Our reporter
The Economic and Financial Crimes Commission (EFCC) has sounded the alarm over the rising number of illegal Ponzi schemes defrauding unsuspecting Nigerians. The anti-graft agency has identified 58 investment platforms operating unlawfully across the country, warning the public to steer clear of them.
In an official statement published on its website on Tuesday, the EFCC disclosed that these companies pose as legitimate investment entities while engaging in fraudulent activities. The Commission further revealed that both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have denied registering any of these entities.
The EFCC stressed its commitment to sanitising Nigeria’s financial space and providing accurate information to protect investors from falling victim to these deceitful schemes. It reassured the public that it remains vigilant in monitoring financial activities to prevent exploitative practices that could destabilise the economy.
Among the companies flagged as illegal are Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, and Titan Multibusiness Investment Limited. Others include Farmforte Limited & Agro Partnership Tech, Richfield Multiconcepts Limited, Oxford International Group, Cititrust Holding PLC, Chinmark Homes & Shelters Limited, and several more.
The Commission urged Nigerians to exercise caution and verify the legitimacy of investment firms before committing funds. It also reaffirmed its dedication to tackling financial crimes and ensuring a more secure economic environment.
For a full list of the 58 identified Ponzi schemes, visit the EFCC’s official website.
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