The Economic and Financial Crimes Commission (EFCC) has issued a warning to Nigerians regarding 58 companies allegedly running illegal Ponzi schemes across the country.
Ponzi schemes are fraudulent investment operations that promise substantial returns with little or no risk. These schemes rely on funds from new investors to pay returns to earlier ones, creating an illusion of profitability. However, once fresh investments cease, the scheme inevitably collapses, leaving most investors with significant financial losses.
In a statement shared on its official X page, the EFCC revealed that these entities, which present themselves as investment platforms, have been swindling unsuspecting Nigerians out of their money. The anti-graft agency emphasised that none of these companies are accredited by the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“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 statement read.
The EFCC disclosed that legal action has been taken against several of the implicated companies.
The full list of companies accused of running illegal investment schemes are – 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.
Others are – 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.
The list continue with – 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 commitment to protecting Nigerians from fraudulent financial operations, stating, “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.”
Meanwhile, the Nigerian Securities and Exchange Commission (SEC) has intensified efforts to clamp down on Ponzi schemes. In December 2024, the Senate passed the Investments and Securities Repeal and Re-enactment Bill, which introduces stricter penalties for fraudulent investment schemes. The legislation prescribes a 10-year prison sentence and fines of up to N20 million (approximately $12,000) to deter fraudulent financial activities.
