Complaints Commission urges EFCC to investigate scams, ponzi schemes

*Public Complaints Commission discloses the call becomes necessary due to several complaints the Commission has received from Nigerian consumers scammed by ponzi scheme operators in the country

Isola Moses | ConsumerConnect

Following a torrent of complaints the Commission said it had received from the affected Nigerian consumers, the Public Complaints Commission (PCC) has called on the Economic and Financial Crimes Commission (EFCC) to investigate the activities of ponzi scheme operators in the country.

Dr. Alphaeus Paul-Worika, Commissioner of PCC in Rivers State, disclosed this development in a statement issued Wednesday, October 13, 2021, in Port Harcourt, Rivers State capital, by Mr. Wilson Uwujaren, Head of Media and Publicity of the anti-graft agency.

The statement quoted Paul-Worika as having made the request when he visited Aliyu Naibi, EFCC Port Harcourt Zonal Commander, Tuesday, October 12.

The PCC Commissioner noted that the call became necessary due to the several complaints the Complaints Commission had received from Nigerians, who were scammed by ponzi scheme operators in the country’s economy.

“The issue of the ponzi scheme is a perennial problem in Nigeria and Rivers State in particular which EFCC should urgently save the situation.

“The EFCC should be more drastic in handling the operators as Nigerians are groaning under the yoke of fraudulent practices of ponzi scheme operators,” said he.

Paul-Worika further explained that the anti-graft agency has the capacity and manpower to tackle the menace head on as well as give justice to millions of Nigerians scammed by the fraudsters.

He added: “You can blame people for getting involved in the scheme, but the truth is that many of the victims were deceived by the ponzi scheme operators.

“So, EFCC should help those getting involved by cracking down on the operators.”

In his response, Naibi restated the commitment of the EFCC to finding practical solutions to tackling the menace of ponzi scheme operations in the country.

The EFCC Zonal Commander stated: “The EFCC is taking the ponzi scheme very seriously, and as such, I can assure you that we are working frantically on it.

“Investigations are ongoing and the commission is always ahead in its operations,” he assured.

Agency report also noted one of such popular schemes, MBA Forex, which promised its investors 15 percent Returns on Investment monthly, had collected over N171 billion from its investors before crashing.

Another popular scheme, Baraza Multipurpose Cooperative Society headquartered in Yenagoa, Bayelsa State, owned by certain Miebi Bribena, a pastor, was reported recently to have scammed about 40,000 investors of their capital running into billions, according to report.

Baraza promised its investors 25 percent profits of their capital monthly but it crashed in March after a few months of operations.