Kingsley Ifeanyi Adonu, a major partner of MTN Nigeria and CEO of SMobile Group, is facing serious legal trouble over allegations of fraud and money laundering involving over ₦10 billion. He is set to be arraigned at the Federal High Court in Lagos following a five-count charge filed by the Economic and Financial Crimes Commission (EFCC).
According to court documents seen by reporters, Adonu is accused of knowingly receiving and handling criminal proceeds across several Nigerian banks between 2021 and 2022. The EFCC believes the funds were the result of fraudulent activities.
The charge sheet, under suit number FHC/L/280C/2025, details that ₦1.07 billion was received through a Fidelity Bank account under the name S.Mobile Netzone Limited between June 4 and July 23, 2021. Another ₦656.4 million also passed through the same account within a separate time frame.
In a more significant transaction, Count 3 alleges that ₦6.79 billion was moved through a Guaranty Trust Bank account, also operated by S.Mobile Netzone Limited, between January 15, 2021 and April 14, 2022. The funds are suspected to be part of the illegal proceeds.
Count 4 highlights ₦959 million transferred via a First City Monument Bank account, again under the same company name, between March 23 and July 26, 2022. Count 5 accuses Adonu of moving ₦530 million through a Zenith Bank account under a separate entity, Setbiz Datalink Concept Limited, in March 2022.
“The funds in question are suspected to be part of the proceeds of unlawful activity, specifically stealing,” EFCC prosecutor S.I. Suleiman said during proceedings. The commission emphasized that Adonu’s actions violated Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011, and are punishable under Section 15 (3) of the same Act.
During the arraignment initially scheduled for Wednesday, June 18, 2025, Adonu appeared in court without a legal representative. “My counsel, Barrister Ike, is currently engaged in an official duty in Abuja,” Adonu told the court.
Presiding judge, Justice J.C. Aneke, adjourned the case to Thursday, June 19, 2025, to allow the defendant secure legal representation. He remains in EFCC custody until the next court date.
The scandal surrounding Adonu deepened in May 2024 when a Federal High Court ordered the final forfeiture of a 2,348 square metre land in Enugu to the Federal Government. The EFCC linked the property to illicit investments by Adonu and his associate, Babatunde Said Adeola. Both were named in a prior ₦510 million investment fraud case involving false telecom ventures.
The EFCC had earlier disclosed that “rather than use investor funds as agreed, the suspects diverted the monies to acquire assets and fund their personal lifestyle.”
The forfeited property, located along Enugu-Ezike/Obolo-Afor Road in Igboeze North, was listed under S.Mobile Netzone Limited, Biss Networks Nigeria Limited, and Pristine Networks Mobile Nigeria Limited, all companies reportedly managed by Adonu and Adeola.
With the upcoming arraignment and previous forfeitures, Adonu faces the possibility of extended jail time, asset forfeiture, and a lifetime reputational stain in Nigeria’s telecom and tech industry.
This case continues to unfold as the EFCC pursues convictions in its high-profile crackdown on financial crimes involving corporate leaders.
