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Ponzi Alert: EFCC Exposes 58 Fake Investment Companies

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Economic and Financial Crimes Commission, EFCC,

With the rise of fraudulent investment schemes preying on unsuspecting Nigerians, the Economic and Financial Crimes Commission (EFCC) has issued a strong warning about the activities of 58 unregistered companies defrauding citizens under the guise of investment opportunities.

In a statement on Tuesday, the EFCC’s Head of Media and Publicity, Dele Oyewale, revealed that these companies operate without approval from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), making their activities illegal.

The anti-graft agency disclosed that legal action has already been taken against several of these entities, with five convictions secured and another five suspects pleading guilty while awaiting further judicial proceedings.

READ ALSO: EFCC Grills Ex-Minister Uju Ohanenye Over ₦138m Fraud Allegations

Many more cases are still pending arraignment.

“To protect Nigerians from financial exploitation, the EFCC is drawing public attention to 58 companies masquerading as investment firms but deceiving innocent investors,” the statement read.

According to the EFCC, the following companies have been identified as fraudulent investment platforms: 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,

Others includes; Annexation Biz Concept & Maitanbuwal Global Ventures, 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,

Additionally, 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 were also listed.

The EFCC warned that these firms lure investors with promises of unrealistic returns, only to defraud them.

Nigerians were urged to verify investment opportunities with the CBN and SEC before committing funds.

The commission also encouraged victims of these schemes to come forward with complaints, assuring them that efforts were ongoing to recover lost funds where possible.

“The EFCC remains committed to creating a safe and corruption-free financial environment. We strongly advise the public to conduct due diligence before investing in any financial scheme,” the statement concluded.

Crime

Why South African Opposition Leader Malema Was Sentenced to 5 Years in Prison

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A South African court has sentenced opposition leader Julius Malema to five years in prison following his conviction for illegal possession and public discharge of a firearm.

Malema, who leads the Economic Freedom Fighters (EFF), was found guilty on multiple counts linked to a 2018 incident during the party’s fifth anniversary celebration in the Eastern Cape.

At the event, he was captured in a widely circulated video firing a semi-automatic rifle into the air.

ALSO READ: Court Orders Arrest of Ex-Minister Sadiya Farouq, Perm Sec Over Alleged $1.3m, N746m Fraud

According to court proceedings, Malema argued that the act was merely celebratory.

However, the court rejected his defence, ruling that the action was not spontaneous but deliberate.

The presiding magistrate described the incident as premeditated and emphasized that Malema’s position as a prominent political figure placed a higher burden of responsibility on him.

The charges against him included unlawful possession of a firearm, discharging a weapon in public, and reckless endangerment.

The court held that such actions posed a serious threat to public safety and could not be excused under any circumstances.

Despite the five-year sentence, Malema was granted leave to appeal, meaning he will not be taken into custody immediately.

He walked free from the courtroom and was greeted by hundreds of supporters who had gathered outside.

Addressing the crowd, Malema alleged that the ruling was politically motivated, claiming that certain forces were attempting to silence him.

His supporters responded with chants and songs, showing continued loyalty to the outspoken politician.

Malema, a former youth leader of the African National Congress (ANC), was expelled after a fallout with former President Jacob Zuma.

He later founded the EFF, which has since grown into one of South Africa’s most influential opposition parties.

Reacting to the development, ANC Secretary-General Fikile Mbalula suggested that the case reflected broader political tensions.

However, lobby group AfriForum, which initiated the case after the video surfaced, insisted the prosecution was based strictly on enforcing the law.

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Crime

Court Orders Arrest of Ex-Minister Sadiya Farouq, Perm Sec Over Alleged $1.3m, N746m Fraud

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A High Court of the Federal Capital Territory (FCT), Abuja, has issued a warrant of arrest against former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, and a Permanent Secretary in the ministry, Bashir Nura Alkali, over their alleged involvement in a multi-million naira fraud case.

The arrest order was issued on Thursday, April 16, 2026, by Justice Jude Onwuegbuzie of the FCT High Court after the two defendants failed to appear in court for their scheduled arraignment.

SEE ALSO: Diezani Claims She Was NNPC&’s Rubber Stamp Before London Court

The duo, alongside a third defendant, Sani Nafiu Mohammed, are facing a 21-count charge filed by the Economic and Financial Crimes Commission (EFCC).

The charges border on alleged criminal breach of trust, abuse of office, fraudulent contract awards, and the diversion of public funds totaling $1.3 million and N746,574,303.
At Thursday’s proceedings, only Mohammed was present in court.

According to the EFCC, the alleged offences occurred between May 2021 and September 2022 in Abuja.

The anti-graft agency accused Farouq and Alkali of misappropriating funds meant to be refunded to the ministry by a private firm, Visual ICT Limited.

The money was reportedly linked to excess payments under the National Social Safety Net Coordinating Office (NASSCO) for the validation of Rapid Response Register beneficiaries.

The prosecution counsel, Rotimi Jacobs, told the court that although the charges were filed on December 15, 2025, the two defendants could not initially be served.

He added that despite assurances from their legal representatives, they failed to present themselves in court.

Jacobs further revealed that Farouq had earlier requested the release of her passport for a medical trip to Saudi Arabia in 2024 but has yet to return it or provide any medical report to justify her absence.

“My lord, since that passport was released to her, she has not returned it to the Commission, and no medical report has been submitted,” Jacobs stated, questioning the validity of the health claims presented by her counsel.

Counsel to the first defendant, Abdul Ibrahim, attributed his client’s absence to ill health and attempted to tender an affidavit to that effect, but the court rejected the application.

The EFCC also sought to amend an earlier ex-parte motion to focus on the first and second defendants and requested a bench warrant to compel their appearance.

The prosecution supported its request with an affidavit stating that both defendants had been granted administrative bail but failed to report back.

In response, the defence counsel pleaded with the court to grant a six-week extension to produce Farouq in court.

However, in his ruling, Justice Onwuegbuzie granted the EFCC’s application and issued a warrant for the arrest of the two defendants.

The case was subsequently adjourned to May 18, 2026, for arraignment and commencement of trial.

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Crime

“Where Is My Baby?” — Woman Sparks Chaos in Lagos Hospital Over ‘Missing’ Twin After Delivery

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Pandemonium broke out at a private hospital in Ikotun, Lagos, after a woman accused medical staff of withholding one of her twins following childbirth.

The incident, which has since gone viral on social media, captured the emotional moment the woman—identified as 28-year-old Blessing Isioma David—stormed the hospital premises while clutching a newborn and demanding answers over the whereabouts of her second baby.

ALSO READ: Lagos Hosts Oil Refiners’ Confab

In the video, the distraught mother is heard shouting, “Where is my baby? I did not come here to lose my child,” drawing attention from other patients and passersby.

Those who accompanied her also joined in the confrontation, calling on authorities to arrest the hospital staff over suspected foul play.

According to reports, the woman had earlier undergone an obstetric scan in March 2026, which indicated a twin pregnancy.

The scan reportedly showed two foetuses with normal heart activity, further fueling her insistence that she delivered two babies.

However, the hospital, identified as Tip-Top Solution Hospital, has denied the allegation.

The Medical Director, Dr. Sunday Babajide, maintained that only one baby was delivered, attributing the confusion to an error in the initial scan.

He explained that the patient’s husband was present during the delivery and witnessed the birth of only one child, adding that the mother was conscious throughout the procedure.

Babajide noted that scans done at certain stages of pregnancy could sometimes produce inaccurate results, especially if not confirmed with follow-up examinations.

“The mistake was that we didn’t insist on another scan to verify the result,” he admitted, while dismissing claims of baby trafficking or misconduct.

Meanwhile, the Nigeria Police Force in Lagos has confirmed that it has commenced an investigation into the matter.

Police spokesperson, SP Abimbola Adebisi, said the Command is working with relevant medical authorities to determine the truth behind the conflicting claims.

She added that the Area Commander in charge of the district is personally overseeing the case, assuring the public that findings will be made known once investigations are concluded.

Residents have been urged to remain calm as authorities work to unravel the circumstances surrounding the incident, which has continued to generate heated reactions online.

 

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