The Economic and Financial Crimes Commission (EFCC) has arraigned two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, before the Federal High Court in Ikoyi, Lagos, over alleged illegal investment operations. The companies were accused of operating collective investment schemes without valid authorization from the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN).
*The Allegations*
The EFCC alleged that between 2021 and 2022, the companies collected N80 million from multiple investors, promising high-yield returns on investments in agriculture and forex trading. However, the funds were allegedly not repaid, and investors did not receive the promised returns. Investigation revealed that the companies were not licensed to deal in investment and forex trading business in Nigeria, and the N80 million collected from investors was diverted for personal use ¹.
*The Charges*
The companies face a five-count charge, including failure to obtain a valid license from the CBN to carry on investment management business. One of the charges reads: "That you, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, sometime between 2021 and 2022 in Nigeria, within the Judicial Division of this Honourable Court, being companies incorporated in Nigeria, failed to obtain a valid licence from the Central Bank of Nigeria to carry on your business of Investment management and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Section 57(5) of the same Act."
*The Trial*
Both companies pleaded not guilty to the charges. The EFCC counsel, Abdulhamid L. Tukur, invited the Commission's investigator, Nnadikwu Izuchukwu Collins, to provide a summary of the case. Collins testified that the EFCC received a formal complaint from a group of affected investors and discovered that the companies' directors were at large, with efforts underway to apprehend them. The case was adjourned to July 8, 2025, for continuation of the trial ¹.
