EFCC Arraigns Man, Company for N12.5bn Fraud in Lagos

In a recent development, the Economic and Financial Crimes Commission (EFCC) has arraigned a man and a company over an alleged N12.5bn fraud in Lagos. The defendant, whose identity was not immediately disclosed, and the company, S Mobile Netzone Limited, were arraigned before Justice Mojisola Dada of an Ikeja Special Offences Court. According to Premium Times, the company was among 58 companies the EFCC named in March 2025 in a public alert on alleged illegal investment schemes. The details of the alleged fraud are yet to be disclosed by the EFCC. This case highlights the ongoing efforts by the EFCC to combat financial crimes in Nigeria. It is important for Nigerian investors to be vigilant and ensure they invest in legitimate ventures to avoid falling victim to such fraudulent activities.