The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies accused of carrying on financial investment-management activities without the required regulatory licence.
The companies were fined ₦30 million each, producing a combined base fine of ₦630 million.
Justice Anyalewa Onoja-Alapa also ordered each company to pay ₦200,000 for every day during which the offence was committed, according to reports of the proceedings.
The prosecution was brought by the Economic and Financial Crimes Commission.
According to the EFCC’s case, the companies conducted businesses requiring regulatory authorisation without possessing the necessary licence.
The anti-graft agency alleged that their activities violated Section 57(1) of the Banks and Other Financial Institutions Act 2020.
The companies named in the proceedings were:
Ngwuoke Daniels Technologies; Credio Banco Limited; Digital Company Limited; Co Request Capital Nigeria Limited; Mega Drop Quality Stores Limited; Norland Global Limited; Oxford International; Creative Agriculture Cooperative; Qnet Nigeria Limited; Qnet Professional Skill Academy Limited; Mastermind Energy & Agro Nigeria Limited; Atus West Africa Investment Company; Eatrich360 Farms; Matag Agro General Services; Viables X Agribusiness Limited; Kwakol Markets Limited; Light Shade International Limited; Value Growth Limited; B12 Synergy Nigeria Limited; Phresh Farm Limited; and Omega Pro Global Resources. Premium Times Nigeria
The EFCC said the companies had been arraigned on September 15 and 16.
One formulation of the charges alleged that companies registered with the Corporate Affairs Commission nevertheless engaged in financial investment management without a valid regulatory licence.
Proceedings continued despite absence
None of the companies appeared in court to take pleas, according to the EFCC’s account.
Prosecution counsel Nasir Umar consequently asked the court to enter not-guilty pleas on behalf of the defendants.
The court granted the request and proceeded with trial.
The prosecution tendered documents which reportedly included intelligence reports, statements from investigating officers, responses from the Corporate Affairs Commission and regulatory information obtained from the Securities and Exchange Commission.
The EFCC said its investigation followed intelligence linking the entities to alleged investment fraud and unlicensed financial activities.
Separate from the criminal proceedings, the SEC has repeatedly warned members of the public against dealing with investment platforms or operators whose regulatory status has not been verified.
In a May 2026 public notice, the Commission warned against unregistered online investment schemes and reminded investors that entities providing regulated capital-market investment services must be registered with the SEC. SEC Nigeria
The regulatory warning is particularly important because incorporation with the Corporate Affairs Commission is not, by itself, a licence to conduct every category of regulated financial or investment business.
A company may validly exist as a corporate entity while still requiring separate sector-specific authorisation before engaging in investment management, banking, securities or other regulated financial services.
For investors, the case reinforces one basic due-diligence step: independently verify an investment operator’s regulatory status before transferring money.
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Source: Premium Times; Securities and Exchange Commission Nigeria.
