The Economic and Financial Crimes Commission (EFCC) on Tuesday published a list of at least 58 companies that use Ponzi schemes, also known as illegal investment schemes, to defraud unsuspecting Nigerians.

This action demonstrates the EFCC’s commitment to sanitising Nigeria’s financial system and protecting its citizens from fraudulent investment platforms.

In a statement released on Tuesday, the EFCC stated that these companies are operating unlawfully due to their failure to register with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

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The statement reads, “The Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.”

“The companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC. The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” it added.

Both regulatory bodies confirmed in separate letters that these organisations lack the necessary authorisation to function as investment businesses.

Several of these companies have been sued by the EFCC. Five of the cases have already been found guilty, five are still awaiting arraignment, and five more have pleaded guilty and are awaiting a review of the facts.

“The Commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment,” the statement reads.

How Ponzi schemes operate

Ponzi schemes typically attract people seeking quick riches because they offer high returns with little to no risk. However, these schemes are not long-term viable because they rely on funds from new investors to provide returns to earlier investors. When the plan fails because fewer new investments are made, participants lose a lot of money.

As demonstrated by these companies’ alleged involvement in fraudulent activities, due diligence is essential prior to making any investments.

The EFCC reiterated its commitment to shielding Nigerians against financial predators and fraudulent investment schemes.

“The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy.”

In order to prevent further exploitation of Nigerians, the commission pledges to monitor the economy aggressively and continuously.

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Below is the full list of the companies designated as Ponzi scheme operators by the EFCC:

1. Wales Kingdom Capital

2. Bethseida Group of Companies

3. AQM Capital Limited

4. Titan Multibusiness Investment Limited

5. Brickwall Global Investment Limited

6. Farmforte Limited & Agro Partnership Tech

7. Green Eagles Agribusiness Solution Limited

8. Richfield Multiconcepts Limited

9. Forte Asset Management Limited

10. Biss Networks Nigeria Limited

11. S Mobile Netzone Limited

12. Pristine Mobile Network

13. Letsfarm Integrated Services

14. Bara Finance & Investment Limited

15. Vicampro Farms Limited

16. Brooks Network Limited

17. Gas Station Supply Services Limited

18. Brass & Books Limited

19. Annexation Biz Concept

20. Maitanbuwal Global Ventures

21. Crowdyvest Limited

Other firms include:

22. Jadek Agro Connect Limited

23. Adeeva Capital Limited

24. Oxford International Group and Oxford Gold Integrated

25. Skapomah Global Limited

26. MBA Trading & Capital Investment Limited

27. TRJ Company Limited

28. Farm4Me Agriculture Limited

29. Quintessential Investment Company

30. Adeprinz Global Enterprises

31. Rockstar Establishment Limited

32. SU. Global Investment

33. Citi Trust Funding PLC

34. Farm Buddy

35. Eatrich 369 Farms & Food

36. Globertrot Farmsponsors Nigeria Limited

37. Farm Sponsors Limited

38. Cititrust Credit Limited

39. Farmfunded Agroservices Limited

40. Adamakin Investment & Works Limited

Additional firms include:

41. Cititrust Holding PLC

42. Green Eagles Agribusiness Solutions Limited

43. Chinmark Homes & Shelters Limited

44. Emerald Farms & Consultant Limited

45. Ovaioza Farm Produce Storage Limited

46. Farm 360 & Agriculture Company

47. Requid Technologies Limited

48. West Agro Agriculture & Food Processing Limited

49. NISL Ventures Limited & Estate of Laolu Martins

50. XY Connect Investment Limited

51. River Branch Unique Investment Limited

52. Hallmark Capital Limited

53. CJC Markets Limited

54. Crowd One Investment

55. Farmkart Foods Limited

56. KD Likemind Stakeholders Limited

57. Holibiz Finance Limited

58. Ifeanyi Okpe Oil & Gas Services

59. Servapps Nigeria Limited

60. Barrick Gold Mining Company

61. 360 Agric Partners Limited