EFCC arrests radio host over N700m ponzi scheme

The Economic and Financial Crimes Commission on Tuesday arrested a radio host, Favour Ekoh, in connection with an alleged N700 million Ponzi scheme.

The anti-graft agency accused Ekoh, who anchors the “Prime Time” programme on Urban Radio 94.5FM in Enugu State of luring unsuspecting investors into a fraudulent investment scheme, promising exorbitant returns.

A statement by the EFCC Head of Media and Publicity, Dele Oyewale, stated that Ekoh allegedly lured her victims into investing in a scheme called ‘Life Trading under Leverage Index Limited’, where she promised a 10 per cent return on investment.

Oyewale said, “On Monday, October 14, 2024, a team of operatives from the Enugu Zonal Directorate of the Economic and Financial Crimes Commission visited Urban Radio Enugu to invite Favour Ekoh for questioning regarding her involvement in an alleged N700m Ponzi scheme fraud, which has affected about 50 victims.”
“The victims claimed that after investing their money in the company located at No. 1 Colliery Street, Okpara Avenue, Enugu, the company shut down operations without returning their principal or profits.”

Oyewale added that Ekoh was the primary link to the victims, many of whom were left stranded after the company’s sudden disappearance.

“Ekoh’s role as the host of Prime Time made her a trusted figure, which she allegedly exploited to promote the fraudulent scheme.
“When our operatives arrived at the radio station, holding a warrant for Ekoh’s arrest, they identified themselves to the station’s Managing Director, Bamikole Owoyomi, and explained their mission.

“However, a staff member called the chairman of the station, who ordered that the building’s gates be locked, effectively holding our officers hostage.”
The EFCC added that the situation necessitated a rescue operation.

Oyewale said, “In response to the unlawful detention of our officers, a rescue team was deployed, leading to the arrest of Owoyomi, Ekoh, and two security guards involved in the obstruction.

“The operatives acted within the law, and no equipment at the radio station was tampered with.”

Oyewale noted that Ekoh was not arrested while on air, stressing that “the nature of the fraudulent dealings required a sting operation to ensure her apprehension.”

After being allowed to make a statement at the EFCC Enugu office, Ekoh, along with Owoyomi and the security guards, was released.
“Owoyomi and the guards were arrested for obstructing justice but have since been released after making their statements,” the EFCC added.

The EFCC reiterated its respect for the media as the fourth estate of the realm and a critical stakeholder in the fight against corruption.

However, the commission condemned the actions of the radio station’s staff, stating that the precipitate and unlawful obstruction of EFCC officers from carrying out their duties was unacceptable.