Court Convicts Two Firms for N80m Investment Fraud in Lagos

The Federal High Court sitting in Ikoyi, Lagos, has convicted two companies—FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited—for illegally collecting N80 million from investors without appropriate licenses and defaulting on repayment.

Justice D.I. Dipeolu delivered the ruling on Monday, July 14, 2025, following a five-count charge brought by the Economic and Financial Crimes Commission (EFCC).

According to the EFCC, the companies operated collective investment schemes without licences from the Central Bank of Nigeria or the Securities and Exchange Commission.

The EFCC’s investigator, Nnadikwu Izuchukwu Collins, testified that the companies lured investors under the guise of agricultural and forex trading businesses, promising high returns. The commission revealed that N80 million was traced to personal use.

Justice Dipeolu found the companies guilty on all counts and imposed a fine of N5 million per count.

In a related case, the same court convicted Quintessential Investment Company Limited for similar illegal capital market activities. Investors alleged they lost N1.2 billion and $5,000 after the firm defaulted on promised returns.

Justice Dipeolu imposed a fine of N5 million on each of the two counts filed against Quintessential Investment.