EFCC Warns Nigerians of 58 Unauthorized Ponzi Scheme Operators

The Economic and Financial Crimes Commission (EFCC) has issued a warning about 58 illegal Ponzi scheme operators that are currently defrauding Nigerian citizens through fake investment opportunities.

According to a statement released Tuesday by EFCC's Head of Media and Publicity, Dele Oyewale, these companies are operating illegally as they lack proper registration with either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

The anti-graft agency has already taken legal action against many of these entities. Five operators have been convicted, while another five have pleaded guilty and await further judicial proceedings. Additional cases are pending arraignment.

Among the flagged companies are Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment, Brickwall Global Investment, Farmforte Limited, Green Eagles Agricbusiness Solution, and numerous others. The EFCC provided a comprehensive list of all 58 operators in their statement.

Oyewale emphasized that the EFCC remains vigilant in monitoring and prosecuting fraudulent investment schemes. He strongly advised Nigerians to exercise caution and verify any investment opportunity with the CBN and SEC before committing funds.

The commission urged victims of these fraudulent schemes to come forward with complaints and assured that efforts are ongoing to recover funds where possible. The EFCC reaffirmed its commitment to protecting the public from predatory operators and maintaining a corruption-free economic environment.