The Economic and Financial Crimes Commission (EFCC) has issued a public alert regarding the operations of 58 companies operating illegal Ponzi schemes across Nigeria, warning citizens to be wary of these fraudulent entities.

The EFCC, in a statement released on March 11th, 2025, stated that these companies are “neither registered with the Central Bank of Nigeria (CBN) nor the Security Exchange Commission (SEC).”

“Both regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement confirmed.

The commission revealed that it has already taken legal action against many of these companies, with five convictions secured, five guilty pleas awaiting review, and the remaining cases pending arraignment.

“These companies are posturing as investing entities and defrauding innocent Nigerians of their hard-earned money,” an EFCC spokesperson stated.

“We are committed to sanitising the financial space and providing the investing public with reliable information.”

The EFCC urges the public to exercise caution and conduct thorough due diligence before investing with any company.

“We advise citizens to verify the registration status of any investment company with the CBN and SEC,” the spokesperson added.

The commission has provided a list of the 58 companies, including Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, and many others, which can be viewed on the EFCC website (www.efcc.gov.ng).

“The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space,” the spokesperson concluded.

“We will use our anti-corruption mandate to stimulate growth in the economy and protect the public from predatory operators.”