“The offences contravene Section 15(2)(d) of the Money Laundering Act,” EFCC counsel tells Justice Aneke.
The Economic and Financial Crimes Commission (EFCC) has arraigned Adonu Kingsley Ifeanyi before a Federal High Court in Lagos over a ₦10.01 billion money laundering scheme allegedly tied to a fraudulent investment operation.
Ifeanyi, linked to S. Mobile Netzone Limited and Setbiz Datalink Concept Limited, was docked before Justice Chukwujekwu Aneke on five counts of laundering funds obtained through unlawful activity.
According to EFCC counsel Suleiman I. Suleiman, the offences were committed between June 2021 and July 2022, and involved claims of a partnership with MTN—an assertion the telecom giant has not confirmed.
Ifeanyi pleaded not guilty. While his counsel, Chibuike Opara, requested EFCC custody, Justice Aneke ruled that he be remanded at the Ikoyi Custodial Centre.
The case was adjourned to July 4, 2025, for hearing of the bail application.
The EFCC says the funds were funneled through various corporate accounts and contravene Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended).