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 allegations of conducting illegal investment activities.

The EFCC brought a five-count against the companies, accusing them of operating collective investment schemes without obtaining the required licenses from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

The charges relate to activities that took place between 2021 and 2022.

According to the charge, the companies collected N80 million from investors without proper authorisation. One of the counts read: “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.”

A plea of not guilty was entered on behalf of the companies.

The EFCC’s prosecution counsel, Abdulhamid L. Tukur, presented Nnadikwu Izuchukwu Collins, an investigator with the Commission, to provide details of the case. Collins told the court that the EFCC received a petition on October 21, 2022, from a group of investors alleging that the companies claimed to operate in agriculture and forex trading while offering substantial returns on investments.

“In the course of investigations, letters of inquiry were sent to the SEC, CBN, banks, and the Corporate Affairs Commission. The responses confirmed that the defendants were not licensed to engage in investment or forex trading,” Collins stated.

He added that bank records from Fidelity Bank indicated that N80 million received from investors had been used for personal purposes. He further informed the court that the directors of the companies were currently at large, and efforts were ongoing to trace their whereabouts.

The prosecution presented several documents as evidence, including the petition from the investors, letters sent to regulatory agencies, their responses, and the Fidelity Bank statement. Justice D.I. Dipeolu admitted the documents and marked them as exhibits.

The matter was adjourned to July 8, 2025, for continuation of trial.