Justice Anyalewa Onoja-Alapa of the Federal High Court, Lafia Division in Nasarawa State, has convicted and fined 21 companies N30 million each for operating investment schemes without licenses from the Securities and Exchange Commission (SEC).
   
The judge also directed the companies, which included Ngwuoke Daniels Technologies, ⁠Credio Banco Ltd, Digital Company Ltd, and ⁠Co Request Capital Nigeria Ltd, among others, to pay N200,000 for each of the days they had committed the offence.
   
The companies were arraigned by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on September 15 and 16, 2026, on a one-count charge each bordering on illegal operations, contrary to Section 57 (1) of the Banks and Other Financial Institutions Act of 2020.
   
The representatives of all the companies were absent when the charges were read, and upon application by the prosecution counsel, Nasir Umar, the court entered a “not guilty” plea on behalf of the companies and commenced trial.
   
Further relying on the witnesses and documents contained in the proof of evidence in proving his case, the prosecution counsel also tendered intelligence reports, statements of the investigating officers and responses from SEC, among others, as evidence.