Nigerians losing huge money to investment scams –EFCC


The Economic and Financial Crimes Commission on Monday raised the alarm at the rate Nigerians send petitions bordering on fraudulent investment schemes that promised high returns with little risk.

The EFCC expressed worry that despite the enforcement and public enlightenment interventions from it and other stakeholders, such investment scams had continued to thrive.

A statement by the commission titled, ‘EFCC raises the alarm over fraudulent investment schemes’ issued by its Head, Media and Publicity, Mr Wilson Uwujaren, indicated that some Nigerians were losing their hard-earned money to fraudsters.

The statement read in part, “The Economic and Financial Crimes Commission, EFCC, is alarmed at the rate Nigerians send petitions to the Commission on fraudulent investments that promise high return with little risks to investors.

“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.”

Warning Nigerians to desist from taking unmitigated risk in desperation to earn a windfall, the EFCC cautioned that such schemes like Bitcoin and forex trading were mostly unregulated and prone to scam.

It enjoined Nigerians to be wary of fraudulent schemes and resist the temptation of quick gain that could end in misery.

“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. Those who ignore this advisory do so at their own risks,” the statement further read.