Kingsley Ifeanyi Adonu, a top telecom entrepreneur and major partner of MTN Nigeria, is facing serious fraud and money laundering charges.
The Economic and Financial Crimes Commission (EFCC) has accused him of laundering over ₦10 billion through various Nigerian banks.
Adonu is the founder and CEO of SMobile Group, a company involved in telecommunications, digital services, and technology. He is being charged with five counts related to criminal financial transactions. T
he EFCC filed the case under Suit No. FHC/L/280C/2025 before Justice J.C. Aneke at the Federal High Court in Lagos.
The charges state that between 2021 and 2022, Adonu received large sums of money believed to be proceeds of theft. The funds passed through accounts in Fidelity Bank, GTBank, FCMB, and Zenith Bank under names linked to his companies, S.Mobile Netzone Limited and Setbiz Datalink Concept Limited.
One charge claims that between June 4 and July 23, 2021, he moved ₦1.07 billion through Fidelity Bank. Another notes that ₦656.4 million was taken around the same period.
From January 2021 to April 2022, he allegedly laundered ₦6.79 billion through GTBank. Additional funds of ₦959 million and ₦530 million were also moved through FCMB and Zenith Bank accounts, respectively.
These offences fall under the Money Laundering (Prohibition) Act of 2011 and could lead to imprisonment and seizure of assets.
Court Delays and Ongoing Investigations Into Telecom Ventures
Adonu was to be arraigned on June 18, but the court postponed the hearing because he appeared without his lawyer, who was said to be in Abuja. Justice Aneke adjourned the case to June 19, 2025. Prosecutor S.I. Suleiman represented the Federal Government. Adonu remains in custody.
In a related matter, a Federal High Court in Lagos had earlier ordered the permanent forfeiture of a parcel of land in Enugu State. The land, measuring over 2,300 square metres, was linked to Adonu and his associate Babatunde Said Adeola.
Both men had promoted themselves as telecom investors running businesses like S.Mobile Netzone, Biss Networks, and Pristine Networks. They reportedly received ₦510 million from investors under the pretense of telecom joint ventures. Instead, the funds were allegedly diverted for personal use, including property purchases.
In 2023, the court approved an interim forfeiture of the disputed land. After no one contested the action, a final forfeiture was granted in May 2024 by Justice Kehinde Ogundare.
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