21 companies fined N30m each for operating without SEC licences

The Federal High Court successful Lafia, Nasarawa State, has convicted and sentenced 21 companies for operating fiscal concern businesses without valid licences from the Securities and Exchange Commission, SEC.

Justice Anyalewa Onoja-Alapa handed down the verdict aft the companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.

The companies were arraigned connected September 15 and 16, 2026, connected one-count charges bordering connected the amerciable cognition of specialised fiscal businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The affected 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.

The EFCC alleged that the companies advertised and operated fiscal concern manag...