Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested Favour Ekoh, a presenter at Urban Radio 94.5FM in Enugu, over her alleged involvement in a N700 million Ponzi scheme that defrauded 50 victims. The scheme, known as “Life Trading,” was operated by Leverage Index Limited, a company located in Enugu State. Ekoh allegedly lured victims into investing in the scheme with promises of 10% returns on investment, but the company closed its office without returning investments or principal to the victims.
According to the EFCC, Ekoh was arrested after she failed to respond to invitations to answer questions about her involvement in the scheme. The commission’s operatives had to trail her to the radio station, where they were initially held hostage by staff who locked the gates on the orders of the station’s chairman. The EFCC denies that Ekoh was arrested on air or that any equipment was seized during the operation.
The EFCC has released Ekoh after she made a statement at their Enugu office, but the station’s managing director, Bamikole Owoyomi, and two security guards were arrested for obstruction of justice. The commission has called on the International Press Institute and the Nigerian Union of Journalists to investigate the conduct of the radio station and Ekoh’s professional credentials.
This development highlights the EFCC’s efforts to tackle economic and financial crimes in Nigeria, particularly Ponzi schemes that target vulnerable individuals. The commission has urged the public to be vigilant and report suspicious activities to prevent falling victim to such schemes.
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