The Economic and Financial Crimes Commission, EFCC, says the Federal High Court in Lafia, Nasarawa State, has convicted and sentenced 21 companies for operating investment schemes without valid licences from the Securities and Exchange Commission, SEC.
Justice Anyalewa Onoja-Alapa convicted the companies following their prosecution by the Abuja Zonal Directorate of the EFCC on charges of illegal operation of financial investment businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The EFCC said it presented intelligence reports, statements from investigating officers and responses from the Corporate Affairs Commission and the SEC in evidence.
The court sentenced each of the 21 companies to a 30-million-naira fine and ordered them to pay an additional 200,000 naira for each day the offence was committed.
The Commission said the companies were prosecuted following intelligence linking them to investment fraud and operating without the required licences.
It added that promoters of the companies had been invited for questioning in December 2022 and January 2023 but allegedly failed to honour the invitations.
Among the convicted companies are Ngwuoke Daniels Technologies, Credio Banco Limited, Mega Drop Quality Stores Limited, Norland Global Limited, Qnet Nigeria Limited, Qnet Professional Skill Academy Limited, Mastermind Energy & Agro Nigeria Limited and Omega Pro Global Resources.
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(Editor: Ebuwa Omo-Osagie)
