News | September 29, 2026
The Federal High Court in Nasarawa State has convicted 21 companies for operating investment schemes without the required regulatory licences, sentencing each firm to a fine of ₦30 million.
The companies were found guilty of engaging in specialised financial activities without valid licences from the Securities and Exchange Commission (SEC), contrary to provisions of the Banks and Other Financial Institutions Act, 2020.
The presiding judge, Justice Anyalewa Onoja-Alapa, also ordered the companies to pay an additional ₦200,000 for every day they operated in violation of the law.
The prosecution was handled by the Economic and Financial Crimes Commission (EFCC), which presented evidence linking the companies to the alleged illegal investment operations.
Court Convicts 21 Companies Over Unlicensed Operations
The companies were convicted on a one-count charge relating to the unlawful operation of financial businesses without the necessary regulatory authorisation.
The offence was prosecuted under Section 57(1) of the Banks and Other Financial Institutions Act, 2020, with punishment provided under Section 57(5)(a) of the same law.
According to the charge sheet, some of the companies allegedly advertised and operated financial investment management businesses without valid licences from the SEC.
The prosecution specifically cited the activities of Mega Drop Quality Stores Limited and Ngwuoke Daniels Technologies, which were accused of conducting such operations in Abuja in 2025.
The court subsequently found the companies guilty and imposed the prescribed penalties.
Full List of the Convicted Companies
The 21 companies convicted by the court are:
- 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
- Omega Pro Global Resources
Each company was sentenced to pay ₦30 million, bringing the combined fines to ₦630 million, excluding the additional daily penalties.
EFCC Presents Evidence Against Companies
During the proceedings, representatives of the companies were absent when the charges were read in court.
Following their absence, EFCC counsel, Nasir Umar, requested that the court enter not-guilty pleas on their behalf to allow the trials to proceed.
Umar subsequently presented witness testimonies and documentary evidence to establish the prosecution’s case.
The evidence included statements from investigating officers, correspondence detailing investigative activities, and responses obtained from the Corporate Affairs Commission (CAC) and the SEC.
After the prosecution concluded its case, Justice Onoja-Alapa convicted the companies and imposed the fines.
Companies Allegedly Ignored EFCC Invitations
The EFCC said investigations into the companies followed intelligence concerning their alleged involvement in unlicensed investment operations.
According to the commission, the promoters of the companies were invited for questioning on December 22, 2022, and January 12, 2023, but failed to appear.
The agency said the companies had avoided interrogation for more than five years.
The convictions underscore the regulatory requirements governing investment-related businesses in Nigeria and the consequences of operating without the necessary approvals.
