The Federal High Court sitting in Lafia, Nasarawa State, has convicted no fewer than 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa convicted the companies following prosecution by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). The firms were arraigned on September 15 and 16, 2026, on one-count charges bordering on illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
N30 million fine for each company
The court sentenced each of the 21 companies to a N30 million fine, amounting to N630 million collectively.
In addition, Justice Onoja-Alapa ordered each company to pay N200,000 for every day it operated in violation of the law.
The companies were accused of advertising and operating financial investment management businesses without obtaining the required SEC licences.
Full list of the 21 companies
The convicted 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
- Mastermind Energy & Agro Nigeria Ltd
- 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
- Omega Pro Global Resources.
How the case started
According to the EFCC, the prosecution followed intelligence linking the companies to alleged investment fraud and the operation of financial businesses without the required regulatory licences.
The EFCC said its investigators invited promoters of the companies for interrogation on December 22, 2022, and January 12, 2023, but the invitations were allegedly not honoured.
When the charges were read in court, representatives of the companies were absent. Following an application by EFCC counsel, Nasir Umar, the court entered not-guilty pleas on their behalf before the trial proceeded.
The prosecution tendered intelligence reports, statements from investigating officers, investigation-related correspondence and responses from the Corporate Affairs Commission (CAC) and SEC as evidence.
The court subsequently found the companies guilty and imposed the fines.
Warning to Nigerians
The development highlights the financial and legal risks associated with putting money into investment platforms that have not obtained the necessary regulatory approval.
The SEC has previously advised members of the public to verify the regulatory status of investment operators before committing funds.