Court Convicts 21 Companies For Operating Illegal Investment Schemes
The Federal High Court of Lafia Division, Nasarawa State, has convicted and sentenced 21 companies, for operating without licenses from Security and Exchange Commission, SEC.
The companies were arraigned by the Economic and Financial Crimes Commission, EFCC, on a one-count charge each that borders on illegal operation, contrary to Section 57 (1) of the Banks and Other Financial Institutions Act of 2020.
The representatives of all the companies were absent when the charges were read, and upon application by the prosecution counsel, Nasir Umar, the court entered a “not guilty” plea on behalf of the companies and commenced trial.
The prosecution counsel relied on the witnesses and documents contained in the proof of evidence, in proving his case against the companies and tendered intelligence reports, statements of the investigating officers, letters of investigation activities, response from CAC, and response from SEC in evidence against the companies.
Following the presentations of the prosecution counsel, Justice Anyalewa Onoja-Alapa convicts and sentenced the companies to thirty million naira fine each. In addition, the judge ordered them to pay Two Hundred Thousand Naira for each of the day, they had committed the offence.
