Radio Host Arrested Over N700m Ponzi Scheme

The Economic and Financial Crimes Commission (EFCC) have arrested Enugu radio host Favour Ekoh in connection with a suspected N700 million Ponzi scheme, it was reported on Tuesday. Ekoh, who helms the “Prime Time” show on Urban Radio 94.5FM, is accused of duping numerous unsuspecting investors with promises of exorbitant returns on an allegedly fraudulent investment platform called “Life Trading under Leverage Index Limited”.

Suspicions arose after the alleged Ponzi scheme abruptly disappeared without returning investors’ funds, leaving dozens of individuals financially stranded. With Ekoh identified as the primary point of contact for victims, authorities suspect she abused her position of trust as a radio host to draw people into the investment scheme, before the entire operation vanished into thin air.

Amidst these claims of deception, a team of EFCC operatives arrived at Urban Radio’s headquarters to arrest Ekoh, armed with a warrant for her detention.

As the EFCC’s operatives made their way to the radio station, the situation took an unexpected turn, with the building’s gates being locked, effectively holding the officers in a temporary “hostage” situation. This move prompted a swift “rescue” operation, which ultimately led to the arrest of Ekoh, Urban Radio’s managing director Bamikole Owoyomi, and two security guards involved in the obstruction.

After being given an opportunity to provide a statement at the EFCC’s Enugu office, Ekoh, along with Owoyomi and the security guards, were eventually released.

The ripple effects of this scandal have no doubt sent shockwaves through the Nigerian community, as the search for answers and justice continues. The Ponzi scheme, if indeed confirmed, represents a sobering reminder of the potential pitfalls that can arise when people are misled by the lure of quick financial gains.

The EFCC’s intervention in this case serves as a stark illustration of the agency’s ongoing commitment to cracking down on fraudulent activities and holding perpetrators accountable for their actions.

Referenece and Citations:

• Dailypost – EFCC speaks on invasion of radio station in Enugu
• PremiumTimes – EFCC raids radio station, arrest presenter during live program
• PUNCH – EFCC arrests radio host over N700m Ponzi scheme