EFCC Exposes 58 Ponzi Schemes Defrauding Nigerians


Abuja, Nigeria – March 11, 2025 – The Economic and Financial Crimes Commission (EFCC) has uncovered and exposed 58 companies operating fraudulent investment schemes, commonly known as Ponzi schemes, across Nigeria. These schemes have swindled unsuspecting Nigerians out of billions of naira by promising unrealistic returns on investment.

The EFCC, in a statement released today, warned the public to exercise caution and conduct due diligence before investing in any financial venture. According to the anti-graft agency, the affected companies have been flagged for various forms of fraudulent activities, ranging from illegal fund solicitation to failing to deliver on promised returns.

Full List of Identified Ponzi Schemes

Among the 58 entities identified by the EFCC, notable names include:

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


Other firms implicated in the EFCC's investigation are:

Crowdyvest Limited

Oxford International Group

MBA Trading & Capital Investment Limited

Rockstar Establishment Limited

Farm Sponsors Limited

Farm Buddy

Eatrich 369 Farms & Food

Chinmark Homes & Shelters Limited

Ovaioza Farm Produce Storage Limited

Requid Technologies Limited


The list continues with:

Crowd One Investment

Barrick Gold Mining Company

Holibiz Finance Limited

360 Agric Partners Limited

Servapps Nigeria Limited

KD Likemind Stakeholders Limited

West Agro Agriculture & Food Processing Limited

Hallmark Capital Limited

Ifeanyi Okpe Oil & Gas Services

Citi Trust Funding PLC


EFCC’s Warning and Call for Public Vigilance

The EFCC reiterated its commitment to fighting financial crimes and urged Nigerians to be wary of investment platforms that guarantee high returns with little or no risk. The agency emphasized that any company offering investment schemes must be duly registered with the appropriate regulatory bodies, including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

In its advisory, the EFCC encouraged victims of these Ponzi schemes to come forward and report their experiences, assuring that efforts are underway to investigate and prosecute those responsible for defrauding the public.

The Rise of Ponzi Schemes in Nigeria

Ponzi schemes have become increasingly prevalent in Nigeria, particularly in the financial, agricultural, and real estate sectors. Many unsuspecting investors are lured in by the promise of extraordinary profits, only to lose their hard-earned money when these fraudulent schemes collapse.

The EFCC’s latest revelation serves as a wake-up call for Nigerians to be more cautious and skeptical of "too-good-to-be-true" investment opportunities. Financial experts advise potential investors to verify the legitimacy of companies through regulatory agencies before committing funds.

Conclusion

As the EFCC continues its crackdown on fraudulent investment schemes, Nigerians are urged to remain vigilant and report any suspicious financial activities. The commission has assured the public that it will take decisive action against individuals and organizations involved in these illegal operations.

For further updates on this developing story, stay connected to Insight by Oppy.


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