EFCC Drags Alleged Ponzi Kingpin Adonu Kingsley Before Court Over N10 Billion Laundering Charges

 

The Federal High Court in Ikoyi, Lagos, was the scene of high drama on Thursday, June 19, 2025, as the Economic and Financial Crimes Commission (EFCC) brought alleged Ponzi scheme mastermind Adonu Kingsley Ifeanyi before Justice Chukwujekwu Aneke. The EFCC’s Lagos Zonal Directorate 1 formally arraigned the suspect on a five-count charge bordering on money laundering, with the illicit funds said to total a staggering N10 billion.

Courtroom observers watched as the charges were read aloud. One specific count laid out a troubling trail of financial impropriety. According to the EFCC, between June 4 and July 23, 2021, Adonu was alleged to have taken possession of over N1 billion through a Fidelity Bank account held in the name of “ Netzone Limited.” Prosecutors argued that this sum, pegged at exactly N1,076,337,842, was part of the proceeds derived from illegal activity, namely stealing.

The court was informed that the account in question served as a vehicle to funnel funds linked to a fraudulent investment operation, a typical characteristic of Ponzi-style schemes. The EFCC contended that Adonu knowingly handled stolen funds and thereby violated Section 15 (2) (d) of the Money Laundering Prohibition Act of 2011, as amended. The Act carries significant penalties for offenses under Section 15 (3), which prosecution counsel S.I. Suleiman pointedly reminded the court.

Adonu, who appeared composed throughout the proceeding, entered a plea of “not guilty” to all five charges. His defense counsel, Chibuike Opara, stood to argue for his client’s temporary custody with the EFCC rather than the Nigerian Correctional Services (NCoS). According to Opara, this would be a more appropriate arrangement pending the submission and consideration of a formal bail application.

The EFCC counsel was quick to challenge the defense’s request. Suleiman insisted that proper legal procedure dictates the immediate remand of arraigned defendants to the custody of the Correctional Center. He emphasized that the law does not provide for continued EFCC detention post-arraignment unless exceptional grounds are proven.

Justice Aneke agreed with the prosecution and ordered that Adonu be remanded at the Ikoyi facility of the NCoS. The judge further set July 4, 2025, as the date for the hearing of the defendant’s bail application.

This arraignment is the latest in EFCC’s ongoing efforts to clamp down on high-profile financial crimes in Nigeria. Ponzi schemes have plagued the country for years, capitalizing on public desperation for financial security. Many victims of such scams invest their life savings, only to see the promises of astronomical returns vanish with their money. According to sources familiar with the investigation, Adonu’s operation lured hundreds of unsuspecting individuals under the guise of a digital investment opportunity.

Court documents and EFCC statements suggest that the accused used a network of company accounts and digital platforms to mask transactions. His apparent understanding of the financial system, combined with digital camouflage, allowed him to operate for a significant period before the EFCC unraveled the scheme.

Legal experts say the prosecution’s task will be proving intent and knowledge, which are key components under the money laundering laws. If convicted, Adonu could face significant jail time, in addition to forfeiture of assets believed to have been acquired through the fraudulent scheme.

Public reaction to the case has been strong, with many calling for swift justice and restitution for the victims. Social media platforms have been abuzz with commentary, some hailing the EFCC for what they consider a proactive move, while others express frustration that such massive frauds continue to occur.

With the trial process now underway, all eyes will remain fixed on the Federal High Court in Ikoyi. The upcoming bail hearing is expected to shed more light on the strength of the case and the potential course the proceedings may take. If the prosecution’s evidence holds, this could be one of the most significant convictions in Nigeria’s ongoing battle against white-collar crime.