The Economic and Financial Crimes Commission (EFCC) has warned Nigerians about 58 companies operating as Ponzi schemes, deceiving unsuspecting investors while posing as legitimate investment platforms.
According to the EFCC, these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC). Both regulatory bodies confirmed in separate communications with the EFCC that they have no records of these entities.
Some of the identified companies include Wales Kingdom Capital, Bethsaida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, and Farmforte. Others on the list are Oxford International Group, Crowdyvest Limited, Chinmark Homes & Shelters Limited, Cititrust Holding PLC, and Barrick Gold Mining Company, among many others.
Here is the full list of the 58 companies identified by the EFCC as Ponzi schemes:
These companies have been flagged by the EFCC for operating as Ponzi schemes, and some have already been charged to court, with a few convictions secured.
EFCC spokesperson Dele Oyewale stated that several of these companies have already been charged to court, with five convictions secured. Another five have pleaded guilty and are awaiting a review of their cases, while others are pending arraignment.
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