PORT HARCOURT – The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against investing their money in fraudulent investment schemes that promises high returns to investors.

Mr Wilson Uwajaren said in a statement in Port Harcourt that the anti-graft agency was worried over the development that had seen thousands lose their life savings to scammers.

The News Agency of Nigeria (NAN) reports that one of such popular schemes, MBA Forex – which promised its investors 15 per cent Return on Investment monthly, crashed in November leaving its over 100,000 investors stranded.

The Central Bank of Nigeria (CBN) which later froze MBA’s bank accounts, said that the company owned by one Maxwell Odum, had collected over N171 billion from its investors before crashing.

Also, another popular scheme, Baraza Multipurpose Cooperative headquartered in Yenagoa, Bayelsa had in March announced its inability to meet its obligations to it’s over 25,000…

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