Court convicts 21 companies over illegal investment schemes in Nasarawa

The Federal High Court sitting in Nasarawa State has convicted and sentenced 21 companies over their alleged involvement in investment schemes operated without licences from the Securities and Exchange Commission (SEC).

Justice Anyalewa Onoja-Alapa convicted the companies after they were charged with operating illegally, in violation of Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The companies were prosecuted over the operation of investment-related activities without the required regulatory approval.

Among the companies listed in the case 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.

“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 the specialised 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,” part of the charge sheet 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.”

When the charges were read in court, the representatives of all the companies were absent.

Following their absence, Nasir Umar, counsel for the EFCC, asked the court to enter a “not guilty” plea on their behalf to enable the trial to commence.

Umar presented witness testimonies and documents to prove the case against the companies.

The counsel also tendered statements of the investigating officers, letters on investigation activities, and responses from the Corporate Affairs Commission (CAC) and the SEC as evidence against the companies.

After the counsel closed the case, Onoja-Alapa convicted and sentenced the companies to a fine of N30 million each.

The judge also ordered the companies to pay N200, 000 for each day they had committed the offence.

According to the EFCC, the promoters of the companies ignored invitations to appear for interrogation on December 22, 2022, and Thursday, January 12, 2023.

The agency said the companies evaded interrogation for a period of more than five years.

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