EFCC Arrests 133 in Abuja Ponzi Scheme Academy Raid

The Economic and Financial Crimes Commission (EFCC) has arrested 133 suspects in a raid on a Ponzi scheme academy operating in Gwagwalada, Abuja. The operation, conducted on Monday, targeted an institution known as Q University, also referred to as Q-Net, which allegedly recruits young Nigerians into fraudulent investment schemes.

According to EFCC spokesperson Dele Oyewale, the academy trains recruits under a program called “Special Training for New Generation Billionaires,” luring them with promises of unrealistic financial returns. Recruits are required to bring in more members to the scheme, perpetuating the fraudulent cycle.

The suspects allegedly joined the scheme by purchasing an “Independent Representative Application Form” featuring promotional slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.” Oyewale stated that they were misled into believing they would eventually become billionaires.

The operation was carried out in collaboration with the Nigerian Army’s 176 Guards Battalion. Items recovered from the suspects included mobile phones, computers, and other electronic gadgets. The EFCC confirmed that investigations are ongoing, and the suspects will face prosecution once inquiries are concluded.