The Economic and Financial Crimes Commission (EFCC) has issued a warning to Nigerians about the operations of 58 illegal Ponzi scheme operators defrauding unsuspecting citizens under the guise of investment opportunities.
In a statement released on Tuesday by EFCC’s Head of Media and Publicity, Dele Oyewale, the agency revealed that these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), making their financial dealings unlawful.
Oyewale disclosed that the commission has already taken legal action against several of the flagged entities. While five have been convicted, another five have pleaded guilty and are awaiting further court proceedings. Many other cases are still pending arraignment.
“In line with its commitment to sanitising the financial sector and providing the public with accurate and reliable information, the EFCC hereby alerts Nigerians to the activities of 58 companies posing as investment entities but defrauding innocent citizens of their hard-earned money,” the statement read.
Among the blacklisted firms are Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited, and Green Eagles Agribusiness Solutions Limited. Others include Richfield Multiconcepts Limited, Oxford International Group, MBA Trading & Capital Investment Limited, and Chinmark Homes & Shelters Limited.
The EFCC urged Nigerians to verify any investment opportunities with the CBN and SEC before committing funds, warning that fraudulent operators continue to exploit the public’s financial aspirations.
“We remain committed to safeguarding the public from predatory investment schemes. Nigerians should exercise caution before engaging with any financial entity not duly registered with the appropriate regulatory bodies,” Oyewale stated.
The agency also called on victims of fraudulent schemes to come forward with complaints, assuring them that efforts were underway to recover funds where possible.
