Court Convicts 21 Companies Over Unlicensed Investment Operations
The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission.
Justice Anyalewa Onoja-Alapa convicted and sentenced the companies following prosecution by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission.
The companies were each fined N30 million and ordered to pay an additional N200,000 for every day they committed the offence.
Full list of the 21 companies
The companies convicted by the court 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.
Companies arraigned in September
According to the EFCC, the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation.
The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The EFCC said the companies were accused of engaging in specialised financial business without valid licences from the Securities and Exchange Commission.
One of the charges, involving Mega Drop Quality Stores Limited, alleged that the company had engaged in the business of a financial institution without a valid licence, including advertising and operating a financial investment management business without a valid SEC licence.
A similar charge against Ngwuoke Daniels Technologies alleged that the company advertised and operated a financial investment management business without the required SEC licence.
Court proceedings
The representatives of the 21 companies were absent when the charges were read in court.
Following an application by prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before proceedings commenced.
The EFCC said the prosecution relied on witnesses and documentary evidence contained in its proof of evidence to establish the cases against the companies.
The evidence presented included intelligence reports, statements from investigating officers, letters relating to investigation activities and responses obtained from the Corporate Affairs Commission and the Securities and Exchange Commission.
Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each.
The court also ordered each company to pay N200,000 for every day it had committed the offence.
EFCC links companies to investment fraud investigations
The EFCC said the prosecutions followed actionable intelligence linking the companies to investment fraud and the operation of investment businesses without the required licences.
According to the commission, investigators had invited promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.
The EFCC said the invitations were not honoured.
The commission further stated that the promoters continued to evade interrogation for about five years, eventually leading to the prosecution of the companies.
The convictions underscore the requirement for businesses operating investment-related schemes in Nigeria to obtain the necessary regulatory approvals and licences before offering such services to the public.
