The Economic and Financial Crimes Commission (EFCC) has issued a public alert about 58 companies allegedly operating illegal Ponzi schemes. These firms claim to offer investment opportunities but are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The anti-graft agency revealed that it has taken legal action against several of these entities. Five companies have already been convicted, while another five have pleaded guilty and await further judicial proceedings.
List of Alleged Ponzi Companies
EFCC identified the implicated companies, including 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 include Green Eagles Agribusiness Solution Ltd, Richfield Multiconcepts Ltd, Forte Asset Management Ltd, Biss Networks Nigeria Ltd, S Mobile Netzone Ltd, and Pristine Mobile Network.
The list also features Letsfarm Integrated Services, Bara Finance & Investment Ltd, Vicampro Farms Ltd, Brooks Network Ltd, Gas Station Supply Services Ltd, Brass & Books Ltd, and Annexation Biz Concept & Maitanbuwal Global Ventures. Additional companies include Crowdyvest Ltd, Jadek Agro Connect Ltd, Adeeva Capital Ltd, Oxford International Group & Oxford Gold Integrated, Skapomah Global Ltd, MBA Trading & Capital Investment Ltd, and TRJ Company Ltd.
Other named firms are Farm4Me Agriculture Ltd, Quintessential Investment Company, Deprinz Global Enterprises, Rockstar Establishment Ltd, S.U. Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, and Globertrot Farmsponsors Nig. Ltd.
Also flagged are Farm Sponsors Ltd, Cititrust Credit Ltd, Farmfunded Agroservices Ltd, Adamakin Investment & Works Ltd, Cititrust Holding PLC, Green Eagles Agribusiness Solutions Ltd, Chinmark Homes & Shelters Ltd, Emerald Farms & Consultant Ltd, and Ovaioza Farm Produce Storage Ltd.
The EFCC also named Farm 360 & Agriculture Company, Requid Technologies Ltd, West Agro Agriculture & Food Processing Ltd, NISL Ventures Ltd & Estate of Laolu Martins, XY Connect Investment Ltd, River Branch Unique Investment Ltd, Hallmark Capital Ltd, CJC Markets Ltd, Crowd One Investment, and Farmkart Foods Ltd.
Among the remaining companies under investigation are KD Likemind Stakeholders Ltd, Holibiz Finance Ltd, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Ltd, Barrick Gold Mining Company, and 360 Agric Partners Ltd.
EFCC’s Warning to Investors
The EFCC reaffirmed its commitment to monitoring fraudulent financial activities across Nigeria. It urged Nigerians to exercise caution when investing and verify companies’ legitimacy through the appropriate regulatory agencies before engaging in financial transactions.
The agency warned that many Ponzi schemes lure investors with unrealistic returns and ultimately collapse, leading to significant financial losses. It advised the public to rely on SEC and CBN databases to confirm a company’s registration before making investment commitments.
With increased financial fraud cases, the EFCC pledged to continue prosecuting fraudulent investment firms while educating the public on safe investment practices.
