Key Points
- EFCC listed 58 illegal Ponzi scheme operators in Nigeria.
- Many of the companies are unregistered with the CBN and SEC.
- Five companies have been convicted, while others await trial.
The Economic and Financial Crimes Commission (EFCC) has released the names of 58 companies operating illegal ponzi schemes in Nigeria.
These companies have been accused of defrauding unsuspecting Nigerians of their hard-earned money by posing as legitimate investment platforms.
Companies accused of illegal activities
According to the EFCC, these companies are not registered with either the Central Bank of Nigeria (CBN) or the Security Exchange Commission (SEC).
Both regulatory bodies have confirmed that these entities lack the necessary licenses to operate as financial service providers in the country.
The EFCC stated that it has already charged many of these companies to court. Five of them have been convicted, another five have pleaded guilty and are awaiting the review of facts, while the remaining companies are pending arraignment.
The list of these illegal operators includes:
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, S Mobile Netzone Limited, Pristine Mobile Network, Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited.
Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, Annexation Biz Concept, Maitanbuwal Global Ventures, Crowdyvest Limited.
Other companies listed include: Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group, Oxford Gold Integrated, Skapomah Global Limited.
MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises.
Rockstar Establishment Limited, SU. Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited.
Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited.
Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited.
NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited.
Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited.
Barrick Gold Mining Company, and 360 Agric Partners Limited.
EFCC’s commitment to financial safety
The EFCC has reassured the public of its commitment to safeguarding Nigeria’s financial space.
It stated that the Commission remains vigilant and proactive in monitoring financial entities and ensuring that only legally compliant companies operate within the nation’s economic space.
“We urge Nigerians to conduct thorough checks before investing and report any suspicious financial activities.
The EFCC is dedicated to using its anti-corruption mandate to stimulate growth and protect citizens,” the statement said.
