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.
According to the EFCC’s statement on X, the suspects were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
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”, and “I’m Infinity”, among others.” EFCC disclosed.
The Commission carried out the operation in collaboration with officers and men of the 176 Guards Battalion, Nigerian Army while recovering from the suspects, phones, computers and other electronic gadgets.
According to EFCC, they will be charged to court as soon as investigations are concluded.
