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Crackdown In Lagos: Court Convicts Three Firms Over Illegal Investment Schemes
On Monday, July 14, 2025, Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, delivered a verdict convicting FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited for running unauthorized investment schemes.....KINDLY READ THE FULL STORY HERE▶
The two firms were earlier arraigned by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on five counts, including engaging in collective investment activities without proper authorization from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
EFCC investigations revealed that between 2021 and 2022, the companies fraudulently raised over ₦80 million from unsuspecting investors by promising lucrative returns through agriculture ventures and forex trading—returns which were never delivered. The firms also failed to refund the principal investments.
Despite initially pleading not guilty, the EFCC proceeded with its case, led by investigator Nnadikwu Izuchukwu Collins, who testified that the Commission had received a petition in October 2022 from a group of defrauded investors.
Collins confirmed that neither FARM360 nor MCBHADMOS were licensed by relevant authorities to conduct investment operations. The CBN and SEC also affirmed the companies’ lack of authorization, while bank records from Fidelity Bank showed the diverted funds were used for personal purposes.
With the directors still at large, authorities are continuing efforts to locate them.
The prosecution presented crucial documents—including investor petitions, correspondence with regulators, and bank statements—all of which were accepted by the court.
Justice Dipeolu found both companies guilty on all five charges and imposed a fine of ₦5 million per count, bringing the total fine to ₦25 million.
In a related ruling, the same court also convicted Quintessential Investment Company Limited on two counts of running an unlicensed collective investment scheme, also without proper authorization from the CBN.
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