The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to Nigerians about the activities of 58 fraudulent investment companies operating illegally across the country.
The anti-graft agency revealed that these firms are deceiving innocent investors with promises of high returns while being neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC).
In a statement made available on Tuesday by the EFCC’s Head of Media and Publicity,Dele Oyewale, the commission disclosed that both regulatory bodies had officially confirmed that the listed firms lacked the necessary approvals to operate as investment entities in Nigeria.
The EFCC further noted that legal proceedings had already commenced against many of these companies, with five convictions secured so far.
Additionally, another five firms had pleaded guilty and were awaiting a review of facts, while others were pending arraignment.
The statement read in part, “In line with its commitment to sanitising the financial space of the nation and providing the investing public with adequate and reliable information, the EFCC hereby alerts Nigerians to the operations of 58 companies posturing as investing entities but defrauding innocent citizens of their hard-earned money.”
The commission identified some of the fraudulent companies, highlighting names such as Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and Brickwall Global Investment Limited, among others.
It also mentioned investment platforms like Farmforte Limited & Agro Partnership Tech, Green Eagles Agribusiness Solution Limited, Richfield Multiconcepts Limited, and Forte Asset Management Limited. Others implicated in the scheme included Crowdyvest Limited, Oxford International Group, Skapomah Global Limited, MBA Trading & Capital Investment Limited, and TRJ Company Limited.
The EFCC listed additional firms such as Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, and SU.Global Investment, all of which had been engaging in deceptive financial practices.
The anti-graft agency further named Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, and Cititrust Credit Limited as part of the illicit operations, emphasizing that unsuspecting Nigerians had lost millions to these fraudulent schemes.
More firms, such as Chinmark Homes & Shelters Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, and Requid Technologies Limited, were also flagged. Additionally, West Agro Agriculture & Food Processing Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, and Barrick Gold Mining Company were identified as part of the illegal operations.
Oyewale assured the public that the EFCC remained vigilant in monitoring and prosecuting fraudulent investment schemes, warning Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement added.
He urged victims of fraudulent schemes to come forward with complaints and assured them that efforts were ongoing to recover funds where possible.
The statement further read, “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 Commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but are awaiting a review of facts, while the rest are pending arraignment.”
“Please, find below the names of the illegally operating companies: 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, and Crowdyvest Limited.”
“Others are: Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group, 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, and Adamakin Investment & Works Limited.”
“The rest include: 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, and 360 Agric Partners Limited.”
The EFCC assured the public of its vigilance and proactive monitoring of all entities and players in the nation’s economic space. It reiterated its commitment to safeguarding the public from opportunistic and predatory operators, using its anti-corruption mandate to stimulate growth in the economy.
