- Nigeria’s anti-graft agency, the Economic and Financial Commission (EFCC) has said that it will begin to crack down on the Ponzi scheme
- A source in the agency said that the operators have been identified and would soon be arrested and prosecuted
- A serial Ponzi scheme operator, Umanah Umanah was arraigned and convicted in Akwa Ibom state for defrauding victims of over N2 billion
The anti-corruption agency, the Economic and Financial Crimes Commission (EFCC) said it is set to arrest five Ponzi scheme operators across Nigeria in the next couple of weeks.
According to Nairametrics, a source in the anti-corruption agency said this. The source, however, declined the further statement on the names of the schemes and their operators.
Credit: Pius Akpeyi
Source: UGC
EFCC secures conviction of a serial Ponzi scheme operator
The affected companies are among the ones some financial analysts have warned investors on social media to avoid.
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Information obtained from the EFCC said the ant-graft agency is coming for the operators in a matter of a few weeks and many of them operate mostly in Lagos but live outside it.
The EFCC source said the operators have scammed Nigerians billions of naira while promising them mouthwatering return on investment leading to the loss of lives of their victims.
