Court Fines 21 Firms ₦30m Each for Unlicensed Investment Schemes
A Federal High Court in Lafia, Nasarawa State, has convicted 21 companies for operating investment schemes without licences from the Securities and Exchange Commission. Justice Anyalewa Onoja-Alapa fined each company ₦30 million. The court also imposed an additional daily fine of ₦200,000 for every day the firms committed the offence. The EFCC said the firms were linked to suspected investment fraud and ignored invitations for interrogation during its investigation. Prosecutors relied on intelligence reports, investigators’ statements, and responses from the CAC and SEC to secure the convictions.
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