The Economic and Financial Crimes Commission (EFCC) recently uncovered 58 companies operating illegal Ponzi schemes across the country.
Following this discovery, the agency promptly issued a public alert to protect citizens from potential financial harm.
Transitioning to action, the EFCC emphasized the importance of vigilance and urged the public to report suspicious activities.
Following this, on March 11, 2025, the agency reaffirmed its dedication to protecting Nigerians’ financial interests and promoting economic transparency.
The EFCC revealed that these entities are defrauding unsuspecting individuals by masquerading as legitimate investment platforms.
According to the EFCC, none of the identified companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), the two primary regulators of financial institutions in the country.
Both regulatory bodies, in separate correspondences with the EFCC, confirmed that they have no record of these companies operating under their jurisdiction.
This raises significant concerns about the legitimacy of their operations and the safety of funds entrusted to them by investors.
The Commission disclosed that it has taken legal action against many of these fraudulent entities.
Five companies have already been convicted, while another five have pleaded guilty and are awaiting a review of facts before sentencing.
Cases against the remaining operators are at various stages of prosecution, with arraignments pending in several instances.
The EFCC also released a comprehensive list of the 58 companies implicated in these fraudulent activities.
Wales Kingdom Capital, Bethseida Group of Companies, and AQM Capital Limited lead the list, followed by Titan Multibusiness Investment Limited and Brickwall Global Investment Limited.
Additionally, Farmforte Limited, Agro Partnership Tech, and Green Eagles Agribusiness Solution Limited demonstrate strong participation, alongside Richfield Multiconcepts Limited.
Forte Asset Management Limited and Letsfarm Integrated Services join the initiative, supported by Bara Finance & Investment Limited and Vicampro Farms Limited.
Furthermore, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, and Crowdyvest Limited contribute to the growing collaboration.
Jadek Agro Connect Limited and Adeeva Capital Limited stand out prominently, joining forces with Oxford International Group and MBA Trading & Capital Investment Limited.
Together, these industry leaders drive innovation, creating a powerful network that strengthens their collective impact in the market.
Moreover, Farm4Me Agriculture Limited, Quintessential Investment Company, Rockstar Establishment Limited, and Citi Trust Funding PLC enhance the diverse lineup.
Green Eagles Agribusiness Solutions Limited and Chinmark Homes & Shelters Limited reinforce the group’s foundation, while Ovaioza Farm Produce Storage Limited and Farm 360 & Agriculture Company enhance its capabilities. Together, these entities create a robust network, driving innovation and efficiency across the agricultural value chain.
Finally, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, and XY Connect Investment Limited round out the impressive roster.
The EFCC assured Nigerians of its vigilance and proactive efforts to monitor activities within the nation’s economic landscape.
The EFCC reaffirmed its commitment to protecting citizens from unscrupulous operators exploiting financial system vulnerabilities for personal gain.
Furthermore, it emphasized its anti-corruption mandate as a tool to stimulate economic growth and foster trust in the investment sector.
In its statement, the EFCC urged the public to remain cautious of investment platforms promising unrealistic returns.
Additionally, it advised Nigerians to verify the registration status of financial institutions with regulatory bodies before committing funds.
By taking these steps, citizens can avoid falling victim to fraudulent schemes that lead to significant financial losses.
This development highlights the growing threat of illegal Ponzi schemes in Nigeria and the need for collective action.
The EFCC actively exposes and prosecutes fraudulent operators, taking essential steps to protect Nigerians’ financial security.
By enforcing accountability, the agency strengthens trust in the investment sector, ensuring a safer economic environment for all.
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