Court convicts 21 firms over illegal investment schemes, fines them N630m
·Summary by Informed·1 source
Summary
A Federal High Court in Lafia has convicted 21 companies for operating without SEC licences and imposed total fines of N630 million.
Highlights
- Trial judge Anyalewa Onoja-Alapa ordered each company to pay N30 million.
- The companies were said to have operated without valid licences from the Securities and Exchange Commission.
- The EFCC said it arraigned the firms on 15 and 16 September over the alleged illegal operations.
- The court also ordered payment of N200,000 for each day the offence was committed.
- The firms listed include Qnet Nigeria Ltd, Kwakol Markets Ltd, Omega Pro Global Resources and several others.
Sources
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