EFCC says Nigerians losing money to fraudulent investment schemes
A disclosure has been made by the Economic and Financial Crimes Commission (EFCC) that Nigerians have been losing money to fraudulent investment schemes.
The EFCC claims the rate at which Nigerians send petitions on fraudulent investments that promise high returns with little risks to investors was alarming.
The Anti-graft body’s Head of Media, Wilson Uwujaren, in a statement said the trend indicated that investment scams were thriving despite the enforcement and public enlightenment interventions.
The spokesman noted that the direct implication was that hapless citizens are losing their hard-earned money to fraudsters, compounding the nation’s economic woes.
EFCC told Nigerians that many have lost and are still losing, money to Ponzi schemes, forex trading and most recently Bitcoin trading.
“Though risk-taking is considered by some as the oxygen that drives investment decisions, the Commission wishes to warn the public against taking an unmitigated risk in desperation to earn a windfall.”
The statement insisted that investment in Bitcoin is a high-risk activity as the terrain is largely unregulated and prone to fraud.
The EFCC said while it will continue to investigate and prosecute persons complicit in fraudulent investment schemes, it is incumbent on the public to be circumspect in their decisions.
Uwujaren warned that 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”, he added
For a very long time this website has been reaching out to readers continuously with incisive, entertaining and enlightening information.
Journalism requires funds to be effective and to continue with the free access to our efforts, we ask you our esteemed reader to consider making a modest contribution to this noble endeavor.
By your support to AmbrosyMediaInfo you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.