The Economic and Financial Crimes Commission (EFCC) has issued a notice alerting about 58 illegal Ponzi schemes. These companies, including Crowdyvest and Farmforte, are not registered under the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC).
EFCC Warning
EFCC issued a warning about the fraudulent activities of 58 companies, including prominent platforms Crowdyvest and Farmforte. These companies operate as investment firms but are engaged in fraud. They are not registered under CBN and SEC, meaning they lack regulatory approval.
Blacklisted Companies
Besides Crowdyvest and Farmforte, the blacklist includes companies like Wales Kingdom Capital, Bethseida Group of Companies, and Oxford International Group. Also included are AQM Capital Limited, Green Eagles Agricbusiness, and others. A few of these companies have faced legal action, with five having pleaded guilty.
Combating Fraud and the Future
EFCC emphasizes the importance of protecting investors from illegal schemes and continues to monitor business activities. The SEC, meanwhile, promises to eradicate pyramid schemes by 2025. This is part of their strategic plan, which also includes creating a vibrant commodities market and developing capital in Nigeria.
EFCC continues its fight against fraudulent schemes in Nigeria, focusing on investor protection and improving legislation to create favorable conditions for legitimate investments.
