The Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly operating illegal Ponzi schemes across Nigeria.
Ponzi schemes are fraudulent investment operations that promise big profits with little risk.
They use money from new investors to pay off earlier ones, making it seem like the business is successful. However, once new investments stop, the scheme collapses, and most people lose their money.
In a statement on its official X page, it stated that these entities posing as investment platforms have been defrauding unsuspecting Nigerians of their funds.
According to the EFCC, neither the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC) has accredited them.
“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 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 statement read.
The EFCC disclosed that legal proceedings have been initiated against several of these companies.
“The Commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment,” the statement read.
The following companies were named among the 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 & Books Limited, Annexation Biz Concept, Maitanbuwal Global Ventures, Crowdyvest Limited.
Other firms 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 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.
Additional firms include: 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, and 360 Agric Partners Limited.
The EFCC reaffirmed its dedication to protecting Nigerians from fraudulent investment schemes and financial predators.
“The EFCC 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.”
In a related development, the EFCC Kaduna Zonal Directorate has arrested 28 individuals allegedly involved in a Ponzi scheme in Minna, Niger State.
The suspects, linked to a company named Q-Net Ltd., were accused of fraudulent investment activities. The EFCC stated the victims were lured to believe that the company was international with affiliates in Dubai, India, Indonesia, and Thailand and made to part with between $790 to $850, amounting to N1,462,000 as registration fees and for product purchases.
Recovered items included Q-Net application forms and other documents. The EFCC confirmed that the suspects would be charged to court upon conclusion of investigations.
The Nigerian Securities and Exchange Commission (SEC) has intensified its fight against Ponzi schemes with the passage of the Investments and Securities Repeal and Re-enactment Bill, 2024, by the Senate in December.
The legislation introduces strict penalties, including a 10-year prison sentence and fines of up to N20 million (approximately $12,000), to crack down on fraudulent investment operations.
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