The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against what it described as any investment that promises returns that looks too good to be true.
EFCC spokesman, Wilson Uwujaren, who gave the warning in Abuja, said the commission was alarmed at the rate Nigerians send petitions to the anti-corruption agency on fraudulent investments that promise high return with little risks to the investors.
According to EFCC, Nigerians are losing, money to Ponzi schemes, forex trading and most recently, Bitcoin trading, compounding the nation’s economic woes.
EFCC has also reminded civil society organisations (CSOs) and non-governmental organisations (NGOs) that it is mandatory to report to the Special Control Unit against Money Laundering (SCUML) any transaction through any formal financial channels in excess of $10,000 and any cash donations in excess of $1,000.
The Head of EFCC, Lagos Zonal Office, Ahmed Ghali, who stated this in Ikeja, Lagos at a seminar jointly organised by Economic Community of West African States (ECOWAS) and Inter-Governmental Action Group against Money Laundering in West Africa, (GIABA) warned that “failure to do this is punishable by the law.”