The Economic and Financial Crimes Commission (EFCC) has warned citizens to steer clear of 60 illegal Ponzi scheme operators in Nigeria.

These companies, operating without registration with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), have been identified as potential threats to the financial well-being of unsuspecting Nigerians.

According to the EFCC, some of these operators have already faced legal action, with five convicted and another five pleading guilty, awaiting sentencing.

The commission’s warning comes as a timely reminder for Nigerians to exercise caution when investing their hard-earned money.

The list of operators to avoid includes companies operating in various sectors, including agriculture, investment, and finance.

Full list below;

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 Venturescrowdyvest Limited

Crowdyvest Limited

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

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.

How to Protect Yourself

To avoid falling prey to these illegal Ponzi schemes, Nigerians are advised to:

1 Verify investment opportunities with the CBN and SEC before committing funds
2 Be wary of unusually high returns on investment
3 Research the company’s background and reputation
4 Report suspicious activities to the EFCC

By being vigilant and informed, Nigerians can protect themselves from the dangers of Ponzi schemes and make informed investment decisions. Stay safe, and stay informed.

In response to recent allegations suggesting widespread hunger and fatalities among inmates, the Nigerian Correctional Service (NCoS) has firmly denied the claims, assuring the public that feeding standards remain intact and strictly monitored across custodial centres nationwide.

Speaking with journalist in Abuja on Tuesday, the Service’s Public Relations Officer, Abubakar Umar, dismissed the reports as “sensational, misleading, and devoid of truth.” He emphasized that the welfare of inmates, including their nutrition, remains a top priority under the supervision of both state and federal authorities.

“Inmates are not starving. There is no evidence, either in our records or from any credible oversight body, suggesting that custodial centres are neglecting their duty to feed inmates adequately,” Umar stated.

He explained that the Federal Government allocates a dedicated budget annually for inmate feeding, which is judiciously managed under stringent guidelines. “Every inmate is entitled to three meals daily — breakfast, lunch, and dinner — as clearly provided for in our operational manual,” he said.

Umar further questioned the credibility of the reports, citing the strict access protocols in place at custodial facilities. He noted that no unauthorized interviews with inmates could have occurred, given that access requires multiple layers of clearance, and the use of recording devices is prohibited within the facilities.

“How does a journalist claim to have interviewed inmates in such a controlled environment without any official clearance or access?” he asked. “That alone casts doubt on the authenticity of the reports.”

To reinforce its commitment to inmate welfare, Umar said the NCoS has put in place an internal monitoring system, with officers-in-charge held accountable for the utilization of resources, especially feeding provisions. He said supervisory structures exist at both the national and state levels to maintain compliance and discipline.

“Any officer found negligent or complicit in mismanaging resources faces disciplinary action in line with our code of conduct,” he stated.

While acknowledging operational challenges, Umar maintained that such issues have not translated into hunger or starvation within correctional centres. He warned that false narratives could damage the reputation of the Service and cause undue public concern.

“We are aware of the economic situation, but it has not compromised our duty to feed or care for those in custody,” he said. “We call on media houses to verify information through the appropriate channels before publication.”

Umar highlighted the current administration’s efforts in improving the welfare of inmates, including a significant 50 percent increase in the feeding budget approved by President Bola Tinubu’s government. He also lauded the Minister of Interior, Dr. Olubunmi Tunji-Ojo, for championing reforms in the correctional system.

“There is an ongoing review of inmate welfare and feeding programmes. Reforms are already underway and will yield even more positive changes,” he said.

He concluded by inviting civil society groups, media professionals, and international observers to visit correctional centres for independent assessments, stressing that transparency and accountability remain core to the NCoS’s operations.

“Our doors are open for oversight visits. We believe in constructive engagement that can help us do better,” Umar said. “We are not just holding inmates; we are working to rehabilitate and reintegrate them into society with dignity.”

The NCoS has reiterated its commitment to international standards on inmate care and has urged the public to disregard the alarming claims, which it described as fabricated and harmful to ongoing reform efforts.

A group of angry individuals, on Monday evening, stormed the CBEX office located in the Oke Ado area of Ibadan, Oyo State, looting furniture and other items after the digital trading platform reportedly crashed.

Eyewitnesses said the mob forcibly entered the premises, carting away tables, couches, and other office equipment.

The attack is believed to have been triggered by the sudden collapse of the platform, which allegedly left many users with zero balance in their accounts.

Following the incident, several users expressed frustration and grief over the loss of their investments, with some taking to social media to share their experiences.

A video circulating online shows a large crowd at the CBEX office, with individuals seen removing various items from the building.