Nigeria’s capital market regulators have scored a significant enforcement win after a Federal High Court in Nasarawa State convicted 21 companies for running investment-related businesses without Securities and Exchange Commission licences.
Justice Anyalewa Onoja-Alapa of the Lafia Division ordered each firm to pay a N30 million fine. The Economic and Financial Crimes Commission announced the judgment on Monday, describing it as part of ongoing efforts to curb illegal financial operations that put investors at risk.
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, Mastermind Energy & Agro Nigeria Ltd, 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.
Charges and Court Process
The Abuja Zonal Directorate of the EFCC arraigned the firms on 15 and 16 September 2026 on a single count each. Prosecutors alleged that the companies engaged in specialised financial services—specifically advertising and operating financial investment management businesses—without valid SEC licences, contrary to Section 57(1) of the Banks and Other Financial Institutions Act 2020.
Representatives of the companies failed to appear when the charges were read. On the application of prosecution counsel Nasir Umar, the court entered a not-guilty plea on their behalf and proceeded with the trial. The EFCC tendered intelligence reports, statements from investigating officers, correspondence from the Corporate Affairs Commission and responses from the SEC.
Justice Onoja-Alapa found the companies guilty and imposed the N30 million fine on each. The judge also ordered them to pay an additional N200,000 for every day the offence continued.
Years of Evasion
According to the EFCC, the companies came under scrutiny after intelligence linked them to suspected investment fraud and unlicensed operations. Promoters were invited for questioning on 22 December 2022 and again on 12 January 2023 but ignored the invitations. Investigators said the firms’ handlers successfully avoided interrogation for roughly five years before the Commission decided to prosecute the corporate entities themselves.
Broader Enforcement Context
The convictions form part of a wider push against unlicensed financial operators. In a separate case, the Federal High Court in Abuja sentenced two Bureau de Change operators to five years’ imprisonment each (or a N2 million fine) for conducting business without Central Bank of Nigeria licences.
At the same time, the SEC has moved to tighten oversight of digital assets. The Commission recently expanded its crypto regulatory framework and proposed a N30 million registration fee together with capital requirements of up to N2 billion for firms providing digital-asset services.
Regulators say the successive actions send a clear message: companies that solicit public funds or offer investment products without the required licences face substantial financial penalties and possible criminal liability. Investors are being urged to verify that any firm advertising investment opportunities holds a valid SEC registration before committing money.
