Court Convicts 21 Companies for Operating Illegal Investment Schemes
Justice Anyalewa Onoja-Alapa of the Federal High Court, Lafia Division, 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 arraigned by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on September 15 and 16, 2026, on one-count charges bordering on illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The prosecution alleged that the companies engaged in advertising and operating financial investment management businesses without valid SEC licences.
The 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 commenced trial.
The prosecution relied on witnesses and documents contained in the proof of evidence, including intelligence reports, statements of investigating officers, letters relating to investigative activities, and responses from the Corporate Affairs Commission (CAC) and SEC.
Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the companies and sentenced each to a ₦30 million fine. The court also ordered each company to pay an additional ₦200,000 for every day the offence was committed.
The companies were prosecuted following actionable intelligence allegedly linking them to investment fraud and operating without the required licences.
The EFCC said that during investigations, the promoters of the companies were invited for interrogation on December 22, 2022, and again on January 12, 2023, but allegedly failed to honour the invitations.
The Commission said the promoters continued to evade interrogation, prompting the prosecution of the companies.
The 21 convicted 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
- 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
