EFCC Warns Nigerians About Fraudulent Investment Schemes | TimeTestedNews


The Economic and Financial Crimes Commission (EFCC),  Nigeria’s leading Anti-Graft Agency, has raised alarm over fraudulent Investment Schemes in the country, while warning Nigerians to be wary of such scams.

(The EFCC is charged with the responsibility of investigation and enforcement of all economic and financial crimes laws in Nigeria. It investigates financial crimes such as money laundering and  advance fee fraud, otherwise known as “419 fraud”).


According to the anti-graft agency, this trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the Commission and other stakeholders.

Speaking via Twitter, the EFCC  lamented, “the direct implication is that hapless citizens are losing their hard-earned money to fraudsters, compounding the nation’s economic woes. 

“Many have lost, and are still losing money to Ponzi schemes, forex trading and most recently Bitcoin trading.”

It, therefore, cautioned the general public:

It further warned that any investment that promises returns that look too good to be true should be considered a red flag, while reiterating its commitment to the prosecution of persons involved in such dubious schemes:

“The EFCC wishes to state that while it will continue to investigate and prosecute persons complicit in fraudulent investment schemes, it is incumbent on the investing public to be circumspect in their investment decisions.

“Nigerians are by this notice, warned to be wary of fraudulent schemes and are hereby enjoined to resist the temptation of quick gain that could end in misery,”  it said.