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EFCC busts Ponzi scheme academy, arrests 133 suspects in Abuja

Published on March 24, 2025 at 07:29 PM

Operatives of the Economic and Financial Crimes Commission, EFCC, on Monday busted a Ponzi scheme academy and arrested 133 suspects in Abuja.

The suspects were apprehended at the Compensation Layout in the Gwagwalada area of the Federal Capital Territory, FCT, Abuja.

Their arrest followed actionable intelligence on the existence of the academy.

The institution, named Q University (also known as Q-Net), operates by recruiting unsuspecting young Nigerians and training them to lure more individuals into the scheme with promises of unrealistic profit returns.

The suspects were enrolled in a training programme codenamed “Special Training for New Generation Billionaires”; and were brainwashed into believing they would eventually join the ranks of billionaires. Entry into the programme required the purchase of a form referred to by the promoters as the “Independent Representative Application Form,”; featuring promotional slogans such as “I’m a Champion,”; “I’m Unstoppable,”; and “I’m Infinity,”; among others.

EFCC carried out the operation in collaboration with officers and personnel of the 176 Guards Battalion, Nigerian Army.

Items recovered from the suspects include mobile phones, computers, and other electronic gadgets.

The commission stated that the suspects would be charged in court as soon as investigations are concluded.