The EFCC has sent an alert to Nigerians on Bitcoin and forex trading.

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According to the Economic and Financial Crimes Commission (EFCC), Nigerians are losing a lot of money to investment schemes.

On Monday, the anti-corruption agency issued a warning about schemes that offered big returns with little risk.

The EFCC’s Head of Media and Publicity, Mr Wilson Uwujaren, released a statement titled “EFCC raises the alarm over fraudulent investment schemes.” “The Economic and Financial Crimes Commission, EFCC, is alarmed at the rate at which Nigerians send petitions to the Commission on fraudulent investments that promise high returns with little risk to investors,” the statement reads in part.

“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.”

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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