By John Umeh
On Thursday, June 19, 2025, the Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Command 1, brought Adonu Kingsley Ifeanyi before the Federal High Court in Ikoyi, Lagos, on allegations related to a large-scale Ponzi scheme.
The defendant, Adonu, appeared before Justice Chukwujekwu Aneke to face a five-count charge bordering on the laundering of approximately ₦10 billion.
According to one of the charges, Adonu was accused of unlawfully receiving over ₦1.07 billion between June 4 and July 23, 2021, through a Fidelity Bank account registered under the name ” Netzone Limited.” The EFCC stated that the funds were proceeds of criminal activities, specifically theft, which constitutes an offense under Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and is punishable under Section 15(3) of the same law.
When the charges were read out in court, Adonu entered a plea of “not guilty.”
Following the plea, EFCC counsel S.I. Suleiman requested that the court fix a date for trial and that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS).
However, the defense lawyer, Chibuike Opara, argued that his client should be kept in EFCC detention while they prepare and file a formal bail application. Suleiman objected, maintaining that once arraigned, the defendant should be held in a correctional facility as prescribed by law.
After considering both sides, Justice Aneke ruled that the accused be remanded at the Ikoyi custodial center of the NCoS.
The court then adjourned the matter until July 4, 2025, for the hearing of the bail application.
