Top MTN Partner, Kingsley Adonu, Faces Arraignment Over Alleged ₦10 Billion Fraud Channelled Through Fidelity Bank, GTBank, Others
Kingsley Adonu, a prominent business partner of MTN Nigeria, is set to be arraigned over an alleged ₦10 billion fraud involving a complex financial scheme reportedly routed through major financial institutions including Fidelity Bank and GTBank.
According to emerging reports, the Economic and Financial Crimes Commission (EFCC) has concluded investigations revealing that Adonu allegedly exploited his role as a major vendor or aggregator for MTN to divert massive sums under the guise of telecom-related transactions.
The EFCC claims that the suspect laundered the funds through multiple accounts and shell companies, with the proceeds allegedly channelled through several Nigerian banks. Sources say the fraud spans years and may involve a network of accomplices in the corporate and financial sectors.
Authorities are preparing to arraign Adonu before a Federal High Court in Abuja, with charges expected to include money laundering, obtaining under false pretence, and conspiracy to defraud.
MTN Nigeria has yet to release an official statement on the matter, but insiders claim the company is cooperating fully with the authorities to unravel the full scale of the alleged fraud.
