BREAKING: Top MTN Partner, Kingsley Adonu, to Be Arraigned Over Alleged ₦10 Billion Fraud Involving Fidelity Bank, GTBank, Others

One of Nigeria’s leading telecommunications business partners, Kingsley Adonu, is set to be arraigned before a Federal High Court over his alleged involvement in a ₦10 billion fraud scheme linked to multiple financial institutions, including Fidelity Bank, Guaranty Trust Bank (GTBank), and others.

According to official sources within the Economic and Financial Crimes Commission (EFCC), Adonu—widely known as a top-tier MTN distributor and fintech operator—is accused of criminal conspiracy, fraudulent diversion of funds, money laundering, and abuse of financial systems using accounts spread across several Nigerian banks.

How the Alleged Fraud Worked

Investigators allege that Adonu orchestrated a complex web of transactions through shell companies and proxy accounts, using his influence and connections within the telecom and digital payments ecosystem to channel money meant for mobile money operations and digital airtime into personal and offshore accounts.

Preliminary findings reveal that large volumes of unexplained inflows passed through multiple accounts under his control between 2021 and 2024, with some bank officials allegedly complicit in shielding his operations from regulatory detection.

Telecom Industry Ties

Kingsley Adonu is said to have built a reputation as a major MTN trade partner in Nigeria’s South East, operating high-volume airtime, data, and fintech aggregation businesses. His arrest has raised alarms in telecom and banking sectors, particularly due to ongoing regulatory scrutiny around the mobile money and agent banking space.

MTN Nigeria, while not yet officially implicated, has reportedly launched an internal compliance review to ensure none of its digital service frameworks were used in facilitating the alleged crime.

Arraignment Set for Abuja Court

Adonu is expected to be arraigned this week before Justice I.E. Ekwo at the Federal High Court, Abuja. The EFCC says it will present a multi-count charge sheet, along with banking records, mobile transaction logs, and alleged evidence of deliberate fund diversion.

> “This case is a clear signal that financial and digital platforms are not above the law. The commission is committed to ensuring that all actors involved—directly or indirectly—are brought to justice,” said an EFCC official familiar with the investigation.

Public Reaction

The magnitude of the alleged fraud has sparked shock across Nigeria’s fintech and business communities. Many observers are calling for stricter Know-Your-Customer (KYC) enforcement, deeper auditing of bank and telco partnerships, and clearer regulatory frameworks for large-scale airtime and mobile money operations.

As the case unfolds, attention is now on how deeply embedded the alleged fraud may be in the broader telecom-fintech landscape, and whether additional arrests or indictments may follow.

This is a developing story. More details to follow as court proceedings commence.