Accusation of fraud N10BN: EFCC Spread of Ponzi Scheme Operators in Lagos

The Directorate of Zonal Lagos 1 from the Economic and Financial Crime Commission (EFCC) on Thursday, June 19, 2025, charged the Ponzi scheme operator, Adonu Kingsley Ifeiri, before Judge Chukwujekwu Aneke from the Federal High Court, sat in Ikoyi, Lagos.

Adonu was charged with five charges of calculating money laundering up to N10 billion.

One of the calculations reads: “That you are Adonu Kingsley IFEYAN between 4” June, 2021 and 23 July 2021, in Lagos in this Dear Court Jurisdiction does have a number of N1,076 PBB accounts. (d) From the same money laundering law, 2011 as amended and punished based on section 15 (3) of the Money Laundering Law.

He claimed to be “innocent” on the accusation when they were read to him.

Considering his request, the prosecution advisor, the Suleiman, asked for the date of the trial, and urged the court to return it in the prison of Nigerian correctional services, NCOS, who was delayed.

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Responding to the legal counsel, Chibuike Opara, prayed that the court returned his client to the EFCC facility, while waiting for the submission and determination of the guarantee application.

But Suleiman opposed the application on the grounds that the right custody of a defendant on the indictment was the Correctional Center.

Judge Aneke ordered that the defendant be returned at the Ikoyi center from Nigerian Correctional Services (NCOS).

This problem was postponed until July 4, 2025, to hear the guarantee application.