The Federal High Court in Lafia, Nasarawa State, has convicted and sentenced 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission, SEC.
Justice Anyalewa Onoja-Alapa handed down the verdict after the companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.
The companies were arraigned on September 15 and 16, 2026, on one-count charges bordering on the illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The affected 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 alleged that the companies advertised and operated financial investment management businesses without valid licences from the SEC.
The charge against Mega Drop Quality Stores Limited stated that the company, sometime in 2025 in Abuja, engaged in the specialised business of another financial institution without a valid licence.
The charge against Ngwuoke Daniels Technologies contained similar allegations, accusing the company of advertising and operating a financial investment management business without SEC approval.
Representatives of the companies were absent when the charges were read in court.
Following an application by EFCC counsel, Nasir Umar, the court entered pleas of not guilty on behalf of the companies before the trial commenced.
The prosecution relied on witnesses and documents contained in its proof of evidence. It also tendered intelligence reports, statements from investigating officers, letters relating to investigation activities, as well as responses from the Corporate Affairs Commission, CAC, and the SEC.
After considering the prosecution’s case, Justice Onoja-Alapa convicted the 21 companies and fined each N30 million.
The court also ordered each company to pay an additional N200,000 for every day it committed the offence.
The EFCC said the prosecution followed actionable intelligence linking the companies to alleged investment fraud and the operation of financial businesses without the required licences.
According to the commission, its investigations showed that the promoters of the companies were invited for questioning on December 22, 2022, and again on January 12, 2023, but failed to appear.
The EFCC said the promoters subsequently evaded interrogation for several years, leading to the prosecution of the companies.
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