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.
This trend according to the commission, indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the Commission and other stakeholders.
(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”).
A statement by the commission’s spokesman, Wilson Uwujaren, said the trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.
“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 [crypto] trading.
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“Though risk-taking is considered by some as the oxygen that drives investment decisions, the Commission wishes to warn the public against taking unmitigated risk in desperation to earn a windfall. Investment in Bitcoin, for instance, is a high risk activity as the terrain is largely unregulated, and prone to fraud.
“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. Any investment that promises returns that look too good to be true should be considered a red flag.
“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.
“Those who ignore this advisory, do so at their own risks,” the statement said.
