QNET has clarified that it was not a party to proceedings before the Federal High Court in Lafia, Nasarawa State, involving 21 companies prosecuted by the Economic and Financial Crimes Commission (EFCC).

The companies were convicted in connection with operating investment schemes without the required regulatory licences. Two companies identified in reports of the proceedings — Qnet Nigeria Ltd and Qnet Professional Skill Academy Ltd — were reported as having “QNET” in their names.

QNET stated that neither company is owned, controlled, authorised or operated by QNET and that it did not authorise them to use its name or trademark.

The company said it identified 20 separately registered Nigerian entities using “QNET” or variations of the name during a Corporate Affairs Commission (CAC) records search conducted in 2023. It subsequently instructed its Nigerian legal representatives to notify the relevant entities that such use was unauthorised.

QNET further stated that it does not operate or promote investment schemes. It described its business as a direct-selling model involving lifestyle and wellness products and services.

For Nigeria, QNET identified Transblue Limited as its official local partner and representative.

The company said it supports regulatory and law-enforcement efforts against unlawful investment schemes and is engaging with relevant authorities regarding unauthorised use of its corporate name and trademark.

Compliance Consideration

The reported convictions concern the named companies in the court proceedings and should not, based solely on those reports, be attributed to QNET without evidence establishing that QNET was a party to the proceedings or had a corporate relationship with the convicted entities.