The Federal High Court in Lafia, Nasarawa State, has convicted 21 companies of operating investment businesses without valid licences from the Securities and Exchange Commission and fined each of them ₦30 million.
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Justice Anyalewa Onoja-Alapa also ordered each company to pay ₦200,000 for every day it committed the offence. The ₦30 million fines amount to ₦630 million across the 21 companies; the total value of the additional daily penalties was not stated. The Economic and Financial Crimes Commission announced the convictions on Monday.
The companies were prosecuted by the EFCC’s Abuja Zonal Directorate after intelligence allegedly linked them to investment fraud and financial operations without the required regulatory approval. The convictions reported by the EFCC concern unlicensed operations; the intelligence allegation should not be read as a separate finding that each company committed investment fraud.
Those convicted 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.
The 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 each under Section 57(1) of the Banks and Other Financial Institutions Act, 2020. The charges alleged that they carried on specialised financial businesses without the licences required for those activities.
One charge alleged that Mega Drop Quality Stores Limited, although registered with the Corporate Affairs Commission, engaged in “advertising and operating a financial investment management” business without a valid SEC licence. A similar allegation was made against Ngwuoke Daniels Technologies. The charges cited Section 57(5)(a) of the same Act as the penalty provision.
Representatives of the companies were absent when the charges were read. On the application of EFCC prosecution counsel Nasir Umar, the court entered pleas of not guilty on their behalf and proceeded with the trials.
The prosecution presented witnesses and tendered intelligence reports, statements by investigating officers, correspondence relating to the investigation, and responses from both the CAC and SEC. After considering the evidence, Justice Onoja-Alapa found the companies guilty and imposed the fines and daily penalties.
The EFCC said it had invited the companies’ promoters for questioning on December 22, 2022, and again on January 12, 2023, but that they did not honour the invitations. Their failure to appear formed part of the commission’s account of how the investigation led to prosecution.
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