EFCC Unveils 58 Illegal Ponzi Scheme Operators in Nigeria

Posted On: March 11, 2025
Posted By: Marcus Thompson
Comments: 0

The EFCC has exposed 58 companies in Nigeria as illegal Ponzi scheme operators. These unregistered firms have defrauded individuals, with several facing legal action. The EFCC remains committed to safeguarding the economic space against fraudulent activities.

The Economic and Financial Crimes Commission (EFCC) has disclosed the operations of 58 companies in Nigeria that are engaged in illegal Ponzi schemes, defrauding citizens. These companies have not registered with either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), as confirmed by both institutions in correspondence with the EFCC. The EFCC has initiated legal action against several of these entities; five have been convicted, another five have pleaded guilty and are awaiting sentencing, while the remainder are pending arraignment.

Below is a list of the identified illegal operators: 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, and several more including Crowdyvest Limited, Adeeva Capital Limited, and Emerald Farms & Consultant Limited.

The full list continues with companies such as TRJ Company Limited, MBA Trading & Capital Investment Limited, Hallmark Capital Limited, and Crowd One Investment. The EFCC emphasizes its commitment to vigilantly oversee the financial sector, safeguarding the public from fraudulent operations by utilizing its anti-corruption mandate to improve economic conditions in Nigeria.

In summary, the EFCC has identified 58 Ponzi scheme operators in Nigeria, highlighting the importance of vigilance in the financial sector. These companies evade legal regulations and prey on unsuspecting investors. The EFCC’s proactive approach in prosecuting these entities aims to protect the public while enhancing the integrity of the nation’s economy.

Original Source: www.premiumtimesng.com

Marcus Thompson

Marcus Thompson is an influential reporter with nearly 14 years of experience covering economic trends and business stories. Originally starting his career in financial analysis, Marcus transitioned into journalism where he has made a name for himself through insightful and well-researched articles. His work often explores the broader implications of business developments on society, making him a valuable contributor to any news publication.