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…
In a recent court ruling, 21 companies were found guilty and fined N30 million each for running financial investment businesses without proper Securities and Exchange Commission (SEC) licenses. The verdict was delivered by Justice Anyalewa Onoja-Alapa at the Federal High Court in Lafia, Nasarawa State. The Economic and Financial Crimes Commission (EFCC) initiated the prosecution against the companies, which included Ngwuoke Daniels Technologies, Credio Banco Ltd, and others.
The charges stemmed from the companies' alleged operation of specialized financial businesses without the necessary licenses, in violation of Section 57(1) of the Banks and Other Financial Institutions Act, 2020. The EFCC's investigation revealed that the companies' promoters were previously questioned but failed to appear, leading to their prosecution.
Each company was also fined an additional N200,000 for every day they engaged in the illegal activities.
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