The Federal High Court sitting in Ikoyi, Lagos, on Monday, July 14, 2025, convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegally collecting N80 million from investors and defaulting on repayment following illegal capital market operations in Lagos.
Justice D.I. Dipeolu convicted the two companies, according to a statement by the Economic and Financial Crimes Commission (EFCC) on Monday.
The companies were arraigned by the Lagos Zonal Directorate 2 of the EFCC on Monday, June 16, 2025, on a five-count charge bordering on operating collective investment schemes without a licence from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).