Federal High Court sitting 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).
Gatekeepers News reports that Justice Anyalewa Onoja-Alapa convicted the companies on a one-count charge bordering on illegal operation, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) after the commission said intelligence linked them to investment fraud and the operation of financial businesses without the required licences.
Among the companies convicted 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 said the companies were arraigned separately on September 15 and 16, 2026. None of the companies appeared in court when the charges were read, prompting the prosecution to request that not-guilty pleas be entered on their behalf. The court granted the request and proceeded with the trial.
During the proceedings, the prosecution presented intelligence reports, statements from investigating officers, letters relating to the investigations, as well as responses from the Corporate Affairs Commission and the SEC.
In one of the charges, Mega Drop Quality Stores Limited was accused of advertising and operating financial investment management services without a valid SEC licence. A similar charge was brought against Ngwuoke Daniels Technologies.
The court subsequently imposed a N30 million fine on each of the 21 companies, amounting to N630 million in total. Justice Onoja-Alapa also ordered each company to pay an additional N200,000 for every day it committed the offence.
The EFCC said its investigation began after it received actionable intelligence linking the companies to investment fraud and unlicensed operations. The commission added that promoters of the companies had been invited for questioning in December 2022 and January 2023 but failed to honour the invitations.
The SEC has repeatedly advised Nigerians to verify that investment companies and platforms are properly licensed before committing their funds.
