EFCC Exposes 58 Fraudulent Investment Schemes, Warns Nigerians to Stay Vigilant
Emamuzo Iboma, Lagos
The Economic and Financial Crimes Commission (EFCC) has strongly warned Nigerians about the activities of 58 illegal Ponzi schemes operating under the guise of investment opportunities.
In a statement released on Tuesday, EFCC’s Head of Media and Publicity, Dele Oyewale, revealed that these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), making their operations illegal.
The anti-graft agency disclosed that legal action has already been taken against several of these entities, resulting in the conviction of five operators. Another five have pleaded guilty and are awaiting further judicial processes. Additional cases are still pending arraignment.
Among the flagged companies are Wales Kingdom Capital, Bethsaida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agribusiness Solution Limited, and many others.
Others include Oxford International Group, Chinmark Homes & Shelters Limited, MBA Trading & Capital Investment Limited, Crowdyvest Limited, Farm4Me Agriculture Limited, Rockstar Establishment Limited, Ifeanyi Okpe Oil & Gas Services, and Barrick Gold Mining Company.
Oyewale emphasised that the EFCC remains committed to protecting Nigerians from fraudulent schemes and urged the public to verify any investment opportunity with the CBN and SEC before committing funds.
“We urge the public to exercise due diligence and avoid falling victim to these predatory operators. Any investment opportunity that promises unrealistic returns should raise red flags,” the statement warned.
The EFCC also encouraged victims of fraudulent schemes to come forward with complaints, assuring them that efforts are underway to recover lost funds where possible.
This latest crackdown is part of EFCC’s broader effort to sanitise Nigeria’s financial sector and prevent further exploitation of unsuspecting investors.
