March 11, (THEWILL) – The Economic and Financial Crimes Commission (EFCC) has uncovered 58 fraudulent entities masquerading as investment firms, operating illegal Ponzi schemes and defrauding unsuspecting Nigerians.
Ponzi schemes, which promise unrealistic returns with little or no risk, rely on funds from new investors to pay off earlier ones. However, once the influx of new investments slows, the scheme collapses, leaving investors stranded.
In a statement on Monday, the EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed that the identified companies were not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
According to Oyewale, legal proceedings have commenced against several of the entities, with five convictions already secured, while five others have pleaded guilty and are awaiting sentencing. He added that more cases are pending arraignment.
Among the fraudulent firms identified are 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, and Letsfarm Integrated Services.
Others include 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, 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, and Citi Trust Funding PLC.
Also listed are 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.
The EFCC’s latest crackdown is part of a broader effort to sanitize the financial sector and protect Nigerians from predatory investment schemes.
Oyewale urged the public to conduct due diligence before committing to any investment, advising Nigerians to verify the registration status of financial firms with regulatory agencies.
“The EFCC remains committed to its vigilance and proactive monitoring of economic activities to safeguard the public from fraudulent schemes. Through its anti-corruption mandate, the Commission will continue to foster a secure financial environment that supports economic growth,” he stated.
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