21 companies fined N30 million each for operating without SEC licences
The Federal High Court, Lafia Division, Nasarawa State, has convicted and sentenced 21 companies for operating without licences from the Securities and Exchange Commission (SEC) and imposed a N30 million fine on each of them. The post 21 companies fined N30 million each for operating without SEC licences appeared first on Nairametrics .
The Federal High Court in Lafia, Nasarawa State, has ruled that 21 companies must pay a N30 million fine each for operating without Securities and Exchange Commission (SEC) licenses. Justice Anyalewa Onoja-Alapa delivered the verdict, as reported by the Economic and Financial Crimes Commission (EFCC) to Nairametrics. These companies include Ngwuoke Daniels Technologies, Credio Banco Ltd, Digital Company Ltd, and others.
They were charged with illegal operation and contravening Section 57(1) of the Banks and Other Financial Institutions Act, 2020. The EFCC claims that the companies were arraigned by the Abuja Zonal Directorate on September 15 and 16, 2026. The prosecution was based on actionable intelligence and over five years of evading interrogation by the Commission. The judge also ordered the companies to pay N200,000 per day of the offence.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
