The Economic and Financial Crimes Commission (EFCC) has issued a warning to Nigerians about 58 illegal Ponzi scheme operators defrauding unsuspecting investors under false investment promises.
In a statement released on Tuesday, EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed that these companies are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations unlawful.
According to Oyewale, legal action has been taken against several of these entities, resulting in five convictions, while another five have pleaded guilty and await further judicial proceedings. Many other cases are still pending arraignment.
List of Fraudulent Investment Firms
The EFCC identified some of the illegal Ponzi schemes, including:
- Wales Kingdom Capital
- Bethseida Group of Companies
- AQM Capital Limited
- Titan Multibusiness Investment Limited
- Brickwall Global Investment Limited
- Farmforte Limited & Agro Partnership Tech
- Green Eagles Agribusiness Solutions Limited
- Richfield Multiconcepts Limited
- Oxford International Group and Oxford Gold Integrated
- Farm4Me Agriculture Limited
- MBA Trading & Capital Investment Limited
- Cititrust Credit Limited
- Chinmark Homes & Shelters Limited
- Ovaioza Farm Produce Storage Limited
- Crowd One Investment
- And many others.
Public Advisory and EFCC’s Commitment
The EFCC urged Nigerians to exercise caution before investing in any financial entity not registered with regulatory bodies.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement read.
Oyewale also encouraged victims of fraudulent schemes to come forward with complaints, assuring them that efforts are being made to recover lost funds where possible.
