The Economic and Financial Crimes Commission (EFCC) has arraigned two Nigerian companies—FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited—on a five-count charge over an alleged N80 million fraud involving unlicensed investment schemes.
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The companies were brought before Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos on Monday.
According to EFCC counsel Abdulhamid L. Tukur, the firms operated between 2021 and 2022, collecting money from unsuspecting investors under the guise of high-yield agriculture and forex ventures without proper licensing from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
EFCC investigator Nnadikwu Izuchukwu Collins testified that over N93 million was collected from multiple victims. However, the firms allegedly failed to fulfill their financial promises, defaulting on refunds and interest payments.
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“In the course of investigations, responses from SEC and CBN confirmed that these firms are not registered or licensed for any investment or forex-related operations,” Collins stated. “Fidelity Bank records show that N80 million was funneled for personal use. The directors are currently at large.”
Justice Dipeolu admitted bank statements and petitions as evidence and adjourned the case to July 8, 2025, for trial continuation.
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The EFCC has warned the public to be wary of unregulated investment platforms, particularly those offering suspiciously high returns without verifiable licenses.
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