Alert: EFCC Unveils 58 Deceptive Ponzi Schemes Threatening Nigerians!

The actions of 58 unlawful Ponzi scheme operators who defraude Nigerians under the pretense of investment opportunities have alarmed the Economic and Financial Crimes Commission.

The anti-graft organization said in a statement issued on Tuesday by Dele Oyewale, Head of Media and Publicity at the EFCC, that the firms' activities are unlawful as they are not registered with either the Securities and Exchange Commission or the Central Bank of Nigeria.

According to Oyewale, the commission has filed lawsuits against numerous entities, resulting in the conviction of five of them. Five more have entered guilty pleas and are pending additional legal proceedings.

Other instances are still awaiting arraignment, he noted.

Part of the statement said, "The EFCC hereby alerts Nigerians to the operations of 58 companies posturing as investing entities but defrauding innocent citizens of their hard-earned money, in keeping with its commitment to sanitize the financial space of the nation and provide the investing public with adequate and reliable information."

Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, and Green Eagles Agricbusiness Solution Limited are among the companies that have been flagged, according to Oyewale.

"Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, Letsfarm Integrated Services, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network)," the statement continued.

These include: Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Adamakin Investment & Works Limited, Farmfunded Agroservices Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, 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, and Adamakin Investment & Works 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, and 360 Agric Partners Limited are among the remaining companies.

In addition to cautioning Nigerians against investing their money in any financial institution that is not properly registered with regulatory agencies, Oyewale reassured the public that the EFCC would continue to be attentive in its surveillance and prosecution of fraudulent investment schemes.

Before making an investment, we advise the public to confirm it with the CBN and SEC. The statement further stated that the EFCC is still dedicated to protecting the public from unscrupulous businesses and maintaining an economy free from corruption.

He reassured victims of fraudulent schemes that attempts were being made to recover monies where feasible and encouraged them to file complaints.