21 Companies Fined for Unlicensed Investment Schemes in Nasarawa
In Nasarawa, Justice Anyalewa Onoja-Alapa convicted 21 companies for illegally operating investment schemes without the necessary approval from the Securities and Exchange Commission (SEC). The Economic and Financial Crimes Commission (EFCC) prosecuted these companies, which included Ngwuoke Daniels Technologies, Credio Banco Ltd, and others, under Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The EFCC presented evidence that the companies, registered with the Corporate Affairs Commission (CAC), advertised and operated financial investment management businesses without obtaining SEC licenses. Some offences were reported to have occurred in Abuja in 2025.
The court imposed a fine of N30 million on each convicted company and ordered an additional N200,000 for every day they operated without a license. The judgement underscores the importance of obtaining regulatory licenses for businesses offering investment or specialized financial services in Nigeria.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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