The Economic and Financial Crimes Commission (EFCC) has issued a public warning against 58 companies allegedly running illegal Ponzi schemes across Nigeria. These entities, posing as legitimate investment platforms, have been accused of defrauding unsuspecting Nigerians of their hard-earned money.
In a statement on its official X page, the EFCC revealed that none of the listed companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). Ponzi schemes, which promise high returns with minimal risk, use funds from new investors to pay earlier participants, creating an illusion of profitability. However, once new investments dry up, the schemes collapse, leaving most investors with significant losses.
The EFCC disclosed that it has already charged many of these companies to court, with five convicted, five pleading guilty (awaiting review of facts), and others pending arraignment.
Some of the named 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
- Green Eagles Agribusiness Solution Limited
- Richfield Multiconcepts Limited
- Chinmark Homes & Shelters Limited
- Emerald Farms & Consultant Limited
- Cititrust Holding PLC
- Crowdyvest Limited
The EFCC emphasized its commitment to safeguarding the public from fraudulent operators and ensuring the integrity of Nigeria’s economic space. The commission urged Nigerians to exercise caution and verify the legitimacy of investment platforms before committing funds.
“The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to protect citizens from opportunistic and predatory operators,” the statement read.
Read the full list of companies and stay informed to avoid falling victim to fraudulent schemes.
