by Ola Williams:
Abuja, Nigeria – The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to Nigerians about 58 fraudulent investment companies operating illegal Ponzi schemes across the country.
According to the EFCC, these companies, which pose as legitimate investment platforms, are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC). The two regulators have confirmed, in separate communications with the EFCC, that they have no record of these entities.
“These companies are deceiving unsuspecting Nigerians with false promises of high returns on investments,” said Dele Oyewale, EFCC spokesperson. “We are actively prosecuting many of them, and we urge the public to exercise extreme caution before investing in any scheme.”
The EFCC disclosed that five of the companies have already been convicted, while another five have pleaded guilty and are awaiting a review of facts. The remaining cases are pending arraignment.
List of Blacklisted Companies
Among the fraudulent firms 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, and Richfield Multiconcepts Limited. Others include Crowdyvest Limited, MBA Trading & Capital Investment Limited, Oxford International Group, and Chinmark Homes & Shelters Limited.
The EFCC emphasized that it remains committed to safeguarding the financial interests of Nigerians. “We will continue to crack down on these predatory operators and ensure that those responsible face the full weight of the law,” Oyewale added.
The Commission urged Nigerians to verify the registration status of any investment company with regulatory bodies before investing.
