Justice Anyalewa Onoja-Alapa of the Federal High Court in Lafia, Nasarawa State, has convicted and sentenced 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission (SEC).
The companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on September 15 and 16, 2026, over alleged violations of the Banks and Other Financial Institutions Act, 2020.
Each company was arraigned on a one-count charge bordering on operating as an other financial institution without the required licence, contrary to Section 57(1) of the Act and punishable under Section 57(5)(a).
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 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.
The charges alleged that the companies engaged in specialised financial business without valid licences from the SEC, including advertising and operating financial investment management services.
The charge against Mega Drop Quality Stores Limited, for instance, alleged that the company operated a financial investment management business without a valid SEC licence in Abuja in 2025.
A similar charge against Ngwuoke Daniels Technologies alleged that the company advertised and operated a financial investment management business without the required SEC licence.
Representatives of the companies were absent when the charges were read in court. Following an application by EFCC 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 the allegations.
The EFCC also tendered intelligence reports, statements by investigating officers, letters relating to investigation activities, and responses obtained from the Corporate Affairs Commission (CAC) and the SEC.
Following the prosecution’s presentation, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each of them.
The court further ordered each company to pay an additional N200,000 for every day during which the offence was committed.
The prosecution followed intelligence received by the EFCC linking the companies to alleged investment fraud and the operation of financial businesses without the necessary regulatory licences.
According to the commission, its investigation showed that promoters of the companies had been invited for questioning on December 22, 2022, and again on January 12, 2023, but failed to honour the invitations.
The EFCC said the promoters subsequently evaded interrogation for about five years, leading to the prosecution of the companies.
