As part of its efforts to clean up the nation’s financial sector and protect investors from fraudulent schemes, the Economic and Financial Crimes Commission (EFCC) has issued a warning about 58 companies posing as legitimate investment firms while defrauding Nigerians of their hard-earned money.
According to the EFCC, these companies are not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). Both regulators, in separate communications, confirmed that the listed entities have no official approval to operate.
The EFCC has taken legal action against many of these companies. While five have already been convicted, another five have pleaded guilty and are awaiting a review of the facts. Several others are still awaiting arraignment.
Some of the companies flagged by the EFCC include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and Brickwall Global Investment Limited. Others include Farmforte Limited & Agro Partnership Tech, Green Eagles Agribusiness Solution Limited, Crowdyvest Limited, Oxford International Group, MBA Trading & Capital Investment Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, and many more.
The EFCC reaffirmed its commitment to proactively monitoring the financial sector to protect the public from fraudulent schemes. The commission also pledged to use its anti-corruption mandate to foster economic growth by ensuring that only legitimate businesses operate within Nigeria’s investment space.
