On Monday, March 24, 2025, operatives from the Economic and Financial Crimes Commission (EFCC) dismantled a suspected Ponzi Scheme Academy and apprehended 133 individuals in Abuja.
A statement from the anti-graft commission posted on its X account revealed that the suspects “were arrested at the Compensation Layout in the Gwagwalada area of the Federal Capital Territory, Abuja, following actionable intelligence regarding the Academy’s operations.”
The statement continued: “The Academy, known as Q University (also referred to as Q-Net), was engaged in luring naive young Nigerians, training them to recruit other unsuspecting citizens into the scheme, promising unrealistic returns on investment.”
“The recruits underwent a programme dubbed ‘Special Training for New Generation Billionaires’, where they were indoctrinated with the belief that they would elevate themselves to the status of billionaires. To join the scheme, they filled out a form called the ‘Independent Representative Application Form’, accompanied by promotional slogans like ‘I’m a Champion’, ‘I’m Unstoppable’, and ‘I’m Infinity’, among others.”
The commission also noted that the operation was conducted in partnership with personnel from the 176 Guards Battalion of the Nigerian Army.
Items seized from the suspects included mobile phones, computers, and various other electronic devices.
They are expected to be charged in court once investigations are finalised.
