Lagos court sends Ponzi scheme operator to prison for N10bn fraud

The Federal High Court sitting in the Ikoyi area of Lagos State has remanded a Ponzi scheme operator, Adonu Kingsley Ifeanyi, at the correctional centre in the state over alleged N10 billion fraud.

The court remanded Adonu on Thursday, June 19, 2024, following his arraignment by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N10 billion.

One of the counts read: ”That you Adonu Kingsley Ifeanyi,  between June 4, 2021, and 23 July, 2021, in Lagos, within the jurisdiction of this Honourable Court, did take possession of the total sum of N1,076,337,842 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 to wit: stealing and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 (3) of the same Act.”

The Ponzi scheme operator pleaded “not guilty” to the charges when they were read to him.

EFCC arraigns doctor for N39.1m visa fraud

Following his plea, the prosecution counsel, S.I Suleiman, asked for a trial date and urged the court to remand him in the custody of the Nigerian Correctional Service (NCoS) pending trial.

Responding, the defence counsel, Chibuike Opara, prayed the court to remand his client in the facility of the EFCC, pending the filing and determination of his bail application.

Suleiman, however, opposed the application because the appropriate custody of a defendant upon arraignment is the correctional centre.

The presiding judge, Justice Chukwujekwu Aneke, ordered that the defendant be remanded at the Ikoyi correctional centre of the NCoS.

Justice Aneke adjourned the matter to July 4, 2025, for the hearing of the bail application.

The Star