The Economic and Financial Crimes Commission (EFCC) has issued a public alert about 58 companies allegedly running illegal Ponzi schemes disguised as investment opportunities.
According to EFCC spokesperson Dele Oyewale, these firms are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their operations illegal.
Legal action has already led to the conviction of five companies, while five others have pleaded guilty. Some of the flagged firms include Wales Kingdom Capital, Bethsaida Group, AQM Capital Ltd., and Oxford International Group.
The EFCC urged Nigerians to verify investment firms with regulatory bodies before engaging in financial transactions to avoid falling victim to fraud. The agency reaffirmed its commitment to prosecuting fraudulent operators and protecting investors.
