EFCC warns Nigerians over Bitcoin, forex trading


The Economic and Financial Crimes Commission (EFCC) has said that Nigerians are losing a lot of money to investment schemes.

The anti-graft agency on Monday, raised the alarm over schemes that promised high returns with little risk.

A statement by issued by the EFCC’s Head, Media and Publicity, Mr Wilson Uwujaren, titled, ‘EFCC raises the alarm over fraudulent investment schemes’ 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.”

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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.

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