The Public Complaints Commission (PCC) has called on the Economic and Financial Crimes Commission (EFCC) to evolve more drastic strategies in tackling the menace of Ponzi scheme operators across the country.

EFCC’s spokesperson, Wilson Uwujaren, said in a statement that the Rivers State commissioner of PCC, Alphaeus Paul- Worika, made the call on Tuesday in Port Harcourt , Rivers State.

The PCC commissioner, according to the statement, spoke during his visit to the Port Harcourt Zonal Commander of the EFCC, Aliyu Naibi in his office.

According to him, Nigerians are groaning under the yoke of fraudulent practices of Ponzi scheme operators and only the EFCC could save the situation for them.

“The issue of Ponzi scheme is a perennial problem in Nigeria and Rivers State in particular. The EFCC should be more drastic in handling it. We know EFCC has the capacity to do this. You can blame people for getting involved in the scheme, but the truth is that many of them are deceived by the operators.

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

He commended the EFCC for its increasing success in tackling economic and financial crimes, stressing that his commission has a “natural relationship” with the EFCC.

He sued for stronger synergy between the two agencies and explained that his “commission is always referring fraud-related cases to the EFCC”.

In his response, Mr Naibi appreciated the commissioner for his visit and restated the commitment of the EFCC to finding practical solutions to the trouble of ponzi scheme operators.

“Ponzi scheme is a very serious issue. I can assure you that the EFCC is working frantically on it. Investigations are ongoing and the Commission is always ahead in its operations,” he said.

Ponzi scheme

Promoters of the Ponzi scheme usually defraud unsuspecting investors by luring them with prospect of huge returns as much as 100 per cent within a short period.

In reality, they pay old “investors” with part of the contributions of new ones. The promoters usually disappear with contributors’ money at some month when the chain of investors is no longer sustainable.


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