The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Monday, June 16, 2025, arraigned FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited before Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, for allegedly operating illegal investment schemes.
The firms were charged with five counts relating to operating collective investment schemes without required licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). The EFCC alleges that between 2021 and 2022, the companies raised N80 million from multiple investors under false pretences and failed to repay capital or promised returns.
One of the charges reads:
“That you, FARM360 LIMITED and MCBHADMOS TRANS-ATLANTIC TRADE LIMITED, sometime between 2021 and 2022 in Nigeria… failed to obtain a valid licence from the Central Bank of Nigeria to carry on your business of investment management… contrary to Section 57 of the Banks and Other Financial Institutions Act 2020.”
A “not guilty” plea was entered on behalf of both firms.
The prosecution counsel, Abdulhamid L. Tukur, presented EFCC investigator Nnadikwu Izuchukwu Collins to review the case facts. Collins said the EFCC launched its investigation following an October 2022 petition from a group of investors who had been lured with promises of high returns from purported agricultural and forex trading ventures.
Collins revealed that FARM360 and MCBHADMOS received N93 million from the investors, with bank records confirming that N80 million was diverted for personal use. Investigations showed that neither company was licensed by the CBN or SEC to conduct investment or forex trading activities. He added that the directors of the companies remain at large.
The court admitted several documents as evidence, including a Fidelity Bank statement, the original petition, and correspondence with regulatory agencies.
Justice Dipeolu adjourned the case to July 8, 2025, for continuation of trial.
