Alleged N10bn Fraud: Court Grants Ponzi Scheme Operator in Lagos ₦50 Million Bail

The Federal High Court sitting in Ikoyi, Lagos, presided over by Justice Chukwujekwu Aneke, on Tuesday, July 8, 2025, granted bail to Kingsley Ifeanyi Adonu following his arraignment over an alleged money laundering case.

Adonu was arraigned by the Economic and Financial Crimes Commission (EFCC) on Friday, June 20, 2025, over allegations of laundering ₦10,013,237,842, reportedly linked to a fraudulent Ponzi scheme.

He was charged on a five-count charge under suit number FHC/L/280c/2025.

One of the counts reads : ”That you ADONU KINGSLEY IFEANYI between 4″ June, 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 (One Billion, Seventy Six Million, Three Hundred and Thirty Seven Thousand, Eight Hundred and Forty Two Naira) 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.

During the initial bail hearing on Friday, July 4, the court acknowledged that the alleged offences were bailable.

He then pleaded “not guilty” to the charges when they were read to him.

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

Suleiman however opposed the application on the grounds that the appropriate custody of a defendant upon arraignment is the Correctional Center.

Justice Aneke ordered that the defendant be remanded at the Ikoyi center of the Nigerian Correctional Services NCoS.

When the trial came up on Tuesday, Justice Aneke emphasised that the accused is presumed innocent until proven guilty and exercised his discretion to grant bail.

The court granted Adonu bail in the sum of ₦50 million, with one surety in like sum. The surety must be a civil servant not below Grade Level 15, must provide a duly signed Certificate of Occupancy, and submit an international passport (or passports if more than one).

Defence counsel, Chibuike Opara, had earlier argued that his client was ill while in EFCC custody, forming part of the basis for the bail application.

However, EFCC counsel, Suleiman I. Suleiman, opposed the application, stating that no medical report was provided to substantiate the claim.

Justice Aneke, however, questioned the basis of the EFCC’s objection and proceeded to grant bail.

The case has been adjourned to November 17, 2025, for further hearing.