EFCC Seeks CBN Support in Tackling Fraudulent Investment Managers

The Port Harcourt  Commander of the Economic and Financial Crimes Commission,  Assistant Commander of the EFCC,  ACE Naibi,  has called on the Central Bank of Nigeria(  CBN)  to offer  the EFCC more  information and other support in tackling fraudulent investment managers operating in the Niger Delta area of Nigeria. 

He made this call in Port Harcourt, Rivers State on Tuesday, September 14, 2021 receiving the Rivers State  Branch Controller,  CBN,  Mrs Oruwari O. B who paid him a Courtesy Visit.  Naibi lamented the alarming cases of fraudulent investment managers in Rivers State and the attendant loss of “funds by various investors” and sued for more support from the CBN to stem the tide of such cases.


“We are investigating several cases fraudulent investment managers, Ponzi scheme operators and other related cases here in the Command. We cannot investigate any investment fraud case without the CBN.  We need to know whether such investment managers are licensed or not because they always claim that they are licensed by the CBN”, he said. 

He explained that though the CBN was always referring investigators of fraudulent investment schemes to the Security and Exchange Commission, SEC, the apex bank could still be supportive in debunking claims of such dubious managers.

   Responding,  Oruwari said that the CBN was aware of issues related to the fraudulent investment managers and to create more public and market awareness about their sharp practices.  She also the EFCC for building effective public consciousness about economic and financial crimes and their accompanying consequences.  “Many people are conscious that the EFCC around, so they are more careful”, she said. 

She called for more collaboration between the two agencies,  stressing that “we are both talking finance, money, crime and other related issues. We feel we need to collaborate more”.