RED ALERT! EFCC UNCOVERS 58 PONZI SCHEME OPERATORS ACROSS NIGERIA

The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the illicit activities of about fifty-eight companies allegedly involved in ponzi schemes across the country.

The commission said that the ponzi scheme operators pose as investment entities in a bid to lure and defraud innocent Nigerians of their hard-earned money.

EFCC’s Head of Media and Publicity, Dele Oyewale, said the affected companies are neither registered with the Central Bank of Nigeria, CBN, nor the Security Exchange Commission, SEC.

Oyewale disclosed in a statement that the two regulators, in separate correspondences with the EFCC, denied that the companies are registered with them.

He said the Commission had charged many of the companies to court, with five of them convicted; five pleaded guilty and are awaiting review of the cases against them, while the rest are pending arraignment.

He said the move is in line with the EFCC’s commitment to sanitising the financial space of the nation and offer the investing public adequate and reliable information on the activities of illegal ponzi scheme operators across the country.