EFCC Reveals 58 Ponzi Schemes Scamming Nigerians

EFCC Unveils 58 Fraudulent Investment Schemes Defrauding Nigerians

ABUJA – The Economic and Financial Crimes Commission (EFCC) has exposed 58 unauthorized investment platforms operating as Ponzi schemes, deceiving unsuspecting Nigerians and swindling them out of their hard-earned money.

According to the EFCC, these companies, disguising themselves as legitimate investment firms, are not recognized by the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). This revelation comes after official reports from both regulatory bodies confirmed their unregistered status.

EFCC’s Actions Against Ponzi Operators

In a statement released on Tuesday, Dele Oyewale, EFCC’s Head of Media and Publicity, disclosed that the anti-corruption agency has taken legal action against several of these entities. Five companies have already been convicted, while another five have pleaded guilty and are awaiting further judicial review. Numerous other cases are in different stages of legal proceedings.

This decisive move aligns with the EFCC’s commitment to sanitizing Nigeria’s financial environment and safeguarding citizens against fraudulent investment ventures. The commission reassured Nigerians of its relentless efforts to track economic crimes and uphold transparency in the financial sector.

Full List of 58 Identified Ponzi Schemes in Nigeria

The EFCC identified the following investment platforms as fraudulent:

Wales Kingdom Capital
Bethseida Group of Companies
AQM Capital Limited
Titan Multibusiness Investment Limited
Brickwall Global Investment Limited
Farmforte Limited & Agro Partnership Tech
Green Eagles Agribusiness Solution Limited
Richfield Multiconcepts Limited
Forte Asset Management Limited
Biss Networks Nigeria Limited
S Mobile Netzone Limited
Pristine Mobile Network
Letsfarm Integrated Services
Bara Finance & Investment Limited
Vicampro Farms Limited
Brooks Network Limited
Gas Station Supply Services Limited
Brass & Books Limited
Annexation Biz Concept
Maitanbuwal Global Ventures
Crowdyvest Limited
Jadek Agro Connect Limited
Adeeva Capital Limited
Oxford International Group
Oxford Gold Integrated
Skapomah Global Limited
MBA Trading & Capital Investment Limited
TRJ Company Limited
Farm4Me Agriculture Limited
Quintessential Investment Company
Adeprinz Global Enterprises
Rockstar Establishment Limited
SU Global Investment
Citi Trust Funding PLC
Farm Buddy
Eatrich 369 Farms & Food
Globertrot Farmsponsors Nigeria Limited
Farm Sponsors Limited
Cititrust Credit Limited
Farmfunded Agroservices Limited
Adamakin Investment & Works Limited
Cititrust Holding PLC
Green Eagles Agribusiness Solutions Limited
Chinmark Homes & Shelters Limited
Emerald Farms & Consultant Limited
Ovaioza Farm Produce Storage Limited
Farm 360 & Agriculture Company
Requid Technologies Limited
West Agro Agriculture & Food Processing Limited
NISL Ventures Limited & Estate of Laolu Martins
XY Connect Investment Limited
River Branch Unique Investment Limited
Hallmark Capital Limited
CJC Markets Limited
Crowd One Investment
Farmkart Foods Limited
KD Likemind Stakeholders Limited
Holibiz Finance Limited

Protecting Nigerians from Financial Fraud

The EFCC urges Nigerians to remain cautious when engaging with investment platforms, especially those promising unrealistic returns. Before investing, individuals should verify the registration status of any company with the CBN or SEC to avoid falling victim to scams.

For a more in-depth look at investment fraud prevention, visit SEC Nigeria’s official website to verify licensed investment firms.

Conclusion

As fraudulent investment schemes continue to emerge, regulatory agencies like the EFCC are working tirelessly to bring perpetrators to justice. Nigerians are advised to conduct thorough research and report suspicious financial activities to the relevant authorities.

For more updates on financial security and fraud prevention, follow the latest reports from EFCC Nigeria and stay informed.