21 Companies Fined N30 Million Each for Illegal Operations

The Federal High Court, Lafia Division, Nasarawa State, convicted 21 companies for operating without licenses from the Securities and Exchange Commission (SEC) and imposed a fine of N30 million on each. Justice Anyalewa Onoja-Alapa presided over the case, which was reported by the Economic and Financial Crimes Commission (EFCC).

The companies were arraigned on September 15 and 16, 2026, on charges of illegal operation under Section 57(1) of the Banks and Other Financial Institutions Act, 2020. The EFCC alleged that these companies, including Ngwuoke Daniels Technologies and Credio Banco Ltd, engaged in financial activities without valid licenses.

The representatives of the companies were absent during the proceedings, leading the court to enter a "not guilty" plea on their behalf. The EFCC presented various evidences, including intelligence reports and responses from the Corporate Affairs Commission and SEC.

Justice Onoja-Alapa ruled in favor of the EFCC, convicting the companies based on the evidence of investment fraud and illegal operations.