The Economic and Financial Crimes Commission, EFCC, has issued a strong warning against 58 companies allegedly running illegal Ponzi schemes under the guise of investment opportunities.
EFCC Spokesperson Dele Oyewale stated that these companies are not registered with the Central Bank of Nigeria, CBN, or the Securities and Exchange Commission, SEC, making their operations illegal.
The commission has taken legal action against several of them, leading to the conviction of five, while five others have pleaded guilty and await further judicial processes.
Among the companies listed are Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Ltd., Titan Multibusiness Investment Ltd., Brickwall Global Investment Ltd., and Farmforte Ltd. & Agro Partnership Tech.
Others include Green Eagles Agribusiness Solutions Ltd., Richfield Multiconcepts Ltd., Forte Asset Management Ltd., Biss Networks Nigeria Ltd., S Mobile Netzone Ltd., Pristine Mobile Network, and Letsfarm Integrated Services.
Also named are Bara Finance & Investment Ltd., Vicampro Farms Ltd., Brooks Network Ltd., Gas Station Supply Services Ltd., Brass & Books Ltd., Annexation Biz Concept & Maitanbuwal Global Ventures, and Crowdyvest Ltd.
The list further includes Jadek Agro Connect Ltd., Adeeva Capital Ltd., Oxford International Group & Oxford Gold Integrated, Skapomah Global Ltd., MBA Trading & Capital Investment Ltd., TRJ Company Ltd., and Farm4Me Agriculture Ltd.
Other flagged firms are Quintessential Investment Company, Deprinz Global Enterprises, Rockstar Establishment Ltd., SU Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, and Globertrot Farmsponsors Nig. Ltd.
Additionally, the EFCC identified Farm Sponsors Ltd., Cititrust Credit Ltd., Farmfunded Agroservices Ltd., Adamakin Investment & Works Ltd., Ititrust Holding PLC, Green Eagles Agribusiness Solutions Ltd., and Chinmark Homes & Shelters Ltd.
Also included are Emerald Farms & Consultant Ltd., Ovaioza Farm Produce Storage Ltd., Farm 360 & Agriculture Company, Requid Technologies Ltd., West Agro Agriculture & Food Processing Ltd., NISL Ventures Ltd. & Estate of Laolu Martins, and XY Connect Investment Ltd.
Other firms on the list are River Branch Unique Investment Ltd., Hallmark Capital Ltd., CJC Markets Ltd., Crowd One Investment, Farmkart Foods Ltd., KD Likemind Stakeholders Ltd., and Holibiz Finance Ltd.
The final set of companies includes Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Ltd., Barrick Gold Mining Company, and 360 Agric Partners Ltd.
The EFCC warned that these companies lure unsuspecting Nigerians with unrealistic profit promises, only to defraud them. The commission emphasized its commitment to cracking down on fraudulent financial activities and assured the public that investigations into these entities are ongoing.
“The public must exercise extreme caution before committing funds to any investment platform. Any firm that is not registered with the appropriate regulatory bodies should be treated as suspicious,” the statement read.
Nigerians were urged to verify investment firms through the CBN, SEC, or other regulatory bodies before engaging in financial transactions.
The EFCC reiterated its commitment to ensuring a secure financial environment, vowing to prosecute fraudulent operators and protect investors from exploitation.
NAN
