The Federal High Court, Nasarawa Division, has convicted and sentenced 21 companies for operating without licences from the Securities and Exchange Commission (SEC).
A statement by the Economic and Financial Crimes Commission (EFCC) on Monday said Justice Anyalewa Onoja-Alapa convicted the companies after their arraignment on September 15 and 16, 2026, on a one-count charge each bordering on illegal operation, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The commission said the companies were prosecuted following actionable intelligence available to it that linked them to investment fraud and operating without a licence.
The companies were identified as 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 include 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 commission explained that it invited the promoters of the companies for interrogation on December 22, 2022, and further interrogation on Thursday, January 12, 2023, which they all ignored.
It added that, over a period of five years, they evaded interrogation by the agency, prompting the prosecution of the companies.
“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,” the charge against Mega Drop Company read.
Another 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 commission noted that the representatives of all the companies were absent when the charges were read and that, upon 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 EFCC, the prosecution counsel relied on the witnesses and documents contained in the proof of evidence to prove his case against the companies.
The anti-graft agency explained that he further tendered intelligence reports, statements of the investigating officers, letters of investigation activities, responses from the CAC and responses from the SEC in evidence against the companies.
Justice Onoja-Alapa convicted and fined the companies N30 million each after the presentation of the prosecution’s case.
“In addition, she ordered them to pay N200, 000. 00 (Two Hundred Thousand Naira) for each of the day they had committed the offence,” the EFCC noted.