A Federal High Court in Lafia, Nasarawa State, has convicted 21 companies for running investment businesses without licences from the Securities and Exchange Commission.
Justice Anyalewa Onoja-Alapa delivered the judgment after the companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission. Each firm was fined N30 million and ordered to pay an additional N200,000 for every day it operated without the required approval.
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, 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 and Omega Pro Global Resources.
They were arraigned separately on September 15 and 16, 2026, on one-count charges of operating a specialised financial business without a valid licence. The offences violated Section 57(1) of the Banks and Other Financial Institutions Act, 2020, and are punishable under Section 57(5)(a) of the same law.
One charge against Mega Drop Quality Stores Limited stated that the company, which is registered with the Corporate Affairs Commission, ran a financial investment management business in Abuja in 2025 without SEC authorisation and advertised the scheme without regulatory approval. A similar charge was filed against Ngwuoke Daniels Technologies.
None of the companies’ representatives appeared in court when the charges were read. On the application of prosecution counsel Nasir Umar, the court entered not-guilty pleas on their behalf and proceeded with the trials.
The prosecution presented witnesses and documents from its proof of evidence, including intelligence reports, statements by investigating officers, correspondence from the investigation, and responses from the Corporate Affairs Commission and the Securities and Exchange Commission.
The EFCC said the companies were prosecuted after intelligence linked them to investment fraud and unlicensed operations. Investigators invited the promoters for questioning on December 22, 2022, and January 12, 2023, but they failed to appear. According to the commission, the promoters evaded interrogation for about five years, prompting the decision to charge the companies.
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