Court convicts 21 companies for operating investment schemes without SEC licences
The Federal High Court in Nasarawa has convicted and
sentenced 21 companies for operating investment schemes without licences from
the Security and Exchange Commission (SEC).
Anyalewa Onoja-Alapa, the presiding judge, convicted the
companies on a one-count charge bordering on illegal operation, contrary to
section 57 (1) of the Banks and Other Financial Institutions Act of 2020.
The companies 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.
4 hours ago
