EFCC arraigns firms for illegal investment schemes

On Monday, June 16, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned two companies before Justice D.I. Dipeolu. FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited faced charges at the Federal High Court in Ikoyi, Lagos. The firms allegedly operated collective investment schemes without regulatory approval.

Authorities accused them of violating financial laws by bypassing required licenses. The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) did not authorize their activities. Consequently, the EFCC filed a five-count charge against both companies for unlawful operations.

During the court session, prosecutors detailed how the firms misled investors. They allegedly promised high returns without proper registration, risking public funds. Justice Dipeolu listened as the EFCC presented evidence supporting the charges.

Meanwhile, the defendants pleaded not guilty to all counts

Their legal teams argued that the accusations lacked merit, requesting bail. However, the prosecution opposed, citing flight risks and potential evidence tampering.

After careful consideration, the judge granted bail under strict conditions. Both companies must submit their financial records and surrender travel documents. The case was adjourned to allow further investigation and witness testimonies.

Financial experts warn against unlicensed investment schemes, urging due diligence. They emphasize verifying regulatory approvals before committing funds. This case highlights the EFCC’s commitment to curbing illegal financial activities.

Investors affected by the alleged scheme await justice as proceedings continue. The court’s decision could set a precedent for similar cases nationwide. Authorities reassure the public of strengthened oversight to prevent future violations.

The EFCC remains vigilant, encouraging whistleblowers to report suspicious schemes. This crackdown aims to restore confidence in Nigeria’s financial sector. The next hearing will determine the trajectory of this high-profile case.

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