The Economic and Financial Crime Commission has raised an alarm over the activities of 58 illegal Ponzi schemes that deceived Nigerians under the guise of investment.
In a statement issued on Tuesday, the anti graft agency announced that these Ponzi scheme operators are not registered with the Central Bank of Nigeria or the Securities and Exchange Commission.
It noted that legal action has been taken against many companies, leading to five convictions while 5 others are awaiting trial.
The alarm raised is part of the EFCC’s resolve to sanitize the country’s financial space and providing public investment with appropriate and reliable information. The EFCC warns Nigerians about the operation of 58 companies they maintain as investment companies, but innocent citizens will defeat their hard money.
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Some of the flagged companies include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech and Green Eagles Agricbusiness Solution Limited among others.
Spokesman Dele Oyewale assured the public that the EFCC remained vigilant in monitoring and prosecuting fraudulent investment schemes, warning Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement added.
He urged victims of fraudulent schemes to come forward with complaints and assured them that efforts were ongoing to recover funds where possible.
