The Federal High Court in Lafia, Nasarawa State, has convicted and fined 21 companies N30 million each for operating financial investment 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 every day the offence was committed.
The companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) after intelligence allegedly linked them to investment fraud and operating without the required licence.
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.
Companies arraigned by EFCC
The EFCC said the companies were arraigned on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The charge against Mega Drop Quality Stores Limited alleged that the company engaged in the specialised business of a financial institution without a valid licence, including advertising and operating financial investment management services without SEC approval.
A similar charge was filed against Ngwuoke Daniels Technologies, alleging that the company advertised and operated financial investment management services without a valid SEC licence.
The representatives of the companies were absent when the charges were read. Following an application by the prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies and proceeded with the trial.
EFCC presents evidence
The prosecution relied on witnesses and documents contained in its proof of evidence to establish the cases against the companies.
The EFCC also tendered intelligence reports, statements from investigating officers, letters relating to investigation activities, as well as responses from the Corporate Affairs Commission (CAC) and SEC.
Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the 21 companies and imposed the N30 million fine on each of them.
The court also ordered the companies to pay N200,000 for each day they were found to have committed the offence.
Companies allegedly ignored EFCC invitations
According to the EFCC, investigations followed actionable intelligence linking the companies to investment fraud and unlicensed operations.
The commission said it invited the promoters of the companies for interrogation on December 22, 2022, and again on January 12, 2023, but they allegedly failed to appear.
The EFCC said their continued failure to honour the invitations eventually led to the prosecution of the companies.
