Court Convicts 21 Companies for Operating Illegal Investment Schemes
Justice Anyalewa Onoja-Alapa of the Federal High Court , Lafia Division, Nasarawa State, has convicted and sentenced 21 companies, for operating without licenses from Security and Exchange Commission, SEC.
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 companies were arraigned by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on September 15, and 16, 2026, on a one-count charge each that bordered on illegal operation, contrary to Section 57 (1) of the Banks and Other Financial Institutions Act of 2020.
The charge against Megadrop Quality Stores Limited reads: “That you, Megadrop Quality Stores Limited, a body corporate, registered with the Corporate Affairs Commission, sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialized business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence from the Securities and Exchange Commission; and you thereby committed an offence, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5)(a) of the same Act.”
The charge against Ngwuoke Daniels Technologies reads: “That you, Ngwuoke Daniels Technologies, a body corporate, registered with the Corporate Affairs Commission, sometime in 2025, at Abuja within the jurisdiction of the Federal High Court of Nigeria, did engage in specialized business of other financial institution without valid licence to wit: advertising and operating a financial investment management without valid licence by the Securities and Exchange Commission; and you thereby committed an offence, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5)(a) of the same Act.”
The representatives of all the companies were absent when the charges were read, and upon application by the prosecution counsel, Nasir Umar, the court entered a “not guilty” plea on behalf of the companies and commenced trial.
The prosecution counsel relied on the witnesses and documents contained in the proof of evidence, in proving his case against the companies. He further tendered intelligence reports, statements of the investigating officers, letters of investigation activities, response from CAC, and response from SEC in evidence against the companies.
Following the presentations of the prosecution counsel, Justice Onoja-Alapa convicted and sentenced the companies to N30 million fine each. In addition, she ordered them to pay N200, 000, 00 (Two Hundred Thousand Naira), for each of the day, they had committed the offence.
The companies were prosecuted following actionable intelligence available to the Commission that linked them to investment fraud and operating without license.
In the course of the investigations, the Commission invited the promoters of the companies for interrogation on December 22, 2022 and further interrogation on Thursday 12, January, 2023, which they all ignored. Over a period of five years, they evaded interrogation by the Commission, prompting the prosecution of the companies.
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