The Economic and Financial Crimes Commission (EFCC) disclosed that the Federal High Court in Lafia, Nasarawa State, convicted 21 companies for operating specialised financial businesses without valid licences from the Securities and Exchange Commission (SEC). The court, presided over by Justice Anyalewa Onoja-Alapa, imposed a fine of N30 million on each company.
According to the EFCC, the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026. They were charged with operating specialised financial businesses without valid licences from the SEC, in violation of Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The EFCC said some of the companies were involved in advertising and operating investment management businesses without the required SEC licences. The commission stated that although the companies were registered with the Corporate Affairs Commission, they lacked the necessary licences to operate the financial businesses.
The representatives of the companies were not present in court when the charges were read. Following an application by the prosecution counsel, Nasir Umar, the court entered a not guilty plea on behalf of the companies and proceeded with the trial.
The EFCC presented intelligence reports, statements from investigating officers, letters relating to its investigation, as well as responses from the CAC and SEC as evidence. After considering the evidence, Justice Onoja-Alapa convicted the companies and fined each of them N30 million.
The EFCC said the prosecution followed intelligence linking the companies to alleged investment fraud and operating without the required licences. The commission also said it invited the promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023, but they failed to appear.
The companies’ handlers avoided interrogation for about five years, leading to the decision to prosecute them. The court also ordered the companies to pay N200,000 for each day they had allegedly committed the offence. The companies fined include Ngwuoke Daniels Technologies, Credio Banco Ltd, Digital Company Ltd, Co Request Capital Nigeria Ltd, and Mega Drop Quality Stores Ltd, among others.
Key points
- The Federal High Court in Lafia, Nasarawa State, fined 21 companies N30 million each for operating without valid licences from the Securities and Exchange Commission (SEC).
- The companies were convicted for operating specialised financial businesses without valid licences, in violation of Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
- The EFCC said the companies’ handlers avoided interrogation for about five years, leading to the decision to prosecute them.
