Alleged ₦700m Ponzi Scheme: Enugu radio host Favour Ekoh arrested by EFCC

The Economic and Financial Crimes Commission (EFCC) has arrested Favour Ekoh, a radio host at Urban Radio 94.5FM in Enugu, for allegedly masterminding a ₦700 million Ponzi scheme that defrauded around 50 victims.The scheme, operated by Leverage Index Limited, promised investors a 10% return on investment through a method referred to as “Life Trading.” However, the company closed its office at No. 1 Colliery Street, Okpara Avenue, Enugu, without returning any investments or principal amount

By Luminous Jannamike

The Economic and Financial Crimes Commission (EFCC) has arrested Favour Ekoh, a radio host at Urban Radio 94.5FM in Enugu, for allegedly masterminding a ₦700 million Ponzi scheme that defrauded around 50 victims.

The scheme, operated by Leverage Index Limited, promised investors a 10% return on investment through a method referred to as “Life Trading.” However, the company closed its office at No. 1 Colliery Street, Okpara Avenue, Enugu, without returning any investments or principal amounts.

On Monday, October 14, 2024, EFCC operatives, armed with a warrant, visited Urban Radio 94.5FM to question Ekoh. In a surprising turn of events, staff members, reportedly acting on orders from the station’s chairman, locked the operatives inside, obstructing their efforts to carry out their duties.

In a statement issued on Tuesday, Dele Oyewale, the EFCC’s Head of Media and Publicity, condemned the actions of the radio station as unlawful.

Oyewale explained that a rescue team was deployed, leading to the arrest of the radio station’s Managing Director, Bamikole Owoyomi, and two security guards for obstruction. Ekoh was also taken into custody.

“Faced with such hostility, the EFCC staff called for a rescue team, which ultimately led to the arrests of Owoyomi, Ekoh, and the two security guards who had locked the operatives within the premises of the station. Owoyomi and the security guards were arrested for obstructing justice, as they initially prevented the operatives from performing their official duties,” Oyewale stated.

He further clarified, “Ekoh was tracked to the station for arrest because the nature of the fraudulent dealings necessitated a sting operation to prevent her escape. She was neither arrested while on air, nor was there any disruption to the lawful activities of the radio station. No equipment of the station was tampered with, and she has since been released after making a statement at the EFCC’s Enugu office.”

Owoyomi and the security guards were later released after providing their statements, while Ekoh was granted bail after cooperating with the EFCC.

The EFCC has called on the International Press Institute and the Nigerian Union of Journalists to investigate the radio station’s conduct, citing concerns about the involvement of influential individuals in financial crimes.

Oyewale added, “The EFCC holds the media in high regard as the fourth estate of the realm and a critical stakeholder in the fight against economic and financial crimes and corruption. However, the unlawful obstruction of Commission officers by the staff of the radio station is unacceptable. Furthermore, Ekoh’s professional credentials as a principal suspect in a ₦700 million Ponzi scheme affecting 50 innocent Nigerians are questionable.”
“The Commission hereby urges the International Press Institute and the Nigerian Union of Journalists to investigate the station’s conduct in light of integrity and ethical professional practice.”

Source :Vanguard