The Economic and Financial Crimes Commission has secured the conviction of 21 companies for allegedly operating investment businesses without valid licences from the Securities and Exchange Commission.
Justice Anyalewa Onoja-Alapa of the Federal High Court sitting in Lafia, Nasarawa State, convicted the companies after they were prosecuted by the Abuja Zonal Directorate of the EFCC.
The companies were arraigned on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
According to the EFCC, the companies allegedly advertised and operated financial investment management businesses without valid licences from the SEC.
The companies include 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 EFCC said representatives of the companies were absent when the charges were read in court. Following an application by the prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before the trial commenced.
The prosecution presented witnesses and documents contained in its proof of evidence, including intelligence reports, statements from investigating officers, letters relating to investigation activities, and responses from the Corporate Affairs Commission and SEC.
Following the prosecution’s case, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each.
The court also ordered each company to pay an additional N200,000 for every day it operated in violation of the law.
The EFCC said the companies were prosecuted following actionable intelligence linking them to investment fraud and operation without the required regulatory licences.
The commission further said its investigations showed that the promoters of the companies had been invited for interrogation on December 22, 2022, and January 12, 2023, but failed to honour the invitations.
According to the EFCC, the promoters continued to evade interrogation for about five years, leading to the prosecution of the companies.
The commission disclosed the convictions in a statement issued on Monday by its Head of Media and Publicity, Dele Oyewale.
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