The Economic and Financial Crimes Commission (EFCC) has raised alarm over 58 illegal Ponzi scheme operators defrauding Nigerians under the pretense of offering investment opportunities. The anti-graft agency has warned the public to be cautious and avoid putting their money into unregistered financial schemes.
In a statement released on Tuesday, EFCC’s Head of Media and Publicity, Dele Oyewale, said these companies are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations illegal.
Fraudulent Companies Under EFCC Watch
The EFCC identified several fraudulent investment companies, including Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and Brickwall Global Investment Limited. Others include Farmforte Limited, Green Eagles Agribusiness Solutions Limited, Oxford International Group, Cititrust Holding PLC, and Farmkart Foods Limited.
The statement listed the alleged ponzi scheme investment companies as follows: “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 Venturescrowdyvest Limited,) and Crowdyvest Limited,
“Others are: Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and 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.
“The rest include: 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.”
“These companies claim to offer attractive returns on investment but are actually defrauding innocent Nigerians of their hard-earned money,” Oyewale said.
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Legal Action Against Fraudsters
The EFCC stated that it has already taken legal action against some of these fraudulent firms, resulting in five convictions. Another five companies have pleaded guilty and are awaiting further judicial processes.
“Several cases are still pending, and we are working tirelessly to ensure that these fraudulent operators are brought to justice,” Oyewale added.
Public Urged to Verify Investment Opportunities
The EFCC advised Nigerians to verify any investment opportunity with the CBN and SEC before investing. Oyewale urged victims of fraudulent schemes to come forward and report their cases, assuring them that the commission is working to recover lost funds where possible.
Oyewale said, “We urge the public to exercise caution before committing their money to any financial entity that is not duly registered with regulatory bodies. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment.”