EFCC Secures Conviction of 12 for Illegal Pyramid Operations

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that 12 individuals have been convicted for engaging in unlicensed pyramid scheme operations across Nigeria.

Olukoyede made the disclosure during a workshop organised by the Securities and Exchange Commission (SEC) for judges, with the theme: “Repositioning the Nigerian Capital Market for National Economic Transformation Through Alternative Dispute Resolution.”

He noted that the convictions were part of the EFCC’s ongoing clampdown on fraudulent investment operations that pose a threat to investor confidence and fairness in the capital market.

“The anti-graft agency would not condone any act that undermines investor confidence or dampens fairness in the nation’s capital market,” Olukoyede stated.

The EFCC chairman also revealed that 48 other suspects are currently undergoing prosecution in court for their alleged involvement in similar unlicensed pyramid business activities.

Back in March 2025, the Commission had arraigned a total of 58 individuals accused of operating Ponzi schemes, reinforcing its commitment to protecting investors and cleansing the capital market of illicit actors.