The Economic and Financial Crimes Commission (EFCC) has warned Nigerians about 58 fraudulent Ponzi scheme operators deceiving investors across the country.
The commission’s spokesperson, Dele Oyewale, stated that these entities falsely pose as investment firms despite lacking registration with regulatory bodies like the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
“These companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC,” the EFCC declared.
Both CBN and SEC, in separate correspondences, confirmed that the listed companies were not registered under them.
The EFCC revealed that legal actions have been taken against several of these firms. Five companies have been convicted, five others have pleaded guilty and await review of facts, while more cases are pending arraignment.
The fraudulent companies include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and Brickwall Global Investment Limited.
Others on the list are Farmforte Limited & Agro Partnership Tech, Green Eagles Agribusiness Solution Limited, Richfield Multiconcepts Limited, and Forte Asset Management Limited.
The EFCC reaffirmed its commitment to tracking financial crimes and safeguarding investors.
“The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to protect the public from opportunistic and predatory operators,” the commission emphasized.
