Kingsley Ifeanyi Adonu, the founder and Chief Executive Officer of SMobile Group—a prominent conglomerate operating in Nigeria’s telecommunications, technology, and digital services sectors—has been dragged before the Federal High Court in Lagos over allegations of laundering more than ₦10 billion. The Economic and Financial Crimes Commission (EFCC) is prosecuting the case under five criminal counts, all of which center on the alleged possession of criminal proceeds funneled through several major Nigerian banks.

The case, registered as Federal Republic of Nigeria vs. Adonu Kingsley Ifeanyi with suit number FHC/L/280C/2025, is currently being presided over by Justice J.C. Aneke of the Federal High Court, Lagos Division.

Details of the Alleged Financial Crimes

According to the charge sheet reviewed by journalists, the EFCC is accusing Adonu of knowingly taking possession of funds that are the proceeds of unlawful activity, specifically large-scale stealing. The cumulative amount allegedly laundered exceeds ₦10 billion and was moved through accounts belonging to companies linked to Adonu.

The accounts, opened with four prominent Nigerian banks—Fidelity Bank, Guaranty Trust Bank (GTB), First City Monument Bank (FCMB), and Zenith Bank—were all registered under companies controlled by Adonu, including S.Mobile Netzone Limited and Setbiz Datalink Concept Limited.

Count 1

Between June 4 and July 23, 2021, Adonu allegedly took possession of ₦1.07 billion through an account held in the name of S.Mobile Netzone Limited with Fidelity Bank Plc. The EFCC maintains this money represents part of the proceeds of stealing.

Count 2

The second charge accuses him of taking ₦656.4 million through the same Fidelity Bank account between June 2 and July 14, 2021, also considered unlawful proceeds.

Count 3

The EFCC claims that between January 15, 2021, and April 14, 2022, Adonu moved ₦6.79 billion through a Guaranty Trust Bank account belonging to S.Mobile Netzone Limited, funds which investigators also link to criminal activity.

Count 4

In another instance, between March 23 and July 26, 2022, Adonu allegedly received ₦959 million through an FCMB account under the same company name, which the EFCC suspects to be illicit funds.

Count 5

The final count highlights ₦530 million that Adonu allegedly took possession of via a Zenith Bank account operated under Setbiz Datalink Concept Limited. The transaction reportedly occurred between March 15 and March 31, 2022.

All five offences, according to the EFCC, violate Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and are punishable under Section 15 (3) of the same legislation.

Court Proceedings and Arraignment Delay

The arraignment was initially scheduled for Wednesday, June 18, 2025. However, proceedings were delayed after Adonu appeared in court without legal counsel. He informed the judge that his lawyer, Barrister Ike, was unavailable due to prior engagements in Abuja.

Prosecution was led by S.I. Suleiman, representing the Federal Government. In light of the absence of the defendant’s legal representative, Justice Aneke adjourned the case to Thursday, June 19, 2025, for formal arraignment. Adonu was subsequently remanded in custody until the next hearing date.

If found guilty, the CEO could face a substantial prison sentence, along with the forfeiture of assets allegedly acquired with the stolen funds.

Previous Forfeiture Case Linked to Adonu

This is not Adonu’s first entanglement with Nigeria’s anti-graft agency. In May 2024, Justice Kehinde Ogundare of the Federal High Court in Ikoyi, Lagos, ordered the final forfeiture of a parcel of land measuring 2,348.072 square metres in Enugu State to the Federal Government. The land was linked to Adonu and his business associate, Babatunde Said Adeola.

Both individuals are listed as principals in multiple telecom entities, including S. Mobile Netzone Limited, Biss Networks Nigeria Limited, and Pristine Networks Mobile Networks Nigeria Limited. They had reportedly presented themselves as industry players with ties to major firms, including MTN Nigeria.

However, EFCC investigations found that the duo had conspired to defraud investors of ₦510 million, which they allegedly diverted for personal use. The funds were purportedly used to purchase high-value assets, including the forfeited land along Enugu-Ezike/Obolo-Afor Road in Ogrute, Igboeze Local Government Area, Enugu State.

Forfeiture Process and Asset Recovery

The parcel of land in question was initially seized under an interim forfeiture order granted in July 2023. Following due process, a public notice was issued through Punch newspaper on November 8, 2023, allowing any interested parties to contest the seizure.

With no objections filed, the EFCC proceeded to seek a final forfeiture order. The request was supported by a 16-paragraph affidavit sworn by EFCC investigator Adekunbi Mojisola. On May 13, 2024, the court ruled in favour of the EFCC, thereby transferring permanent ownership of the land to the Federal Government.

A Pattern of Financial Misconduct?

The unfolding court cases involving Adonu paint a troubling picture of financial misconduct within Nigeria’s telecommunications and tech ecosystem. Despite the prominence of his companies—often portrayed as innovative players in digital services—Adonu now stands accused of serious financial crimes, potentially shaking investor confidence in the sector.

The EFCC’s investigations suggest a coordinated effort to mask the origins of massive financial inflows through a network of corporate entities and banking channels, raising broader concerns about corporate governance, investor protection, and regulatory oversight.

Broader Implications for Nigeria’s Anti-Corruption War

The case underscores the EFCC’s continued efforts to clamp down on financial crimes in Nigeria’s private sector, especially among high-ranking executives who leverage corporate structures to conceal fraudulent activities. It also reflects the agency’s commitment to asset recovery, particularly when fraudulently acquired properties are traced and returned to public ownership.

For Nigeria, where investor trust and economic stability depend on transparent business practices, cases like this could trigger calls for stricter compliance requirements, more robust due diligence for financial institutions, and closer scrutiny of fast-growing digital businesses.

Looking Ahead

As the court prepares to resume proceedings on June 19, the spotlight remains on both the legal merits of the EFCC’s allegations and the broader implications for corporate accountability in Nigeria. Observers will be watching closely to see how the judiciary navigates the complex layers of evidence, including bank records, corporate filings, and witness testimonies.

If the charges hold, Kingsley Adonu’s case could mark a significant turning point in how white-collar crimes—particularly within tech and telecom sectors—are prosecuted and punished in Nigeria.