The Economic and Financial Crimes Commission (EFCC) has issued a public alert about 58 companies allegedly operating illegal Ponzi schemes under the guise of investment opportunities. The agency warned Nigerians to exercise extreme caution before engaging with these firms, many of which are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
EFCC’s Crackdown on Ponzi Schemes
The EFCC revealed that it has already taken legal action against many of these companies, leading to:
✔ Five convictions of operators.
✔ Five others pleading guilty and awaiting further judicial processes.
The anti-graft agency assured Nigerians that it remains committed to monitoring financial activities and protecting citizens from fraudulent schemes.
Full List of Alleged Ponzi Scheme Companies
The EFCC listed the following companies as illegal investment platforms:
| Company Name | Company Name |
|---|---|
| Wales Kingdom Capital | Bethseida Group of Companies |
| AQM Capital Ltd | Titan Multibusiness Investment Ltd |
| Brickwall Global Investment Ltd | Farmforte Ltd & Agro Partnership Tech |
| Green Eagles Agribusiness Solution Ltd | Richfield Multiconcepts Ltd |
| Forte Asset Management Ltd | Biss Networks Nigeria Ltd |
| S Mobile Netzone Ltd | Pristine Mobile Network |
| Letsfarm Integrated Services | Bara Finance & Investment Ltd |
| Vicampro Farms Ltd | Brooks Network Ltd |
| Gas Station Supply Services Ltd | Brass & Books Ltd |
Additionally, Crowdyvest Ltd, Jadek Agro Connect Ltd, Adeeva Capital Ltd, Oxford International Group, MBA Trading & Capital Investment Ltd, and Farm4Me Agriculture Ltd were also identified.
Other alleged fraudulent firms include:
| Company Name | Company Name |
|---|---|
| Farm Sponsors Ltd | Cititrust Credit Ltd |
| Farmfunded Agroservices Ltd | Adamakin Investment & Works Ltd |
| Green Eagles Agribusiness Solutions Ltd | Chinmark Homes & Shelters Ltd |
| Emerald Farms & Consultant Ltd | Ovaioza Farm Produce Storage Ltd |
| Farm 360 & Agriculture Company | Requid Technologies Ltd |
| Hallmark Capital Ltd | CJC Markets Ltd |
| Crowd One Investment | Farmkart Foods Ltd |
| KD Likemind Stakeholders Ltd | Holibiz Finance Ltd |
| Ifeanyi Okpe Oil & Gas Services | Servapps Nigeria Ltd |
| Barrick Gold Mining Company | 360 Agric Partners Ltd |
How Ponzi Schemes Work and Red Flags to Watch For
Ponzi schemes lure unsuspecting investors with promises of high returns but rely on funds from new investors to pay existing ones. Once the scheme collapses, many people lose their money.
Warning Signs of a Ponzi Scheme
✔ Guaranteed high returns with little or no risk
✔ Lack of registration with financial regulatory authorities
✔ Difficulty withdrawing funds or delays in payments
✔ Complex or unclear investment models
✔ Pressure to recruit new investors
EFCC’s Advice to Nigerians
The EFCC urged Nigerians to:
- Verify investment firms through the CBN or SEC before committing funds.
- Avoid “get-rich-quick” schemes that promise unrealistic profits.
- Report suspicious activities to the EFCC or law enforcement agencies.
Final Thoughts
With Ponzi schemes becoming more sophisticated, Nigerians must stay informed and cautious when investing their hard-earned money. The EFCC’s warning serves as a wake-up call to thoroughly vet any financial institution before engaging in transactions.
