The Economic and Financial Crimes Commission (EFCC) has issued a public alert regarding 58 companies operating illegal Ponzi schemes across Nigeria. These entities are reportedly defrauding Nigerians by masquerading as legitimate investment firms.
Notably, none of these companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), both of which have disassociated themselves from these operations.
The EFCC has initiated legal actions against several of these companies. To date, five have been convicted, another five have pleaded guilty and are awaiting sentencing, while cases against the remaining firms are pending arraignment.
The list of implicated companies includes:
The EFCC advises Nigerians to exercise caution and avoid engaging with these companies to prevent financial loss. For more information, individuals are encouraged to visit the EFCC’s official website at www.efcc.gov.ng.
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