EFCC arrests 133 in Abuja over ponzi scheme academy raid

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested 133 individuals following a raid on a Ponzi scheme academy in Gwagwalada, Abuja, on Monday.

The academy, identified as Q University (also known as Q-Net), was reportedly luring vulnerable young Nigerians into fraudulent investment schemes with promises of high returns. Recruits were allegedly trained and then tasked with bringing in more participants, a classic pyramid scheme strategy.

EFCC spokesperson Dele Oyewale explained that the suspects were enrolled in a program called “Special Training for New Generation Billionaires,” where they were brainwashed into believing they could eventually join the ranks of billionaires.

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According to Oyewale, participants in the program obtained entry through an application form known as the “Independent Representative Application Form,” which was marketed with slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”

The raid, conducted in collaboration with the 176 Guards Battalion of the Nigerian Army, resulted in the seizure of phones, computers, and other electronic devices from the suspects. Once the investigations are complete, they will be brought to court to face charges.