The Economic and Financial Crimes Commission (EFCC) has named 58 companies suspected of defrauding innocent Nigerians through fraudulent Ponzi schemes. The move is part of the Commission’s ongoing efforts to sanitize Nigeria’s financial space and provide the public with reliable information on illegal operators.
The companies listed by the EFCC are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), as confirmed by both regulatory bodies in separate correspondences. The Commission has already charged many of these companies to court, with some facing convictions while others await arraignment. EFCC spokesperson, Mr. Dele Oyewale, confirmed that five companies had been convicted, five pleaded guilty but are awaiting a review of facts, and the rest are still under investigation.
The list of fraudulent companies includes:
- Wales Kingdom Capital
- Bethseida Group of Companies
- AQM Capital Limited
- Titan Multibusiness Investment Limited
- Brickwall Global Investment Limited
- Farmforte Limited & Agro Partnership Tech
- Green Eagles Agricbusiness Solution Limited
- Richfield Multiconcepts Limited
- Forte Asset Management Limited
- Crowdyvest Limited
Others include companies like Jadek Agro Connect Limited, Oxford International Group, TRJ Company Limited, and several more, all accused of operating Ponzi schemes aimed at scamming unsuspecting investors.
The EFCC assured Nigerians of its continued vigilance and commitment to safeguarding the economy from fraudulent and predatory operators. The Commission’s efforts are part of a broader anti-corruption mandate to stimulate economic growth by targeting illegal activities that undermine public trust.
US Ambassador Reaffirms Partnership with EFCC in Fight Against Financial Crimes
In a related development, the United States Ambassador to Nigeria, His Excellency Richard M. Mills Jr., reaffirmed his country’s ongoing support for Nigeria’s efforts to combat financial crimes. Mills led a delegation from the US Mission in Nigeria to meet with the EFCC Chairman, Mr. Ola Olukoyede, at the Commission’s headquarters in Abuja.
During the visit, Ambassador Mills emphasized the importance of the US-Nigeria partnership in addressing economic and financial crimes, stating that both nations share a common goal of creating secure and prosperous environments. He noted that the US government remains committed to assisting the EFCC through information sharing, expertise, and closer cooperation on specific cases.
“The work of the EFCC in anti-corruption, counter-terrorism, and money laundering is a high priority for the US government,” Mills stated. He emphasized that both countries’ efforts to build secure economies align, and the United States continues to prioritize these areas of cooperation.
EFCC Chairman Olukoyede expressed appreciation for the continued collaboration between the US and Nigeria in the fight against financial crimes. He highlighted that the relationship has been beneficial, particularly in technology, intelligence sharing, and human capital development. Olukoyede urged the US government to expedite responses to requests from the EFCC, especially regarding technological support and intelligence sharing.
The EFCC has also taken significant steps to combat visa fraud, a persistent issue for foreign missions in Nigeria. Olukoyede revealed that a dedicated Visa Application and Immigration Fraud Section was established to tackle visa racketeering and immigration fraud, with offices across the country working around the clock to address the issue.
“We are making good progress, but we need continued support from our international partners,” Olukoyede added. “The Nigerian government is committed to strengthening collaboration with the United States for the mutual benefit of both countries.”
The EFCC’s crackdown on fraudulent Ponzi schemes and its strengthened partnership with the United States demonstrates a growing commitment to tackling financial crimes in Nigeria. As the Commission continues to monitor the nation’s financial landscape, its proactive measures aim to protect innocent citizens from scams and fraud, while fostering a safer, more transparent economic environment.
