The Federal High Court in Lagos has granted N50m bail to a businessman, Kingsley Adonu, over alleged N10 billion money laundering brought against him
The Federal High Court in Lagos has granted N50m bail to a businessman, Kingsley Adonu, over alleged N10 billion money laundering brought against him by the Economic and Financial Crimes Commission, EFCC
Adonu was released from detention on July 24, 2025, after meeting the bail conditions, including the deposit of his international passport with the court, pending trial.
In court documents dated July 8, 2025, Justice C. J. Anekwe said having considered the facts before the court as against the presumption of innocence in favour the defendant/applicant until found guilty under the law, “together with the paramountcy of the liberty of citizens as guaranteed by the Constitution, the onus of showing why the defendant/applicant should not be granted bail was on the complainant/respondent.”
The judge noted that the complainant/respondent had failed to discharge this burden, adding that the court would not be influenced by extraneous considerations in denying the applicant bail.
He ordered, “In the result, the defendant/applicant’s application for bail succeeds and bail is hereby accordingly granted in the following terms – The defendant/applicant is admitted to bail in the sum of N50m with one surety in like sum.”
The EFCC arraigned the telecommunication executive in June over an alleged N10,013,237,842 money laundering scheme.
The defendant, according to the EFCC, who allegedly operated under the guise of a company named S. Mobile Netzone Limited, was brought before Justice Chukwujekwu Aneke on a five-count charge in suit number FHC/L/280c/2025.
EFCC’s prosecution counsel, Suleiman I. Suleiman, told the court that the defendant, who allegedly claimed to be in partnership with MTN Nigeria, committed the offences between June 4, 2021, and July 22, 2022.
He was ordered to be remanded at the Ikoyi Correctional Centre pending the hearing of the bail application.
