Nasarawa court fines 21 companies N630m over unlicensed investment operations
The Federal High Court in Lafia has convicted 21 companies accused of operating financial investment businesses without valid Securities and Exchange Commission licences. The court imposed a N30 million fine on each company and ordered an additional daily payment for the period of the offences, according to the EFCC.
The Federal High Court in Lafia, Nasarawa State, has convicted 21 companies for operating without licences from the Securities and Exchange Commission. Trial judge Anyalewa Onoja-Alapa imposed a fine of N30 million on each company, amounting to N630 million. The judge also ordered the companies to pay N200,000 for each day on which they committed the offence.
The Economic and Financial Crimes Commission announced the convictions in a statement on Monday. It said the companies were arraigned on September 15 and 16 for allegedly operating illegally, contrary to Section 57(1) of the Banks and Other Financial Institutions Act 2020. The companies included Ngwuoke Daniels Technologies, Credio Banco, Digital Company, Co Request Capital Nigeria, Mega Drop Quality Stores, Norland Global, Oxford International, Creative Agriculture Cooperative, Qnet Nigeria and Qnet Professional Skill Academy.
Others were Mastermind Energy & Agro Nigeria, Atus West Africa Investment Company, Eatrich360 Farms, Matag Agro General Services, Viables X Agribusiness, Kwakol Markets, Light Shade International, Value Growth, B12 Synergy Nigeria, Phresh Farm and Omega Pro Global Resources. The EFCC said the companies were charged individually with operating financial investment management businesses without valid SEC licences. None of the companies was present in court to enter a plea, prompting EFCC lawyer Nasir Umar to request that not-guilty pleas be entered on their behalf.
The commission presented intelligence reports, investigators’ statements and responses from the Corporate Affairs Commission and SEC. It said its investigation followed intelligence linking the companies to investment fraud and unlicensed operations. The SEC has separately warned Nigerians against investing with companies that lack valid licences.
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