EFCC uncovers Ponzi Scheme Academy in Abuja, arrests 133 suspects

The Economic and Financial Crimes Commission (EFCC) has arrested 133 suspects following a raid operation on a Ponzi Scheme Academy named Q University (a.k.a Q-Net) in Abuja, the nation’s capital. 

Announcing the development on Monday via its official X handle, the agency said that the suspects were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT,  Abuja, following actionable intelligence on the existence of the Academy.

“Operatives of the Economic and Financial Crimes Commission, EFCC,  on Monday, March 24, 2025, busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja,” the agency said. 

The EFCC noted that the academy is recruiting innocent young Nigerians who will be trained to bring more citizens into the scheme with the promise of getting unrealistic profit returns.

Providing more details, the agency explained that these young ones are enrolled in a training tagged “Special Training for New Generation Billionaire” where they would be cajoled to believe they would soon be under the umbrella of billionaires.

They were brought into the training via a form collection from the promoters called “Independent Representative Application Form” with promotional slogans such as “I’m a Champion”  “I’m Unstoppable”,  “I’m Infinity”, among others.

“The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion,  Nigerian  Army. Items recovered from the suspects include phones, computers, and other electronic gadgets,” the agency added. 

See also: EFCC arraigns 4 Chinese for crypto scam, cyber terrorism, and internet fraud.

EFCC said the victims would be charged in court as soon as investigations and other verifications are concluded.

Recall that recently, the EFCC returned the sum of N78,566,324.81 to American, Spanish, and Swiss victims of local fraudsters. The action further reinstates the agency’s commitment to tackling economic and financial crimes as well as offering restitution to victims of fraudulent practices.

EFCC’s continued fight against Ponzi Scheme

Earlier in March, the commission issued a general notice to Nigerians blacklisting  58 companies operating illegal Ponzi schemes. Among them were popular names such as the digital investment platform, Crowdyvest, and the agric investment platform, Farmforte. The commission noted that these entities pose as investment companies that orchestrate their fraudulent activities on Nigerians.

EFCC highlighted that the companies are not registered under the Central Bank of Nigeria (CBN), and the Security Exchange Commission (SEC) as both regulators denied their regulatory operation approval. 

“In line with its commitment to sanitizing the financial space of the nation and offer the investing public adequate and reliable information on the activities of illegal ponzi scheme operators across the country, the Economic and Financial Crimes Commission, EFCC, hereby alerts Nigerians on the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money,” part of the statement reads. 

The agency also claimed that legal actions have been taken against many of the companies with 5 of them already convicted while another 5 pleaded guilty but awaiting a review of facts. The rest, meanwhile, are pending arraignment.

In continued action, EFCC reinstates its commitment to promoting anti-corruption by safeguarding the public from opportunistic and predatory operators and monitors every entity in the country towards the growth and development of Nigeria. 

Like EFCC, the SEC in its new year agenda also vowed to eradicate Ponzi and Pyramid schemes in 2025 by protecting investors and enhancing legitimate investment opportunities. 

“The Securities and Exchange Commission has emphasized that protecting investors remains a cornerstone of its mission assuring that the commission will intensify efforts to stamp out Ponzi and pyramid schemes while paving the way for legitimate investment opportunities to thrive in 2025,” SEC noted. 

While expressing its confidence about reaping the opportunities ahead, the commission said that the commission is committed to regulating and developing the capital market as it looks to integrate it into an extensive economy.