The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to Nigerians, about the operations of 58 illegal Ponzi scheme operators, defrauding unsuspecting investors across the country.
In a statement released by the EFCC’s Head of Media and Publicity, Dele Oyewale, the anti-graft agency revealed that these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC).
Both regulatory bodies have confirmed that the listed companies are not authorized investment entities.
The EFCC noted that it has taken legal action against many of these firms, with five already convicted, and another five pleading guilty, while awaiting further court proceedings.
Several others are still pending arraignment, the anti-graft agency said.
Among the companies named by the EFCC are 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, and Richfield Multiconcepts Limited.
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Others include, Oxford International Group, Chinmark Homes & Shelters Limited, Crowdyvest Limited, MBA Trading & Capital Investment Limited, Rockstar Establishment Limited, Farm4Me Agriculture Limited, and Cititrust Holding Plc, among others.
The EFCC reaffirmed its commitment to protecting the public from fraudulent investment schemes, and vowed to continue monitoring economic activities to prevent financial crimes.
“The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators,” the statement read.
The commission urged Nigerians to conduct due diligence before investing in any financial scheme, warning that fraudulent investment platforms continue to emerge, preying on unsuspecting citizens.
