The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that the Commission has successfully secured the conviction of twelve individuals involved in unlicensed pyramid scheme operations across Nigeria.
Mr. Olukoyede made this known while speaking at a workshop organized by the Securities and Exchange Commission (SEC) for judges, themed “Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution.”
According to him, the EFCC is currently prosecuting 48 additional suspects linked to similar fraudulent investment schemes. He reaffirmed the Commission’s commitment to protecting investor confidence and ensuring transparency in Nigeria’s capital market.
“In March 2025 alone, the EFCC arraigned 58 Ponzi scheme operators in various courts nationwide. We will continue to take strong action against individuals and entities that undermine fairness and trust in our financial system,” Olukoyede said.
The EFCC’s intensified crackdown on illegal investment operations underscores its resolve to promote a secure, transparent, and investor-friendly financial environment in Nigeria.
