EFCC warns Nigerians, names 58 fraudulent Ponzi scheme operators
As part of its ongoing efforts to protect Nigeria’s financial sector and provide the public with credible information on fraudulent investment operations, the Economic and Financial Crimes Commission (EFCC) has issued a warning about 58 companies posing as legitimate investment entities while scamming unsuspecting Nigerians.
According to the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), none of these companies are registered or authorized to operate. Despite their claims, both regulators have officially denied any affiliation with these entities.
The EFCC has already taken legal action against several of these firms. While five companies have been convicted, another five have pleaded guilty and are awaiting a review of their cases. The remaining firms are still facing legal proceedings.
The fraudulent companies include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited, Green Eagles Agribusiness Solution Limited, Richfield Multiconcepts Limited, and many more.
The EFCC reassures the public of its commitment to monitoring and cracking down on illegal financial activities.
It urges Nigerians to remain vigilant and avoid unregulated investment schemes that promise unrealistic returns.
