21 companies fined N30m each for operating without SEC licences
The Federal High Court in Lafia, Nasarawa State, has convicted and sentenced 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission, SEC. Justice Anyalewa Onoja-Alapa handed down the verdict after the companies were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission, EFCC. The […] 21…
The Federal High Court in Lafia, Nasarawa State, has convicted and fined 21 companies N30 million each for operating financial investment businesses without valid licences from the Securities and Exchange Commission (SEC). The companies, including Ngwuoke Daniels Technologies and Credio Banco Ltd, were prosecuted by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on charges of illegal operation of specialised financial businesses, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The EFCC alleged that the companies advertised and operated financial investment management businesses without SEC approval, evading interrogation for several years before the prosecution. Each company has been ordered to pay an additional N200,000 for every day it committed the offence.
Brief written by urgent.news from Daily Post Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
