Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday, March 24, 2025, busted a Ponzi scheme academy and a...
The suspects were apprehended at Compensation Layout in the Gwagwalada area of the Federal Capital Territory (FCT) following actionable intelligence on the academy's operations.
The institution, identified as Q University (also known as Q-Net), allegedly recruits young Nigerians and trains them to enlist others into the scheme with promises of unrealistic financial returns.
According to the EFCC, the suspects were enrolled in a program titled “Special Training for New Generation Billionaires” and were reportedly brainwashed into believing they would attain billionaire status. Entry into the program required purchasing an Independent Representative Application Form, which featured motivational slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The operation was carried out in collaboration with officers of the 176 Guards Battalion of the Nigerian Army.
Items recovered from the suspects included mobile phones, computers, and other electronic devices.
The EFCC stated that the suspects would be charged to court upon the conclusion of investigations.
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