The Economic and Financial Crimes Commission (EFCC) has issued a public alert regarding the activities of 58 companies allegedly operating illegal Ponzi schemes across Nigeria.
In a statement on Tuesday, posted on its verified Facebook account, the anti-graft agency warned that these companies pose as investment entities but are defrauding unsuspecting Nigerians of their hard-earned money. The EFCC noted that the firms are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC).
According to the EFCC, both regulatory bodies confirmed in separate correspondences that the companies lack the required registration to operate as legitimate investment firms.
“The Commission has charged many of these companies to court. Five have already been convicted, another five have pleaded guilty but are awaiting a review of facts, while the rest are pending arraignment.”
Full List of Ponzi Schemes Identified by EFCC:
- 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 Solution Limited
- Richfield Multiconcepts Limited
- Forte Asset Management Limited
- Letsfarm Integrated Services
- Bara Finance & Investment Limited
- Vicampro Farms Limited
- Brooks Network Limited
- Gas Station Supply Services Limited
- Brass & Books Limited
- Crowdyvest Limited
- Jadek Agro Connect Limited
- Adeeva Capital Limited
- Oxford International Group and Oxford Gold Integrated
- MBA Trading & Capital Investment Limited
- TRJ Company Limited
- Farm4Me Agriculture Limited
- Quintessential Investment Company
- Rockstar Establishment Limited
- SU Global Investment
- Citi Trust Funding PLC
- Farm Buddy
- Eatrich 369 Farms & Food
- Farm Sponsors Limited
- Cititrust Credit Limited
- Farmfunded Agroservices Limited
- Chinmark Homes & Shelters Limited
- Ovaioza Farm Produce Storage Limited
- Requid Technologies Limited
- Crowd One Investment
- Farmkart Foods Limited
- Holibiz Finance Limited
- Ifeanyi Okpe Oil & Gas Services
- Barrick Gold Mining Company
- 360 Agric Partners Limited
The EFCC reiterated its commitment to safeguarding the financial sector by closely monitoring economic activities and taking legal action against fraudulent entities.
Nigerians are urged to exercise caution before investing in any financial schemes and to verify the legitimacy of investment firms through appropriate regulatory bodies.
The EFCC assured the public that it remains vigilant in protecting citizens from financial fraud and ensuring a stable economic environment.
