Nigeria – The Economic and Financial Crimes Commission (EFCC) has issued a warning about 58 unregistered Ponzi scheme operators defrauding Nigerians under the guise of investment opportunities.
According to a statement released by the EFCC’s Head of Media and Publicity, Dele Oyewale, these companies are not registered with either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations illegal.
The EFCC has secured the conviction of five companies, while five others pleaded guilty and are awaiting court proceedings. Several other cases are still pending.
Some of the flagged companies include Wales Kingdom Capital, Bethseida Group of Companies, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agribusiness Solution Limited, Oxford International Group and Oxford Gold Integrated, MBA Trading & Capital Investment Limited, Farm4Me Agriculture Limited, Crowdyvest Limited, Chinmark Homes & Shelters Limited, Ovaioza Farm Produce Storage Limited, and Barrick Gold Mining Company.
The EFCC has urged Nigerians to verify any investment opportunity with the CBN and SEC before committing funds. Victims of fraudulent schemes are encouraged to come forward with complaints.
If an investment opportunity sounds too good to be true, it probably is. Always conduct due diligence before investing.
By Damilola Adeleke| March 13, 2025
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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