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The Economic and Financial Crime Commission (EFCC) is set to arrest four Ponzi scheme operators across Nigeria within the next few weeks.
This was disclosed by a source in the anti-graft agency, who preferred anonymity. The source could not mention the names of the operators and their companies for security reasons.
According to the source, the affected companies are among the ones some financial experts have been warning ignorant investors to stay clear from via social media platforms, especially Twitter.
What the source is saying about the arrest
He said, “We are coming for the operators in a matter of few weeks and most of them operate largely in Lagos but reside outside the commercial hub of the nation. They believe they are smart but the Eagle is watching and they will be charged to court in a matter of days.
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“These fraudsters have reaped several Nigerians off their hard-earned money while others have lost their lives due to the shock they got when they realised they have been swindled. We have also observed that a lot of the Ponzi schemes thrive, especially during a recession or economic hardship, but we will also choke them as they are only out to entice Nigerians with some fixed returns only to disappear in a few months or years.”
Rising cases of Ponzi schemes
Nigerians have recently been exposed to rising cases of Ponzi schemes, which are often pervasive during periods of the economic crunch.
- On March 8, 2022, EFCC had secured the conviction and sentencing of a notorious Ponzi scheme operator, Umanah Umanah before Justice Agatha Okeke of the Federal High Court sitting in Uyo, Akwa Ibom State.
- Umana’s nightmare started in 2020 when he was arrested by operatives of the EFCC following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9million and subsequently issued him an N500, 000. 00 cheque, which was dishonoured by the bank because the account was not funded.
- During the investigation, the Commission discovered that the defendant lured his victims through bogus promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network in several states of the federation.
- He was subsequently arraigned on Friday, October 16, 2020, on a two-count charge bordering on the issuance of dud cheque, forgery and uttering; offences which contravened the provisions of Section 1 (2) (C) of the Miscellaneous Offences Act Cap M17 of the Revised Edition (Laws of the Federation of Nigeria) 2007 and punishable under Section 1 (2) of the same Act. He pleaded “not guilty” upon arraignment, setting the stage for his full trial.
- Also in Lagos, the anti-graft agency had arrested a couple for allegedly defrauding unsuspecting victims in an N935million Ponzi scheme.
- The suspects, Emmanuel and Victoria Jaiyeoba, who were arrested at their residence in Ibadan, Oyo State, are parents to Adewale Daniel, Marketing Director, Wales Kingdom Capital Limited.
- The suspects, in complicity with their son, who is still at large, operate a Ponzi scheme in the guise of forex trading to defraud their unsuspecting victims.
- Investigation revealed that Emmanuel, who is a Director in Wales Kingdom Capital, operates five bank accounts and had received a sum of N18, 397, 913. 67 before his arrest.
- Further investigation also showed that the second suspect, Victoria, operates six bank accounts through which she received fraudulent transactions to the tune of N916, 607, and 715. 48.
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Kudos to @officialeffc i just hope the owner of Famzhi interbiz Abuja is inclusive on the list
I want to know what will be done to these scammers when arrested. Will victims actually get there money back?
I fall victim to one but I got him arrested and detained in a police custody.
But yet haven’t gotten any feedback on how to recover my money. So what should I do.
Kudos Eagle eyes @officialefcc please how far with the owner of Themap Ng?
Please include Dr. Sam Afolabi and his Homeflex Global investment company among the Ponzi schemes. EFCC should go after him
Thanks the EFCC for this action, God Bless Nigeria. at least it will help reduce a lot of ponzi in this country
Hahahahahaha…. They only made an announcement of their intent yet you already thanking them? Why not simply go quietly and arrest them before making an announcement? Which one is more effective? Most of these sleezy operators have an escape plan. Once they have made enough they simply melt into thin air so imagine what’s going to happen next after the more than adequate “notice” the EFCC has given them.
I’m happy with this development. Please I would like to include TITAN FARMS and the CEO – Engr. Gbenga Eyiolawi as ponzi scheme. I invested 9 million naira with them for perboiled to rice since May,2021. Which was due for payment since August 2021. No capital or Return was paid. On two occasions, I was issued with dude cheques. Up till now no definite time for repayment.
Kindly send your petition to Efcc lagos, Capital market fraud section or come to the section with your section
Efcc bravo, pls include abadini rice makurdi
What are you doing about MBA. They are the worst set of ponzi criminals in.recent time
EFCC is doing great work. The Commission should also go after Marksman Chinedu Ijiomah, the owner of Chinmark Group, Paradise Hotel in Enugu, Chinmark Restaurants in Enugu and Lagos, Chinmark Logistics in Lekki and Uyo, etc. The man resides in Enugu and he has defrauded thousands of Nigerians to the tune of Billions of Naira. He is planning to run away to Dubai, where he owns two restaurants at Dubai and Sabkah.
There is one Mr Adunola Seyi Emmanuel of foxygreen agro enterprise in odo-ona kekere area of Ibadan.
Please help us get him Efcc.
Over 3bilkion naira diverted
Please EFCC should also go after James Omini Nero who swindled billions in the form of forex trading (Shadownet global services) and has been in hiding since last year January
Africgold is one them please EFCC raise up , we have their numbers the bank account I pay I have it so it’s easy to trace and arrest them. Thank you for this move.
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