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Home Crimes Watch EFCC cautions Nigerians against Crypto, forex trading, others
EFCC cautions Nigerians against Crypto, forex trading, others

EFCC cautions Nigerians against Crypto, forex trading, others

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The Guardian reported that the Economic and Financial Crimes Commission (EFCC) has warned Nigerians against what it described as an investment that promises returns that looks too good to be true.

“Though risk-taking is considered by some as the oxygen that drives investment decisions, the commission warns the public against taking an 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 anti-graft agency said.

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 a high return with little risks to investors.

According to EFCC, Nigerians are losing, money to Ponzi schemes, forex trading and most recently, Bitcoin trading, compounding the nation’s economic woes.

To the EFCC spokesman, the trend indicates that investment scams continue to thrive despite enforcement and public enlightenment interventions by the commission and other stakeholders.

“While EFCC 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..”

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