Kingsley Ifeanyi Adonu, a prominent telecommunications entrepreneur and a leading partner of MTN Nigeria, is set to face trial over an alleged ₦10 billion fraud and money laundering scheme.
Adonu, the founder and Chief Executive Officer of SMobile Group, is facing a five-count charge bordering, on taking possession of criminal proceeds through multiple Nigerian banks.
According to the charge sheet, Adonu is accused of knowingly taking possession of funds totaling over ₦10 billion, which are believed to be proceeds of unlawful activity—specifically, stealing.
The funds allegedly moved through accounts in Fidelity Bank Plc (₦1.73 billion), Guaranty Trust Bank Plc (₦6.79 billion), First City Monument Bank Plc (₦959 million), and Zenith Bank Plc (₦530 million).
Court Proceedings On Kingsley Ifeanyi’s Case
The arraignment, initially scheduled for Wednesday, June 18, was adjourned after Adonu appeared without legal representation.
The defendant informed the court that his counsel was unavailable due to an official engagement in Abuja. The case has been adjourned to Thursday, June 19, 2025, for the formal arraignment of the defendant.
