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The Economic and Financial Crimes Commission (EFCC) has released a public warning concerning 58 companies that are illegally functioning as investment firms and deceiving Nigerians out of their hard-earned funds.
The list of 58 companies identified by the EFCC includes 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, and Richfield Multiconcepts Limited. Other companies mentioned are Oxford International Group, Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, and Quintessential Investment Company.
Furthermore, the alert includes Adeeva Capital Limited, Jadek Agro Connect Limited, Crowdyvest Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, and Ovaioza Farm Produce Storage Limited. The additional companies listed are Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, and 360 Agric Partners Limited, among others.
The EFCC has stated that none of these companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). Both regulatory bodies have confirmed in separate communications with the EFCC that the companies mentioned do not have licenses to operate as financial entities.
“The companies are not registered with the Central Bank of Nigeria, CBN, or the Security Exchange Commission, SEC,” the EFCC asserted, referencing the responses from the regulators.
In a statement, the commission reiterated its dedication to cleaning up the nation’s financial environment and providing accurate information to safeguard investors against fraudulent activities.
The EFCC has initiated legal proceedings against several of these operators, with five of them being convicted and another five having pleaded guilty, pending a review of the facts. The remaining cases are awaiting arraignment in court.
The EFCC reassured the public of its vigilance by stating, “The EFCC assures the public of its vigilance and proactive monitoring of every entity and player in the nation’s economic space to safeguard the public from opportunistic and predatory operators and use the instrumentality of its anti-corruption mandate to stimulate growth in the economy.”
The EFCC urged Nigerians to be cautious and verify the authenticity of investment firms prior to investing their money, stressing its continuous efforts to fight financial crimes and protect the public.
