The EFCC has identified 58 companies running illegal Ponzi schemes in Nigeria, warning the public to verify investments with regulatory bodies before committing funds. Legal actions have been taken against several firms, with some convictions already secured.

The Economic and Financial Crimes Commission (EFCC) has issued a public alert regarding the activities of 58 companies allegedly operating illegal Ponzi schemes under the guise of investment opportunities.

According to the anti-graft agency, these companies are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), raising concerns about their legitimacy.

The EFCC stated that it had already taken legal action against several of these entities, resulting in the conviction of five companies. Additionally, five others have pleaded guilty and are currently awaiting further judicial processes.

The companies identified in the EFCC alert include:

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

Other companies listed are:

Bara Finance & Investment Ltd
Vicampro Farms Ltd
Brooks Network Ltd
Gas Station Supply Services Ltd
Brass & Books Ltd
Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Ltd
Crowdyvest Ltd
Jadek Agro Connect Ltd
Adeeva Capital Ltd
Oxford International Group and Oxford Gold Integrated
Skapomah Global Ltd
MBA Trading & Capital Investment Ltd
TRJ Company Ltd
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
Globertrot Farmsponsors Nig. Ltd

Additionally, the following companies were named in the alert:

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
Ovaioza Farm Produce Storage Ltd
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
Farmkart Foods Ltd

Furthermore, the EFCC also listed the following as alleged scam companies:

KD Likemind Stakeholders Ltd
Holibiz Finance Ltd
Ifeanyi Okpe Oil & Gas Services
Servapps Nigeria Ltd
Barrick Gold Mining Company
360 Agric Partners Ltd

The EFCC assured the public that it remains vigilant in monitoring financial activities across the country. It advised Nigerians to exercise caution when investing and to verify the legitimacy of investment firms through the appropriate regulatory agencies before engaging in any financial transactions.