The Economic and Financial Crimes Commission (EFCC) has exposed 58 Ponzi scheme operators in Nigeria, which are unregistered with key financial authorities, the CBN and SEC. Legal actions have been initiated against these companies, with some already facing convictions. The EFCC aims to protect the public from fraudulent activities in the financial sector.
The Economic and Financial Crimes Commission (EFCC) has identified 58 companies in Nigeria acting as illegal Ponzi scheme operators, thereby deceiving citizens out of their funds. This action aligns with the EFCC’s mission to maintain the integrity of the financial system and protect the public from fraudulent activities.
Importantly, these companies are not registered with either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). The CBN and SEC have confirmed to the EFCC that these firms lack proper registration. The EFCC has initiated court proceedings against several of these companies, leading to five convictions and others awaiting trial.
The list of illegal operators includes names like Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and many more. A comprehensive list of companies involved in these activities has been released to inform and warn the public.
The EFCC remains committed to overseeing the economic landscape, protecting citizens from exploitation, and ensuring that only legitimate entities operate within the financial sector. Through constant vigilance and enforcement of anti-corruption measures, the EFCC aims to foster a healthier economic environment.
Dele Oyewale, Head of Media & Publicity, underscores this commitment, assuring the public of the agency’s proactive stance against fraudulent schemes.
The EFCC’s proactive measures highlight its commitment to safeguarding Nigeria’s financial landscape by exposing fraudulent operators posing as legitimate investment entities. By identifying and taking legal action against 58 illegal Ponzi schemes, the agency emphasizes the importance of public awareness and regulatory compliance in protecting citizens from financial deception. The ongoing vigilance showcases the EFCC’s role in ensuring a safer economic environment for the investing public.
Original Source: www.premiumtimesng.com
