EFCC operatives uncovered a Ponzi Scheme Academy in the Gwagwalada area of the nation’s capital on Monday, March 24, leading to the arrest of at least 133 suspects.
According to the anti-graft agency, the academy, identified as Q University, also known as Q-Net, specializes in recruiting “gullible young Nigerians” and training them for the fraudulent scheme.
Graduates of the academy are expected to train and recruit others, luring them in with promises of unrealistic profit returns.
EFCC spokesman Dele Oyewale stated that the suspects were enrolled in a program called “Special Training for New Generation Billionaires,” where they were brainwashed into believing they would become billionaires. He added that the arrests were made based on credible intelligence.
“They got into the training by obtaining a form the promoters called ‘Independent Representative Application Form’ with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others”, he said.
The EFCC spokesman revealed that the operation was conducted in collaboration with officers and personnel of the 176 Guards Battalion, Nigerian Army.
He stated that items recovered from the suspects included phones, computers, and other electronic devices. He further noted that the suspects would be charged to court upon the completion of investigations.
