The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Adonu Kingsley Ifeanyi and his company, S Mobile Netzone Limited, over an alleged N12.5 billion fraud in Lagos.

In a statement on Monday, the commission said the defendants were arraigned before Justice J. Bogoro of the Federal High Court, Lagos Division.

They are facing a five-count charge bordering on obtaining by false pretence and stealing involving N12,556,837,842.

According to the charge, Mr Ifeanyi allegedly took possession of N1.24 billion through a bank account belonging to S Mobile Netzone Limited between June 4, 2021 and October 31, 2022, knowing that the money was proceeds of unlawful activities.

Another count alleged that he received N6.79 billion through the company’s bank account between January 15, 2020, and April 14, 2022, knowing that the funds were proceeds of stealing.

The alleged offences are said to contravene Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended, and are punishable under Section 15(3) of the same Act.

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 the trial.

Justice Bogoro granted the application and also granted the defendants bail on the same terms and conditions earlier imposed by Justice C. J. Aneke on July 8, 2025.

The court subsequently adjourned the case until February 11, 2027, for the commencement of the trial.