The Economic and Financial Crimes Commission (EFCC) has warned Nigerians about 58 illegal Ponzi schemes that are tricking people into fake investment opportunities. These schemes are stealing money from innocent citizens.
In a statement released on Tuesday by Dele Oyewale, the EFCC’s Head of Media and Publicity, the agency explained that these companies are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations illegal.
Oyewale said the EFCC has already taken legal action against many of these companies. So far, five have been convicted, and another five have admitted guilt and are waiting for further court proceedings. Other cases are still being prepared for trial.
The statement partly read, “As part of its mission to clean up Nigeria’s financial sector and protect investors, the EFCC is warning the public about 58 companies pretending to offer legitimate investments but are actually stealing people’s hard-earned money.”
Some of the companies named by the EFCC 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.
Other flagged companies are 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, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company, and 360 Agric Partners Limited.
Oyewale assured the public that the EFCC is actively monitoring and prosecuting these fraudulent schemes. He warned Nigerians to be careful and avoid investing in any company not registered with the CBN or SEC.
“We advise the public to always check with the CBN and SEC before investing in any opportunity. The EFCC is committed to protecting Nigerians from fraudsters and ensuring a corruption-free economy,” the statement added.
He also encouraged victims of these scams to report their experiences to the EFCC. The agency is working to recover stolen funds wherever possible.
