Court fines 21 companies N30m each over investment fraud

The Federal High Court in Lafia, Nasarawa State, has convicted and fined 21 companies N30 million each for operating financial investment businesses without valid licenses from the Securities and Exchange Commission. The companies, including Ngwuoke Daniels Technologies, Credio Banco Ltd, and Digital Company Ltd, were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission after intelligence linked them to investment fraud and operating without regulatory approval.

Justice Anyalewa Onoja-Alapa also ordered each company to pay an additional N200,000 for every day they operated in breach of the law.

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