The Economic and Financial Crimes Commission (EFCC) uncovers a Ponzi scheme academy in Gwagwalada, Abuja, arresting at least 133 suspects in a raid carried out on Monday, March 24.
According to the EFCC, the academy, identified as Q University—also known as Q-Net—specialized in recruiting young Nigerians into a fraudulent investment scheme. The organisers allegedly trained the suspects to lure and recruit others with promises of unrealistic financial returns.
EFCC spokesperson Dele Oyewale revealed that the program organisers enrolled the recruits in a scheme called “Special Training for New Generation Billionaires” and brainwashed them into believing they would eventually become billionaires.
Acting on credible intelligence, the EFCC collaborated with the 176 Guards Battalion of the Nigerian Army to launch the operation.
“The suspects joined the scheme by purchasing an ‘Independent Representative Application Form’ featuring promotional slogans like ‘I’m a Champion,’ ‘I’m Unstoppable,’ and ‘I’m Infinity,’” Oyewale stated.
During the raid, law enforcement officers recovered mobile phones, computers, and other electronic devices. The EFCC confirmed that the suspects would be charged to court upon the completion of investigations.
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