The Economic and Financial Crimes Commission (EFCC) on Tuesday issued a public alert on no fewer than 60 companies operating illegal Ponzi schemes across Nigeria.
Ponzi schemes are fraudulent investment operations that promise big profits with little risk.
They use money from new investors to pay off earlier ones, making it seem like the business is successful. However, once new investments stop, the scheme collapses, and most people lose their money.
The anti-graft agency stated that these entities posing as investment platforms have been defrauding unsuspecting Nigerians of their funds.
According to the EFCC, neither the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC) has accredited them.
The two regulators, in separate correspondences with the EFCC, denied that they are registered with them.
“The Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.
The companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC. The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement read.
The Commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.
The following are the 60 illegal Ponzi scheme operators in Nigeria:
1. Wales Kingdom Capital
2. Bethseida Group of Companies
3. AQM Capital Limited
4. Titan Multibusiness Investment Limited
5. Brickwall Global Investment Limited
6. Farmforte Limited & Agro Partnership Tech
7. Green Eagles Agribusiness Solution Limited
8. Richfield Multiconcepts Limited
9. Forte Asset Management Limited
10. Biss Networks Nigeria Limited
11. S Mobile Netzone Limited
12. Pristine Mobile Network
13. Letsfarm Integrated Services
14. Bara Finance & Investment Limited
15. Vicampro Farms Limited
16. Brooks Network Limited
17. Gas Station Supply Services Limited
18. Brass & Books Limited
19. Annexation Biz Concept & Maitanbuwal Global Ventures
20. Crowdyvest Limited
21. Jadek Agro Connect Limited
22. Adeeva Capital Limited
23. Oxford International Group and Oxford Gold Integrated
24. Skapomah Global Limited
25. MBA Trading & Capital Investment Limited
26. TRJ Company Limited
27. Farm4Me Agriculture Limited
28. Quintessential Investment Company
29. Adeprinz Global Enterprises
30. Rockstar Establishment Limited
31. SU.Global Investment
32. Citi Trust Funding PLC
33. Farm Buddy
34. Eatrich 369 Farms & Food
35. Globertrot Farmsponsors Nigeria Limited
36. Farm Sponsors Limited
37. Cititrust Credit Limited
38. Farmfunded Agroservices Limited
39. Adamakin Investment & Works Limited
40. Cititrust Holding PLC
41. Green Eagles Agribusiness Solutions Limited
42. Chinmark Homes & Shelters Limited
43. Emerald Farms & Consultant Limited
44. Ovaioza Farm Produce Storage Limited
45. Farm 360 & Agriculture Company
46. Requid Technologies Limited
47. West Agro Agriculture & Food Processing Limited
48. NISL Ventures Limited & Estate of Laolu Martins
49. XY Connect Investment Limited
50. River Branch Unique Investment Limited
51. Hallmark Capital Limited
52. CJC Markets Limited
53. Crowd One Investment
54. Farmkart Foods Limited
55. KD Likemind Stakeholders Limited
56. Holibiz Finance Limited
57. Ifeanyi Okpe Oil & Gas Services
58. Servapps Nigeria Limited
59. Barrick Gold Mining Company
60. 360 Agric Partners Limited
