The EFCC has identified 58 companies operating illegal Ponzi schemes in Nigeria. These firms are unregistered with the CBN and SEC, leading to legal actions against them. The Commission reassures the public of its continued vigilance to safeguard against financial fraud.
The Economic and Financial Crimes Commission (EFCC) has reported that 58 companies are operating illegally as Ponzi scheme operators in Nigeria, defrauding unsuspecting citizens. These entities lack registration with both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), as confirmed by separate communications from these regulatory bodies to the EFCC. Legal actions have been initiated against various companies, with five convicted and another five having pleaded guilty while awaiting further legal proceedings.
The names of the identified illegal Ponzi scheme operators include Wales Kingdom Capital, AQM Capital Limited, Titan Multibusiness Investment Limited, Green Eagles Agribusiness Solutions Limited, and many others. The full list encompasses companies such as Crowdyvest Limited, Farm4Me Agriculture Limited, and Hallmark Capital Limited, among others, totaling 58 entities.
The EFCC is committed to ensuring transparency and integrity in Nigeria’s financial sector, continuously monitoring and safeguarding the public against fraudulent activities. Through its anti-corruption efforts, the Commission aims to stimulate positive economic growth and protect investors from deceitful operators. Dele Oyewale, Head of Media & Publicity, reported these findings on March 11, 2025.
In summary, the EFCC has identified 58 fraudulent Ponzi scheme operators in Nigeria, highlighting their lack of proper registration and oversight. Legal actions are being taken against these companies to protect the investing public. The EFCC’s ongoing efforts to monitor and regulate the financial landscape seek to ensure a safer investment environment in the nation.
Original Source: www.premiumtimesng.com
