The Federal High Court in Lafia, Nasarawa State, has convicted and sentenced 21 companies to N30 million fineseach for allegedly operating specialised financial businesses without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa, who presided over the Lafia Division of the court, also ordered each company to pay an additional N200,000 for each day it was found to have committed the offence.
The companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) following intelligence linking them to alleged investment fraud and the operation of financial investment management businesses without the required regulatory licence.
The companies convicted by the court are Ngwuoke Daniels Technologies, Credio Banco Ltd, Digital Company Ltd, Co Request Capital Nigeria Ltd, Mega Drop Quality Stores Ltd, Norland Global Ltd, Oxford International, Creative Agriculture Cooperative, Qnet Nigeria Ltd, Qnet Professional Skill Academy Ltd and Mastermind Energy & Agro Nigeria Ltd.
Others are Atus West Africa Investment Company, Eatrich360 Farms, Matag Agro General Services, Viables X Agribusiness Ltd, Kwakol Markets Ltd, Light Shade International Ltd, Value Growth Ltd, B12 Synergy Nigeria Ltd, Phresh Farm Ltd and Omega Pro Global Resources.
The companies were arraigned before the court by the EFCC on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation of specialised financial businesses without valid licences.
The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5)(a) of the same Act.
One of the charges, filed against Mega Drop Quality Stores Limited, alleged that the company, sometime in 2025 in Abuja, engaged in the specialised business of another financial institution without a valid licence by advertising and operating a financial investment management business without a licence from the SEC.
A similar charge against Ngwuoke Daniels Technologies alleged that the company operated a financial investment management business without a valid SEC licence.
The representatives of the companies were absent when the charges were read in court.
Following an application by the prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies and proceeded with the trials.
In proving its case, the prosecution relied on witnesses and documentary evidence contained in the proof of evidence submitted before the court.
The EFCC also tendered intelligence reports, statements made by investigating officers, letters relating to investigation activities, responses from the Corporate Affairs Commission (CAC) and responses from the SEC.
After considering the evidence presented by the prosecution, Justice Onoja-Alapa found the 21 companies guilty and imposed a N30 million fine on each of them.
The court further ordered each company to pay N200,000 for every day during which it committed the offence.
The prosecution of the companies followed actionable intelligence received by the EFCC concerning their alleged involvement in investment fraud and the operation of financial businesses without the requisite regulatory licences.
According to the Commission, investigations revealed that the companies’ promoters were invited for interrogation on December 22, 2022, and again on January 12, 2023, but failed to honour the invitations.
The EFCC said the promoters subsequently evaded interrogation for about five years, a development that eventually led to the prosecution of the companies.
The convictions form part of the EFCC’s enforcement activities against companies and individuals alleged to be operating financial investment schemes without the approval or licensing required by law.
