EFCC: Court fines 21 companies N30m each after years of avoiding interrogation

The Federal High Court in Lafia, Nasarawa State, has convicted 21 companies for operating without valid licences from the Securities and Exchange Commission (SEC).

The court, presided over by Justice Anyalewa Onoja-Alapa, fined each company N30 million.

The Economic and Financial Crimes Commission (EFCC) disclosed this in a statement issued on Monday.

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 EFCC said the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026.

They were charged with operating specialised financial businesses without valid licences from the SEC, in violation of Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

According to the EFCC, some of the companies were involved in advertising and operating investment management businesses without the required SEC licences.

The commission said the companies were registered with the Corporate Affairs Commission but did not have the necessary licences to operate the financial businesses.

The representatives of the companies were not present in court 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 proceeded with the trial.

The EFCC presented intelligence reports, statements from investigating officers, letters relating to its investigation, as well as responses from the CAC and SEC.

After considering the evidence, Justice Onoja-Alapa convicted the companies and fined each of them N30 million.

The EFCC said the prosecution followed intelligence linking the companies to alleged investment fraud and operating without the required licences.

The commission also said it invited the promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023, but they failed to appear.

According to the EFCC, the companies’ handlers avoided interrogation for about five years, leading to the decision to prosecute them.

The court also ordered the companies to pay N200,000 for each day they had allegedly committed the offence.