The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Adonu Kingsley Ifeanyi, and his company, S. Mobile Netzone Limited, before the Federal High Court in Lagos over an alleged N12.56 billion fraud.

The defendants were arraigned on Monday, by the Lagos Zonal Directorate 1 of the EFCC, Ikoyi, before Justice J. Bogoro on a five-count charge bordering on obtaining by false pretence, stealing and alleged proceeds of unlawful activities.

According to the commission, the charges were brought under Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended, and punishable under Section 15(3) of the same Act.

One of the charges alleged that Ifeanyi, between June 4, 2021, and October 31, 2022, in Lagos, took possession of N1,248,237,842 through a bank account belonging to S. Mobile Netzone Limited, knowing that the funds represented proceeds of unlawful activities involving obtaining by false pretence.

Another count alleged that the defendant, between January 15, 2020, and April 14, 2022, received N6.791 billion through the company's bank account, knowing that the money constituted proceeds of unlawful activities involving stealing.

The EFCC further alleged that the defendants were involved in transactions involving a total of N12,556,837,842.

The defendants, however, pleaded not guilty to all the charges when they were read to them.

Following their pleas, prosecution counsel, Suleiman I. Suleiman, urged the court to fix a date for the commencement of trial.

Justice Bogoro granted the prosecution's application and ordered that the defendants be admitted to bail on the same terms and conditions earlier granted by Justice C.J. Aneke on July 8, 2025.

The court subsequently adjourned the matter for the commencement of trial.