A Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating investment businesses without valid licences from the Securities and Exchange Commission (SEC), imposing a combined fine of ₦630 million.
The judgment was delivered by Justice Anyalewa Onoja-Alapa following the prosecution of the companies by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
The companies were arraigned separately on September 15 and 16, 2026, on charges bordering on the illegal operation of specialised financial businesses without the necessary regulatory approval.
The offences were said to contravene Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the EFCC, each of the 21 companies was sentenced to pay a fine of ₦30 million, bringing the total financial penalty to ₦630 million.
The court also ordered each company to pay an additional ₦200,000 for every day it operated in violation of the law.
Full List of Convicted Companies
The companies convicted by the court 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
During the proceedings, representatives of the companies were absent when the charges were read. Following an application by EFCC prosecution counsel, Nasir Umar, the court entered not-guilty pleas on their behalf before the trials commenced.
The prosecution presented witnesses and documentary evidence, including intelligence reports, statements from investigating officers, investigation records, and responses from the Corporate Affairs Commission (CAC) and the SEC.
The EFCC disclosed that its investigations followed intelligence linking the companies to suspected investment fraud and the operation of financial businesses without the required licences.
The commission further stated that the promoters of the companies had been invited for questioning on December 22, 2022, and January 12, 2023, but allegedly failed to honour the invitations.
The convictions highlight the legal consequences of operating investment businesses without the necessary regulatory approvals and reinforce the importance of verifying the registration and licensing status of investment platforms before committing funds.
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