The Nasarawa State Federal High Court has fined 21 companies a combined N630 million for operating 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) following investigations that linked them to alleged investment fraud and the operation of financial investment management businesses without the required regulatory approval.
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 companies were arraigned before Justice Anyalewa Onoja-Alapa on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The prosecution alleged that the companies engaged in the specialised business of financial institutions by advertising and operating financial investment management businesses without valid licences from the SEC.
The charge against Mega Drop Quality Stores Limited, for instance, alleged that the company, despite being registered with the Corporate Affairs Commission (CAC), engaged in financial investment management in Abuja in 2025 without the required SEC licence.
A similar charge was filed against Ngwuoke Daniels Technologies, which was accused of engaging in financial investment management without a valid SEC licence.
Although representatives of the companies were absent when the charges were read, the court, following an application by the prosecution counsel, Nasir Umar, entered a not-guilty plea on behalf of the companies and proceeded with the trial.
In proving its case, the prosecution relied on witnesses and documents contained in its proof of evidence.
The EFCC also tendered intelligence reports, statements made by investigating officers, letters relating to its investigation activities, as well as responses obtained from the CAC and SEC.
Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the 21 companies and sentenced each to a N30 million fine, bringing the total base fine to N630 million.
The court ordered each company to pay an additional N200,000 for every day it committed the offence, meaning the total financial liability could exceed the N630 million base fines depending on the number of days attributable to each company.
The prosecution said the cases followed actionable intelligence received by the EFCC linking the companies to investment fraud and the operation of businesses without the required licences.
According to the Commission, its investigation also showed that it had invited the promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.
The EFCC said the promoters failed to honour the invitations and allegedly continued to evade interrogation over a prolonged period.
The Commission subsequently proceeded with the prosecution after gathering evidence from its investigations and regulatory agencies, including the CAC and SEC.