EFCC raids Ponzi Scheme Academy, arrests 133 suspects in Abuja

The operatives of the Economic and Financial Crimes Commission (EFCC) on Monday, March 24, 2025 busted a Ponzi Scheme Academy and arrested 133 suspects in the Federal Capital Territory (FCT), Abuja.

The suspects were arrested at the Compensation Layout in Gwagwalada area of Abuja.

The EFCC said the suspects were apprehended following actionable intelligence on the existence of the Ponzi Scheme Academy.

The EFCC said the academy, named Q University (a.k.a Q-Net), was in the business of recruiting gullible young Nigerians who were trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.

The anti-graft agency stated that the suspects were enrolled into a training codenamed, ‘Special Training for New Generation Billionaire’, and brainwashed to believe that they would graduate into the league of billionaires.

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“They got into the training by obtaining a form the promoters called ‘Independent Representative Application Form’ with promotional slogans such as: ‘I’m a Champion’, ‘I’m Unstoppable’, and ‘I’m Infinity’, among others,” it added.

The EFCC further disclosed that its operatives carried out the operation in collaboration with officers of 176 Guards Battalion, Nigerian Army.

The EFCC listed items recovered from the suspects to include phones, computers, and other electronic gadgets.

“They will be charged to court as soon as investigations are concluded,” the anti-graft agency said.

The Star