Adamakin Investment and Works Ltd Demands Retraction and Apology from EFCC Over False Ponzi Scheme

Adamakin Investment and Works Ltd has issued a formal demand for an immediate retraction and public apology following defamatory allegations made by the Economic and Financial Crimes Commission (EFCC).

The EFCC, in a publication titled “EFCC EXPOSES PONZI SCHEME TARGETING NIGERIANS,” falsely accused the company of operating a fraudulent Ponzi scheme that defrauded Nigerians of their investments.

The article, published on March 11, 2025, claimed that Adamakin Investment and Works Ltd was not registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC) and was involved in a financial scam. The firm’s lawyers have categorically denied these allegations, emphasizing that their client is a legitimate player in the real estate sector with no involvement in any Ponzi scheme or illegal financial activities.

The solicitors further clarified that their client has never engaged in any activity requiring registration with the CBN or SEC. They also stated that Adamakin Investment and Works Ltd lawfully operates within the Nigerian legal framework and has successfully completed multiple real estate transactions. Additionally, they noted that the EFCC’s investigation into their client, which stemmed from a separate allegation, did not contain any claims related to Ponzi schemes.

In light of the serious reputational damage caused by these false allegations, Adamakin is demanding that the EFCC issue a public apology and retract the misleading statements in two widely circulated national newspapers, including Vanguard Newspaper. The firm is also seeking compensation in the amount of N500,000,000 (Five Hundred Million Naira) for the harm caused to their client’s reputation and business.

Adamakin has given the EFCC 14 days to comply with the demands, warning that failure to do so will result in legal action.

The company remains resolute in defending its reputation and vows to pursue all available legal remedies to correct the damage caused by the defamatory statements.

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