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 133 were arrested at the Compensation Layout in Gwagwalada Area Council of the Federal Capital Territory (FCT), Abuja, following actionable intelligence on the existence of the Academy.
According to a statement by EFCC Spokesperson, Dele Oyewale, “the Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
“The suspects are enrolled into a training codenamed “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
“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.”
The EFCC said it carried out the sting 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 statement said that the 133 arrested suspects “will be charged to court as soon as investigations are concluded.”
