Court convicts 21 companies over alleged unlicensed investment operations

The Federal High Court in Lafia, Nasarawa State, convicted and sentenced 21 companies to a N30 million fine each for operating financial investment businesses without valid SEC licenses. The companies, including Ngwuoke Daniels Technologies, Credio Banco Ltd, and Mega Drop Quality Stores Ltd, were prosecuted by the EFCC for violations of the Banks and Other Financial Institutions Act. The companies' representatives were absent during the charges reading, but the court ordered daily fines of N200,000 for each offense. The EFCC stated that investigations were initiated following intelligence reports linking these companies to investment fraud and unlicensed operations.