By Parrot Newspaper 
EFCC Exposes Scam Companies, Warns Against Ponzi Schemes
By Michael Odoba Ochi
The Economic and Financial Crimes Commission (EFCC) has sounded the alarm over the activities of 58 companies allegedly running illegal Ponzi schemes disguised as investment opportunities. According to the anti-graft agency, these firms are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), raising concerns about their legitimacy.
Crackdown on Fraudulent Investment Firms
The EFCC, in a public alert, revealed that it had taken legal action against several of the listed companies, resulting in the conviction of five entities. Additionally, five others have pleaded guilty and are awaiting further judicial proceedings.
Some of the flagged companies include 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 on the list are Green Eagles Agribusiness Solutions Ltd, Richfield Multiconcepts Ltd, Forte Asset Management Ltd, and Biss Networks Nigeria Ltd.
Also implicated are Crowdyvest Ltd, Oxford International Group, MBA Trading & Capital Investment Ltd, Quintessential Investment Company, Citi Trust Funding PLC, Chinmark Homes & Shelters Ltd, Ovaioza Farm Produce Storage Ltd, Crowd One Investment, and several others.
Public Caution Advised
The EFCC has urged Nigerians to be wary of investment opportunities that promise unrealistic returns. The agency emphasized that legitimate investment firms must be duly registered and regulated by CBN and SEC. It advised prospective investors to conduct thorough background checks before committing their funds to any financial venture.
In recent years, Ponzi schemes have wreaked havoc on the finances of many Nigerians, with victims losing billions to fraudulent entities that eventually collapse. The EFCC’s warning serves as a critical reminder for the public to remain vigilant against such deceptive schemes.
The commission reaffirmed its commitment to monitoring financial activities across the country and taking decisive action against fraudulent investment platforms. Nigerians are encouraged to report suspicious financial operations to the appropriate authorities to curb the menace of financial fraud.
The Need for Regulatory Oversight
Financial analysts have called for stricter regulations and more proactive measures from regulatory agencies to prevent the proliferation of Ponzi schemes. They stress that early detection and intervention are crucial in safeguarding the economy and protecting citizens from financial ruin.
As the EFCC continues its crackdown on fraudulent investment platforms, Nigerians must take personal responsibility by verifying the legitimacy of investment opportunities before committing their hard-earned money.