The Lagos Zonal Directorate 2 of the Economic and
Financial Crimes Commission, EFCC, Okotie-Eboh, Ikoyi, Lagos, on Monday,
June 16, 2025, arraigned two companies, FARM360 Limited and MCBHADMOS Trans-
Atlantic before Justice D.I. Dipeolu of the Federal High Court sitting in
Ikoyi , Lagos.
The companies were arraigned on a five-count charge
bordering on operating collective investment schemes without a licence either
by the Central Bank of Nigeria, CBN, or the Securities and Exchange Commission,
SEC.
It was alleged that both firms, between 2021 and 2022,
collected the sum of N80,000,000.00 ( Eighty Million Naira) from several
investors, but defaulted in refunding them or paying back the interests accrued
on their investments.
One of the counts 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 Sections 57(5) of the same
Act.”
A “not guilty” plea was entered for the company.
The prosecution counsel, Abdulhamid .L.Tukur,
consequently, called on Nnadikwu Izuchukwu Collins, an investigator with the
EFCC, to review the fact of the case.
Collins stated that the EFCC, on October 21, 2022,
received a petition from a group of investors against the
defendants, FARM360 and MCBHADMOS RANS-ATLANTIC TRADE LIMITED, alleging
that they claimed to be into agricultural business and forex trading,
“with mouth-watering promises of returns on investments .”
He also told the court that the group invested the
total sum of N93,000,000 with the defendants.
He further stated that: “In the course of
investigations, letters of investigation activities were sent to the Securities
and Exchange Commission SEC, banks, the Central Bank of Nigeria, CBN, and then
Corporate Affairs Commission CAC, respectively.
“Responses were received from the above institutions
and were analyzed accordingly. The response from SEC and CBN revealed that the
defendants, FARM360 and MCBHADMOS RANS-ATLANTIC TRADE LIMITED, are not licensed
to deal in investment and forex trading business in Nigeria.
“The response from Fidelity Bank showed that the sum
of N80,000,000.00( Eighty Million Naira) got from the investors were
utilised for personal use. The directors of the companies are all
at large and efforts are being made to apprehend them.”
The prosecution counsel then sought to tender,
in evidence, the bank statement from Fidelity Bank, petition received by the
EFCC from the group of investors, letters to the CAC, CBN and SEC and
their responses.
Justice Dipeolu admitted and marked them as
exhibits.
The case was adjourned till July 8, 2025 for
continuation of trial.
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