The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for allegedly running investment businesses without the licences required by the Securities and Exchange Commission (SEC).
The convictions followed separate prosecutions instituted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), with the companies facing charges over the operation of specialised financial businesses without valid regulatory approval.
The affected 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 EFCC, the companies were arraigned separately on September 15 and 16, 2026, on one-count charges alleging violations of Section 57(1) of the Banks and Other Financial Institutions Act, 2020. The provision attracts punishment under Section 57(5)(a) of the Act.
In one of the cases, Mega Drop Quality Stores Limited was accused of operating a financial investment management business in Abuja in 2025 without a valid SEC licence. The company was also alleged to have advertised its investment activities without the necessary regulatory approval.
A similar allegation was made against Ngwuoke Daniels Technologies, which was accused of conducting financial investment management activities without a valid licence from the SEC.
The representatives of the companies were absent when the charges were presented before the court. Consequently, following an application by the prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the defendants before the trial proceeded.
To establish its cases, the prosecution presented witnesses and documentary evidence contained in its proof of evidence. The materials included intelligence reports, statements by investigating officers, correspondence relating to the investigations, as well as responses obtained from the Corporate Affairs Commission and the SEC.
After evaluating the evidence placed before the court, Justice Anyalewa Onoja-Alapa found the companies guilty and imposed a fine of N30 million on each of them.
The court also directed each company to pay an additional N200,000 for every day the respective offence was committed.
The EFCC said the prosecutions arose from actionable intelligence which allegedly connected the companies to investment fraud and the operation of financial businesses without the licences prescribed by law.
The Commission further disclosed that the promoters of the companies had been invited for questioning on December 22, 2022, and January 12, 2023, but failed to honour the invitations.
According to the anti-graft agency, the failure of the promoters to submit themselves for questioning persisted for several years, ultimately resulting in the prosecution of the companies and the subsequent convictions.
