the courtroom that his counsel, Barrister Ike, was unavailable as a consequence of an official engagement in Abuja.
Prosecuting counsel S.I. Suleiman appeared on behalf of the Federal Authorities.
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 following courtroom date.
In Might 2024, Justice Kehinde Ogundare of the Federal Excessive Court docket in Ikoyi, Lagos, ordered the ultimate forfeiture of a parcel of land measuring 2,348.072 sq. metres in Enugu State to the Federal Authorities.
The property was recovered from Babatunde Mentioned Adeola and Adonu, each related to a number of telecom ventures.
Adeola and Adonu, recognized as house owners of S. Cellular Netzone Restricted, Biss Networks Nigeria Restricted, and Pristine Cellular Networks Nigeria Restricted, had offered themselves as telecommunications specialists concerned in joint ventures with main corporations, together with MTN Nigeria.
Nevertheless, the EFCC launched an investigation following a petition alleging a conspiracy to defraud traders of ₦510 million. The petitioners claimed that they had invested the funds within the defendants’ telecom companies.
In accordance with the EFCC, investigations revealed that as a substitute of honouring their {financial} obligations to traders, the duo diverted the funds for private use and used a part of the proceeds to amass properties, together with the land in query.
The disputed property, detailed in Survey Plan No. CSS/EM164/2005, is situated alongside Enugu-Ezike/Obolo-Afor Highway in Ogrute, Enugu Ezike, Igboeze Native Authorities Space of Enugu State.
In July 2023, the courtroom granted the EFCC’s utility for an interim forfeiture of the property and ordered a public discover to permit events to contest the motion.
The discover was revealed within the Punch newspaper on November 8, 2023. With no opposition filed, the EFCC proceeded to request a last forfeiture. On Monday, Might 13, 2024, Justice Ogundare granted the Fee’s request, ordering the property completely forfeited to the Federal Authorities.
The appliance was supported by a 16-paragraph affidavit deposed to by Adekunbi Mojisola, an EFCC investigator.
Credit score: SaharaReporters