RismadarVoice Reporters
September 28, 2026
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 (SEC).
Justice Anyalewa Onoja-Alapa delivered the judgments following prosecutions by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.
The companies were arraigned on September 15 and 16, 2026, on one-count charges relating to the operation of specialised financial businesses without valid licences, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The convicted companies include 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 prosecution accused the companies of engaging in financial investment management and related activities without the required regulatory licences.
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 their behalf and proceeded with the trial.
The prosecution presented witnesses and documentary evidence, including intelligence reports, statements by investigating officers, correspondence relating to the investigations and responses obtained from the Corporate Affairs Commission CAC) and SEC.
At the conclusion of the proceedings, Justice Onoja-Alapa found the companies guilty.
The court imposed a fine of ₦30 million on each company, in addition to a penalty of ₦200,000 for each day the offence was committed.
The EFCC said the prosecutions followed intelligence concerning alleged investment fraud and the operation of financial businesses without the required licences.
According to the commission, promoters of the companies were invited for questioning in December 2022 and January 2023 but allegedly failed to honour the invitations.
The EFCC said subsequent investigations culminated in the prosecution and conviction of the companies.
