The Economic and Financial Crimes Commission (EFCC) has issued a public warning about 58 companies allegedly operating illegal Ponzi schemes across Nigeria. These companies, posing as investment platforms, have been accused of defrauding unsuspecting Nigerians.
In a statement released on its official X (formerly Twitter) page, the EFCC declared that these firms are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money,” the statement read.
“The companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC. The two regulators, in separate correspondences with the EFCC, denied that they are registered with them.”
The EFCC also disclosed that legal action has been initiated against many of these companies. While five have already been convicted, another five have pleaded guilty and await further court proceedings. The remaining cases are pending arraignment.
Companies Allegedly Operating Illegal Ponzi Schemes
The following companies have been named by the EFCC as operating without accreditation:
- 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 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
- 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
- 360 Agric Partners Limited
EFCC’s Commitment to Protecting Nigerians
The EFCC reaffirmed its commitment to monitoring the financial space to safeguard Nigerians from fraudulent schemes. It urged the public to verify investment platforms with the CBN and SEC before committing their funds.
“The Commission assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy,” the statement concluded.
How to Protect Yourself
Financial experts advise Nigerians to be cautious of investment opportunities that promise unusually high returns with minimal risk. Proper due diligence, including verification with regulatory bodies, is essential to avoid falling victim to financial scams.
For further updates, visit the EFCC’s official website or social media channels.
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