Nigeria, Nov. 3 -- The Economic and Financial Crimes Commission (EFCC) has arraigned Adonu Kingsley Ifeanyi and his company, S Mobile Netzone Limited, for alleged N12.5 billion fraud.

In a statement on Monday, EFCC spokesperson Dele Oyewale said the defendants appeared before trial judge Yellim Bogoro of the Federal High Court in Lagos.

The statement noted that he faces five counts of obtaining money by false pretence and stealing.

The commission put the amount involved at N12,556,837,842.

S Mobile Netzone Limited was among 58 companies the EFCC named in March 2025 in a public alert on alleged illegal investment schemes.

The commission warned Nigerians against dealing with the companies, saying they were not registered with the Centr...