Court convicts 21 firms of operating illegal investment schemes, imposes N630m fines

For instance, the charge against Megadrop Quality Stores Limited and Ngwuoke Daniels Technologies stated that despite being registered with the Corporate Affairs Commission (CAC), they engaged in “financial investment management without valid licence from the SEC.

The Federal High Court in Lafia, Nasarawa State, on Monday, convicted 21 companies of operating without licences from the Securities and Exchange Commission (SEC).​The section states that “no person shall carry on specialised banking or business of other financial institution in Nigeria other than insurance, pension fund management, collective investment schemes and capital market business as defined respectively in the Insurance Act, the Pension Reform Act and the Investment and Securities Act except it is a company duly incorporated in Nigeria and holds a valid license granted under the provisions of this Act.