Thousands of Nigerians who invested in the now-collapsed Ponzi scheme, CBEX, are languishing in regret—despite similar schemes in the past and repeated warnings by Nigeria’s Securities and Exchange Commission (SEC) to steer clear of unregulated investments.
MMM is a typical example. Then came Racksteli, promoted by the Nigerian singer Davido and former lawmaker Dino Melaye, and many Nigerians still fell victim. Millions of people lost their hard-earned money during the peak of these fraudulent investment platforms. Despite the red flags, many continued to be drawn to backdoor investments promising 100% returns within just a few days.
In case you don’t know, CBEX isn’t the only Ponzi scheme operating in the country. According to the Economic and Financial Crimes Commission (EFCC), there are 60 other Ponzi platforms Nigerians have been warned to avoid.
Interestingly, some of these schemes operate across different sectors such as agriculture, mining, agro-allied products, commodities, and more. They present themselves as investment platforms. They include:
- Letsfarm Integrated Services
- Brickwall Global Investment Limited
- Adeeva Capital Limited
- Richfield Multiconcepts Limited Forte Asset Management Limited
- Oxford International Group
- Vicampro Farms Limited
- Brooks Network Limited
- Gas Station Supply Services Limited
- SU Global Investment
- Citi Trust Funding PLC
- Farm Buddy
- Eatrich 369 Farms & Food
- Globertrot Farmsponsors Nigeria Limited
- Farm Sponsors Limited
- Cititrust Credit Limited
- Crowdyvest Limited
- Chinmark Homes & Shelters Limited
- Emerald Farms & Consultant Limited
- Ovaioza Farm Produce Storage Limited
- Farm 360 & Agriculture Company
- Requid Technologies Limited
- MBA Trading & Capital Investment Limited
- TRJ Company Limited
- Adeprinz Global Enterprises
- West Agro Agriculture & Food Processing Limited
- NISL Ventures Limited & Estate of Laolu Martins
- XY Connect Investment Limited
- Jadek Agro Connect Limited
- Oxford Gold Integrated
- Skapomah Global Limited
- Titan Multibusiness Investment Limited
- Crowd One Investment
- Farmkart Foods Limited
- KD Likemind Stakeholders Limited
- Barrick Gold Mining Company
- 360 Agric Partners Limited.
- Farmforte Limited & Agro Partnership Tech
- Green Eagles Agribusiness Solution Limited
- Farm4Me Agriculture Limited
- Quintessential Investment Company
- Holibiz Finance Limited
- Ifeanyi Okpe Oil & Gas Services
- Servapps Nigeria Limited
- Wales Kingdom Capital
- Bethseida Group of Companies
- AQM Capital Limited
- Biss Networks Nigeria Limited
- S Mobile Netzone Limited
- Pristine Mobile Network
- Farmfunded Agroservices Limited
- Adamakin Investment & Works Limited
- Rockstar Establishment Limited
- Cititrust Holding PLC
- Green Eagles Agribusiness Solutions Limited
- River Branch Unique Investment Limited
- Bara Finance & Investment Limited
- Brass & Books Limited
- CJC Markets Limited
- Hallmark Capital Limited
- Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited
After the crash of CBEX, investors were unable to withdraw their money. Instead, they were instructed to deposit more funds to facilitate their withdrawal. This is typical of Ponzi platforms—once you put in more money, you won’t get anything back.
How to Avoid Ponzi Investment Platforms
There are many red flags to watch out for when a platform is out to rip you off.
One of them is a promise of 100% interest on your initial capital. No legitimate investment will promise a 100% Return on Investment (ROI). Other things to pay attention to include:
All investment firms are regulated by monetary authorities. They are required to obtain a licence from the Securities and Exchange Commission (SEC) before they can operate. If you can’t find the platform’s name on the SEC website, that’s a red flag.
Also, research the founder of the platform and the company’s background—their antecedents. If you can’t find anything useful, or if what you find are exaggerated success stories, avoid investing in such a platform.