EFCC issues warning against 58 illegal ponzi schemes in Nigeria [Full List]

The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians about 58 companies allegedly operating fraudulent Ponzi schemes across the country.

In a statement shared on its official X page, the anti-graft agency warned that these firms, posing as investment platforms, have been swindling unsuspecting Nigerians. It emphasized that none of them are accredited by the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

“The Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money. The companies are neither registered with the Central Bank of Nigeria, CBN, nor the Securities and Exchange Commission, SEC. The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement read.

Full List of Blacklisted Companies

Among the firms accused of running illegal investment schemes 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

Pristine Mobile Network

Letsfarm Integrated Services

Bara Finance & Investment Limited

Vicampro Farms Limited

Brooks Network Limited

Gas Station Supply Services Limited

Brass & Books Limited

Annexation Biz Concept

Maitanbuwal Global Ventures

Crowdyvest Limited

Other companies on the list include:

Jadek Agro Connect Limited

Adeeva Capital Limited

Oxford International Group and Oxford Gold Integrated

Skapomah Global Limited

MBA Trading & Capital Investment Limited

TRJ Company Limited

Farm4Me Agriculture Limited

Quintessential Investment Company

Adeprinz Global Enterprises

Rockstar Establishment Limited

SU. Global Investment

Citi Trust Funding PLC

Farm Buddy

Eatrich 369 Farms & Food

Globertrot Farmsponsors Nigeria Limited

Farm Sponsors Limited

Cititrust Credit Limited

Farmfunded Agroservices Limited

Adamakin Investment & Works Limited

Cititrust Holding PLC

Green Eagles Agribusiness Solutions Limited

Chinmark Homes & Shelters Limited

Emerald Farms & Consultant Limited

Ovaioza Farm Produce Storage Limited

Farm 360 & Agriculture Company

Requid Technologies Limited

West Agro Agriculture & Food Processing Limited

NISL Ventures Limited & Estate of Laolu Martins

XY Connect Investment Limited

River Branch Unique Investment Limited

Hallmark Capital Limited

CJC Markets Limited

Crowd One Investment

Farmkart Foods Limited

KD Likemind Stakeholders Limited

Holibiz Finance Limited

Ifeanyi Okpe Oil & Gas Services

Servapps Nigeria Limited

Barrick Gold Mining Company

360 Agric Partners Limited

EFCC’s Stand on Ponzi Schemes

The EFCC has already initiated legal actions against several of these companies and reaffirmed its commitment to protecting Nigerians from fraudulent financial operators.

“The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy,” the statement added.

Meanwhile, the Securities and Exchange Commission (SEC) has intensified its clampdown on Ponzi schemes. In December 2024, the Senate passed the Investments and Securities Repeal and Re-enactment Bill, introducing stricter penalties for fraudulent investment operations. The law prescribes a 10-year prison sentence and fines of up to N20 million (approximately $12,000) to deter fraudulent financial activities.

Nigerians are urged to be cautious when investing and verify companies with regulatory bodies before committing their funds.