EFCC Reveals Top 58 Ponzi Schemes Sweeping Through Nigeria’s Financial Sector

These companies, which pretended to be legitimate investment firms, were found to be unregistered with both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). This discovery came through separate communications the EFCC received from the two regulatory bodies.

In a statement released on Tuesday, Dele Oyewale, EFCC’s Head of Media and Publicity, confirmed that legal actions had already been initiated against several of these companies.

To date, five of the firms have been convicted, five others have pleaded guilty and are awaiting further legal proceedings, while several more cases are still pending arraignment.

This operation is part of the EFCC’s ongoing efforts to rid Nigeria’s financial sector of fraudulent players and protect citizens from scams.

The Commission reiterated its commitment to maintaining close oversight over economic activities and using its anti-corruption powers to foster financial stability and growth.

Among the 58 companies identified by the EFCC are:

• 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 Agribusiness Solution Limited
• Richfield Multiconcepts Limited
• Forte Asset Management Limited
• Biss Networks Nigeria Limited
• S Mobile Netzone Limited