Twenty-one businesses were found guilty and sentenced by a Federal High Court in Lafia, Nasarawa State, for running financial investment schemes without the proper licenses from the Securities and Exchange Commission, or SEC.
In a post on X, the Economic and Financial Crimes Commission (EFCC) revealed that the companies were found guilty by Justice Anyalewa Onoja-Alapa following their prosecution by the Commission’s Abuja Zonal Directorate.
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.
The companies were arraigned on September 15 and 16, 2026, on one-count charges bordering on illegal operation, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The charge against Megadrop Quality Stores Limited stated: “That you, Megadrop Quality Stores Limited, a body corporate, registered with the Corporate Affairs Commission, sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialized business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence from the Securities and Exchange Commission; and you thereby committed an offence, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5)(a) of the same Act.”
Similarly, the charge against Ngwuoke Daniels Technologies read: “That you, Ngwuoke Daniels Technologies, a body corporate, registered with the Corporate Affairs Commission, sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialized business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence by the Securities and Exchange Commission; and you thereby committed an offence, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5)(a) of the same Act.”
The EFCC said representatives of all the companies were absent when the charges were read. Following an application by the prosecution counsel, Nasir Umar, the court entered a “not guilty” plea on behalf of the companies and commenced trial.
According to the Commission, the prosecution relied on witnesses and documents contained in the proof of evidence to establish its case.
Umar also tendered intelligence reports, statements of investigating officers, letters relating to investigation activities, as well as responses from the Corporate Affairs Commission and the Securities and Exchange Commission.
Following the prosecution’s presentation, Justice Onoja-Alapa convicted the 21 companies and sentenced each to a N30 million fine.
The court further ordered each company to pay N200,000 for every day it had committed the offence.
The EFCC said the companies were prosecuted after actionable intelligence received by the Commission linked them to investment fraud and operating without the required licences.
The Commission added 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.
According to the EFCC, the promoters subsequently evaded interrogation for five years, leading to the prosecution of the companies.
