The Federal High Court in Lafia, Nasarawa State, has convicted and fined 21 companies N30m each for operating financial investment businesses without valid licences from the Securities and Exchange Commission.
Justice Anyalewa Onoja-Alapa, who presided over the Lafia Division of the court, also ordered each of the companies to pay an additional N200,000 for every day they operated in breach of the law.
The companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission after intelligence allegedly linked them to investment fraud and the operation of financial businesses without the required regulatory approval.
The companies 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 EFCC arraigned the companies separately on September 15 and 16, 2026, on a one-count charge bordering on illegal operation of specialised financial businesses.
The alleged offences contravened Section 57(1) of the Banks and Other Financial Institutions Act, 2020, and were punishable under Section 57(5)(a) of the same Act.
The charge against Mega Drop Quality Stores Limited stated that the company, sometime in 2025, in Abuja, “did engage in specialised business of other financial institution without valid licence,” particularly by advertising and operating financial investment management services without a valid SEC licence.
A similar charge was filed against Ngwuoke Daniels Technologies, which was accused of advertising and operating financial investment management services without a valid licence from the SEC.
When the charges were read, representatives of the companies were absent 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.
Umar relied on the witnesses and documents contained in the proof of evidence to establish the allegations against the defendants.
The prosecution also tendered intelligence reports, statements made by investigating officers, letters relating to investigation activities, as well as responses obtained from the Corporate Affairs Commission and the SEC.
After considering the evidence presented by the prosecution, Justice Onoja-Alapa found the companies guilty and sentenced each of them to a N30m fine.
The court further ordered each company to pay N200,000 for every day it committed the offence.
The prosecution of the companies followed intelligence received by the EFCC linking them to alleged investment fraud and the operation of investment businesses without the required regulatory licences.
The commission said its investigators had earlier invited the promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.
According to the EFCC, the promoters failed to honour the invitations.
The commission said the promoters subsequently evaded interrogation for about five years, eventually prompting the prosecution of the companies.