The Economic and Financial Crimes Commission (EFCC) has warned Nigerians about 58 illegal Ponzi schemes defrauding unsuspecting investors under the guise of legitimate financial opportunities.
In a statement on Tuesday, March 11, EFCC spokesperson Dele Oyewale said the flagged companies are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations illegal.
“In line with its commitment to sanitising the financial space of the nation and providing the investing public with adequate and reliable information, the EFCC hereby alerts Nigerians to the operations of 58 companies posturing as investing entities but defrauding innocent citizens of their hard-earned money,” the statement read in part.
Some of the identified 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 Agribusiness Solution Limited. Others are Richfield Multiconcepts Limited, Forte Asset Management Limited.
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They also include 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 and Oxford Gold Integrated.
Also listed are 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, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company.
While the rest include 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 disclosed that the EFCC has taken legal action against many of these entities, securing the conviction of five, while another five have pleaded guilty and await further judicial proceedings. Several other cases are pending arraignment.
“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.
The agency also encouraged victims of fraudulent schemes to come forward with complaints, assuring them that efforts were ongoing to recover lost funds where possible.