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

Published March 12, 2025 at 7:42 AM

The Economic and Financial Crimes Commission (EFCC) has uncovered 58 fraudulent companies operating illegal investment schemes, deceiving Nigerians and siphoning their funds.

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: