Nigerians losing money to investment scams – EFCC

April 26, 2021
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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’ by the Head, Media and Publicity, Mr Wilson Uwujaren, indicated that Nigerians were losing 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.

“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 reads.

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