Nigerians Losing Hard-Earned 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.

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.