The Federal High Court in Nasarawa State has convicted 21 companies for allegedly operating investment management businesses without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa convicted the companies after they were found guilty of operating as specialised financial institutions without the required regulatory approval.
The companies were prosecuted over activities carried out in 2025 within the jurisdiction of the Federal High Court.
They were charged under Section 57(1) of the Banks and Other Financial Institutions Act, 2020, with the offence punishable under Section 57(5)(a) of the same law.
Among the companies convicted are Ngwuoke Daniels Technologies, Credio Banco Ltd, Digital Company Ltd, Co Request Capital Nigeria Ltd, Mega Drop Quality Stores Ltd and Norland Global Ltd.
Others include Oxford International, Creative Agriculture Cooperative, Qnet Nigeria Ltd, Qnet Professional Skill Academy Ltd, Mastermind Energy & Agro Nigeria Ltd and Atus West Africa Investment Company.
The list also includes 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 Economic and Financial Crimes Commission (EFCC) told the court that the companies advertised and operated investment management businesses without valid SEC licences.
According to the prosecution, the companies were required to obtain regulatory approval before engaging in the specialised financial activities.
The representatives of the companies were not present when the charges were called in court.
Consequently, EFCC counsel Nasir Umar asked the court to enter not-guilty pleas on their behalf so that the proceedings could continue.
Umar subsequently presented witness evidence and documentary exhibits to establish the allegations against the companies.
The prosecution tendered statements from investigating officers, correspondence relating to the investigations, as well as responses obtained from the Corporate Affairs Commission (CAC) and the SEC.
After the prosecution concluded its case, Justice Onoja-Alapa found the companies guilty and imposed a fine of N30 million on each of them.
The court further ordered each company to pay an additional N200,000 for every day the offence was committed.
The EFCC said the companies had previously been invited for questioning but failed to honour the invitations.
The agency said the invitations were issued on December 22, 2022, and January 12, 2023, as part of efforts to investigate their activities.
According to the EFCC, the companies continued to evade interrogation for more than five years before the legal proceedings eventually resulted in their conviction.