EFCC cautions Nigerians on cryptocurrency, forex trading

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By Wisdom Deji-Folutile

The Economic and Financial Crimes Commission has warned Nigerians to be wary of investments that promise a return that “looks too good to be true”.

EFCC spokesperson, Wilson Uwujaren, said in Abuja on Wednesday that although risk taking was a norm in business, Nigerians should be careful about investments that offer windfall returns.

He said, “Though risk taking is considered by some as the oxygen that drives investment decisions, the commission wishes to warn the public against taking unmitigated risk in desperation to earn a windfall.

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“Investment in Bitcoin, for instance, is a high-risk activity as the terrain is largely unregulated and prone to fraud.”

According to Uwujaren, the anti-graft agency receives complaints from Nigerians concerning Ponzi schemes and nefarious dealings disguised as legitimate trading options.

He added, “The EFCC wishes to state that while it 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. Any investment that promises returns that look too good to be true should be considered a red flag.

“Nigerians are by this notice, warned to be wary of fraudulent schemes and are hereby enjoined to resist the temptation of quick gain that could end in misery. Those who ignore this advisory do so at their own risks.”