The Federal High Court sitting in Nasarawa has convicted and sentenced 21 companies for allegedly operating investment schemes without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa convicted the companies on a one-count charge bordering on the illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
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.
According to the charge sheet, Mega Drop Quality Stores Limited, a company registered with the Corporate Affairs Commission (CAC), was accused of advertising and operating a financial investment management business in Abuja in 2025 without a valid SEC licence.
A similar charge was brought against Ngwuoke Daniels Technologies for allegedly engaging in the specialised business of a financial institution without a valid licence from the SEC.
When the charges were read in court, representatives of the companies were absent.
Following their absence, Nasir Umar, counsel for the Economic and Financial Crimes Commission (EFCC), asked the court to enter “not guilty” pleas on their behalf to allow the trial to proceed.
Umar called witnesses and tendered documents, including statements from investigating officers, letters relating to the investigation and responses from the CAC and SEC.
After the EFCC closed its case, Justice Onoja-Alapa convicted the companies and sentenced each to a fine of N30 million.
The court also ordered each company to pay an additional N200,000 for every day the offence was committed.
The EFCC said the promoters of the companies had ignored invitations to appear for interrogation on December 22, 2022, and January 12, 2023.
The commission added that the companies had evaded interrogation for more than five years.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
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