The Economic and Financial Crimes Commission (EFCC) has issued a public warning about 58 companies suspected of running illegal Ponzi schemes across Nigeria. Ponzi schemes are fraudulent investment operations that promise high returns with minimal risk, but rely on money from new investors to pay earlier ones. Once new investments stop coming in, the scheme collapses, leaving most investors with losses.
In a statement posted on its official X page, the EFCC explained that these companies, posing as legitimate investment platforms, have been deceiving Nigerians and defrauding them of their money. The EFCC also clarified that neither the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC) have accredited any of these companies.
The EFCC further disclosed that many of these companies have been charged in court. Five have been convicted, another five have pleaded guilty and are awaiting a review of facts, while the rest are pending arraignment.
Among the companies allegedly involved in these illegal activities are: Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, and Farmforte Limited & Agro Partnership Tech, among others.
The EFCC reassured the public of its ongoing efforts to monitor and combat such fraudulent activities in the country, using its anti-corruption mandate to protect Nigerians and foster economic growth.
