Despite inflation coming down to 24.48 percent in January and the reduction in food prices across northeast Nigeria markets becoming more visible as the day gets, an average citizen still wants to procure more money for more rainy days which is why the Economic and Financial Crimes Commission (EFCC) have put an alert out listing precisely 58 Ponzi schemes out to empty out all that had been saved in the meantime.

The anti-graft commission’s press release on Tuesday, 12 March 2025, warned about the shady investment platforms advising Nigerians to first check with whether the Central Bank of Nigeria (CBN) or the Security Exchange Commission (SEC) before deciding to deposit their money in quick money schemes.

Back in 2015, the MMM scam offered precedence concerning why the citizens need to be aware.

MMM, originally founded in Russia, entered Nigeria under the name Mavrodi Mundial Moneybox. It promised participants a 30 percent return on investments within 30 days, which attracted millions of Nigerians seeking quick financial gains, although many later regretted this move because their initial income from the scheme made them returning customers.

When the scam collapsed in December 2016, it left many participants in financial ruin. Reports suggest that Nigerians lost an estimated ₦18 billion after losing guard. The collapse caused widespread distress, as many individuals had invested their life savings, hoping for the promised returns.

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Here is the EFCC’s reminder about an opening for such a re-occurrence. On Tuesday, it read that in line with its 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, the Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.

The commission said none of these companies had secured regulatory permission to operate, which the CBN or the SEC ought to have provided. A large section of the 58 have been charged to court, the press statement confirmed, and out of this total, five of them were convicted, another five pleaded guilty but awaiting review of facts, while the rest are pending arraignment.

If any member of the public wants to know more, the advice from the EFCC is for such individuals to visit its website for in-depth deep-dives. For now, Nigerians are to note and memorise the names of the dark players lurking and waiting to get their money.

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 Agricbusiness 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 Venturescrowdyvest Limited,) and Crowdyvest Limited.

Others, according to the release are: 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, http://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.

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.

Remembering the MBA Forex Ponzi scheme

The MBA Forex and Capital Investment Limited scheme emerged as a beacon of hope for many Nigerians seeking financial stability.

Promising returns as high as 15 percent monthly, the scheme attracted thousands of investors, including professionals, retirees, and even students. It claimed to operate in the lucrative foreign exchange market, presenting itself as a legitimate investment opportunity.

However, by late 2020, cracks began to appear. Investors started experiencing delays in receiving their promised returns, and the company cited market volatility as the reason.

By 2021, the scheme had completely collapsed, leaving countless Nigerians in financial despair. Reports estimate that over ₦213 billion was lost to the scheme, making it one of the largest financial frauds in Nigeria’s history.

The aftermath was devastating. Many victims had invested their life savings, sold properties, or taken loans to participate in the scheme. EFCC stepped in, arresting the founder, Maxwell Odum, and freezing the company’s accounts.

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Despite these efforts, most victims are yet to recover their funds, regardless of their fierce protests. Are they better protected now, or must unsuspecting citizens simply just look within to stay anchored as the economy recovers?

Meiza Nigeria