The Federal High Court sitting in Lafia, Nasarawa State, has convicted and sentenced 21 companies for operating investment businesses without valid licences from the Securities and Exchange Commission.

Justice Anyalewa Onoja-Alapa convicted the companies following their arraignment by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission on September 15 and 16, 2026.

The companies were charged separately with offences bordering on illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

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.

According to the EFCC, the companies were accused of advertising and operating financial investment management businesses without valid licences from the SEC. The commission said their activities amounted to engaging in the specialised business of other financial institutions without the required authorisation.

When the charges were read, representatives of the companies were absent in court. Following an application by the prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies and proceeded with the trial.

The prosecution relied on witnesses and documentary evidence contained in its proof of evidence. It also tendered intelligence reports, statements of investigating officers, letters relating to investigation activities, as well as responses obtained from the Corporate Affairs Commission and the Securities and Exchange Commission.

After considering the evidence presented by the prosecution, Justice Onoja-Alapa found the companies guilty and sentenced each of them to a fine of N30 million.

The court further ordered each company to pay an additional N200,000 for every day it operated in violation of the law.

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

The commission stated that during the investigation, 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.

According to the EFCC, the promoters continued to evade interrogation for about five years, a development which eventually led to the prosecution of the companies.