Justice Anyalewa Onoja-Alapa of the Federal High Court, Lafia Division, Nasarawa State, has convicted and sentenced 21 companies for operating without licences from the Securities 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 bordering on illegal operation, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The charge against Mega Drop Quality Stores Ltd. 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. Upon an application by the prosecution counsel, Nasir Umar, the court entered “not guilty” pleas on behalf of the companies and commenced the trial.
The prosecution counsel relied on the witnesses and documents contained in the proof of evidence to prove his case against the companies. He also tendered intelligence reports, statements of the investigating officers, letters detailing investigation activities, and responses from the Corporate Affairs Commission (CAC) and SEC as evidence against the companies.
Following the presentations of the prosecution counsel, Justice Onoja-Alapa convicted and sentenced the companies to a fine of ₦30 million each. In addition, she ordered them to pay ₦200,000.00 (Two Hundred Thousand Naira) for each day they had committed the offence.
The companies were prosecuted following actionable intelligence available to the Commission linking them to investment fraud and operating without licences.
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, January 12, 2023. However, they all ignored the invitations. Over a period of five years, they evaded interrogation by the Commission, prompting the prosecution of the companies.
