The Economic and Financial Crime Commission (EFCC) has issued a public alert that 58 companies allegedly operate illegal Ponzi schemes in Nigeria.
Ponzi schemes are investment businesses that provide huge profits to customers with minimal risks.
Ponzis uses new investors’ funds to repay earlier investors, making the business seem successful, but once the new investment stops, the plan collapses and most people lose money.
In a statement on its official X page, the EFCC noted that these entities as investment platforms have been cheating on unsuspecting Nigerians’ funds.
According to the EFCC, neither the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC) have been recognized.
“The EFCC here reminds Nigerians of the operation of 58 posturals by companies that use it as investment entities and hard-earned money to deceive innocent Nigerians.
“These companies are neither registered with the Central Bank of Nigeria, CBN and Security Transaction Commission. The two regulators denied that they had registered as them in a separate correspondence with the EFCC.
“The committee has brought many companies to court, five of which have been convicted and five others have pleaded guilty, but is pending arraignment while awaiting review of the facts,” the statement said.
The following companies are named in entities allegedly operating illegally:
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 and Books Limited, Epolating BIZ Concept, Maitanbuwal Global Ventures, CrowdyVest Limited.
Other companies include: 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 Indercation, Su. Global Investment, Citi Trust Funding PLC, Farm Partners, EATRICH 369 Farms and 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 & Shellters Limited, Emerald Farms & Consultant & Consultant Limited, Ovaioza Farm Farm Produce Storage Storage Storage Storage Storage Storage Storage Storage Storage Limited, Farm 360 & Required Technologies Limited, West Agro Agriculture & Food Conficeing & Food Fooding & Food Gonerations Limited, NISL VENTURE & NISL FENTURE INDES INDER INTITIO Ltd, Crowd Investment, Farmkart Foods Limited, KD LokeMind Stakeholder Ltd, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
“The EFCC ensures public vigilance and proactive monitoring of every entity and participant in the national economic space to protect the public from opportunistic and predatory operators and to use its anti-corruption authorization tools to stimulate economic growth
