The Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly operating illegal Ponzi schemes across Nigeria. According to the anti-graft agency, these entities are neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC), raising concerns about fraudulent investment operations.

In a statement released on Monday, the EFCC revealed that investigations into these firms have led to multiple legal actions, with five companies already convicted and another five pleading guilty while awaiting further court proceedings. The remaining cases are pending arraignment.

The EFCC noted that these companies pose a significant threat to unsuspecting investors, as they lure individuals with promises of high returns without proper regulatory oversight. The commission reiterated its commitment to safeguarding the financial sector by monitoring economic activities and prosecuting fraudulent operators.

The full list of 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

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

Crowdyvest Limited

Jadek Agro Connect Limited

Adeeva Capital Limited

Oxford International Group and 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

Adamakin Investment & Works Limited

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

360 Agric Partners Limited

The EFCC urged Nigerians to exercise caution when engaging in investment schemes and to verify the legitimacy of financial entities through appropriate regulatory bodies.