The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating financial investment schemes without valid licences from the Securities and Exchange Commission (SEC).
The Economic and Financial Crimes Commission (EFCC) disclosed the convictions in a post on X, identifying Justice Anyalewa Onoja-Alapa as the presiding judge.
The companies were prosecuted by the EFCC’s Abuja Zonal Directorate after investigations allegedly linked them to unlicensed financial investment activities.
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.
Companies Faced Charges Under BOFIA 2020
The EFCC said the companies were arraigned on September 15 and 16, 2026, on one-count charges bordering on operating specialised financial businesses without valid licences.
The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
One of the charges against Mega Drop Quality Stores Limited alleged that the company advertised and operated financial investment management services without a valid SEC licence.
A similar charge against Ngwuoke Daniels Technologies accused the company of engaging in financial investment management activities without the required regulatory approval.
Both charges stated that the alleged offences occurred in Abuja sometime in 2025 and attracted punishment under Section 57(5)(a) of BOFIA 2020.
Court Imposes ₦30m Fine On Each Company
According to the EFCC, representatives of the companies were absent when the charges were read.
Following an application by prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies and proceeded with the trial.
The prosecution relied on witnesses and documentary evidence contained in its proof of evidence to establish its case.
Umar also presented intelligence reports, statements from investigating officers, investigation-related correspondence and responses from the Corporate Affairs Commission (CAC) and SEC.
Following the prosecution’s presentation, Justice Onoja-Alapa convicted the 21 companies.
The court sentenced each company to a ₦30 million fine and further ordered them to pay ₦200,000 for every day they had committed the offence.
EFCC Explains Investigations
The anti-graft commission said actionable intelligence linked the companies to alleged investment fraud and the operation of financial schemes without the necessary licences.
It added that investigators invited the promoters of the companies for interrogation on December 22, 2022, and January 12, 2023, but they allegedly failed to honour the invitations.
According to the EFCC, the promoters subsequently evaded interrogation for five years, leading to the prosecution of the companies.
The commission said the convictions followed investigations into the companies’ alleged involvement in unlicensed financial investment activities.
