EFCC Arrests 133 Suspects from Abuja Ponzi Scheme Academy

By Adedapo Adesanya

Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday raided a Ponzi scheme academy and arrested 133 suspects in the nation’s capital, Abuja.

According to the EFCC’s spokesperson, Mr Dele Oyewale, who confirmed the operation in a statement on Tuesday, the suspects were apprehended at the Compensation Layout in Gwagwalada, Abuja, after receiving actionable intelligence about the academy’s activities.

“The academy, named Q University (also known as Q-Net), lures young Nigerians by promising them unrealistic profits.

“The recruits were trained to further recruit others, using the slogan Special Training for New Generation Billionaire.

“The suspects joined the scheme by filling out an Independent Representative Application Form, with promotional slogans like: I’m a Champion, I’m Unstoppable, and I’m Infinity,” the EFCC said.

The EFCC, in collaboration with officers from the 176 Guards Battalion of the Nigerian Army, executed the operation, with phones, computers, and other electronic gadgets seized from the suspects, who “will be charged in court once investigations are completed.”

The agency has stepped up efforts to clamp down on illegal activities, particularly those involved in internet fraud schemes.

In January, the anti-graft agency arrested 105 people, including four Chinese nationals, for suspected involvement in a fraudulent scheme targeting hotels in Europe and elsewhere.

Also in December 2024, the EFCC arrested 792 suspects in a raid on a building believed to be a hub for fraudsters who lure their victims with romance scams and phoney cryptocurrency investments on WhatsApp and Instagram.

The suspects included 148 Chinese and 40 Filipino nationals housed in a luxury in Lagos targeting victims from the Americas and Europe.