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From Sola Ojo, Abuja
The Economic and Financial Crimes Commission (EFCC) has secured the conviction of 21 companies for allegedly operating investment management businesses without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa of the Federal High Court, Lafia Division, Nasarawa State, convicted the companies following their arraignment by the Abuja Zonal Directorate of the EFCC on September 15 and 16, 2026.
The companies were prosecuted on one-count charges bordering on illegal operation of specialised financial institutions, contrary to Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The convicted 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 alleged that the companies engaged in investment-related activities without obtaining the required SEC licences.
The charge against Mega Drop Quality Stores Limited, for instance, alleged that the company in 2025, in Abuja, engaged in the specialised business of another financial institution by advertising and operating financial investment management without a valid SEC licence.
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A similar charge was filed against Ngwuoke Daniels Technologies over its alleged operation of financial investment management without a valid SEC licence.
The representatives of the companies were absent when the charges were read in court. Following an application by the prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before the trial commenced.
In proving its case, the prosecution relied on witnesses and documents contained in the proof of evidence, while also tendering intelligence reports, statements of investigating officers, letters relating to investigation activities, and responses from the Corporate Affairs Commission (CAC) and SEC.
Delivering judgment after the prosecution’s presentations, Justice Onoja-Alapa convicted the 21 companies and sentenced each to a N30 million fine.
The court also ordered each company to pay an additional N200,000 for every day it committed the offence.
The EFCC Spokesman Dele Oyewale said the prosecution followed actionable intelligence linking the companies to alleged investment fraud and operation without the requisite licences.
According to the Commission, its investigation showed that promoters of the companies were invited for interrogation on December 22, 2022, and again on January 12, 2023, but allegedly failed to honour the invitations.
Oyewale said the promoters continued to evade interrogation for about five years, leading to the prosecution of the companies.
