The Economic and Financial Crimes Commission (EFCC) has apprehended a radio host, named Favour Ekoh, in relation to an alleged N700 million Ponzi scheme making the rounds.
The presenter anchors the “Prime Time” program on Urban Radio 94.5FM, in Enugu.
The radio host is accused of persuading unsuspecting investors into a fraudulent investment scheme, with promises of mouthwatering profits.
This is in a statement issued and released by the EFCC’s Head of Media and Publicity, Dele Oyewale, today, Tuesday, 15th of October, 2024.
The statement reads thus :“On Monday, October 14, 2024, a team of operatives from the Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, visited Urban Radio Enugu to invite Favour Ekoh for questioning regarding her involvement in an alleged N700 million Ponzi scheme fraud, which has affected about fifty victims.”
The EFCC boss explained that the radio presenter, allegedly lured individuals into investing their money into a Ponzi scheme called Life Trading under Leverage Index Limited, where a 10 per cent on investment was promised as returns.
“The victims claimed that after investing their money in the company located at No. 1 Colliery Street, Okpara Avenue, Enugu, the company shut down operations without returning their principal or profits,” he added.
According to the EFCC statement released, it revealed that Ekoh was the major link to the victims, many of whom were left stranded after the company’s sudden collapse and disappearance.
“Ekoh’s role as the host of Prime Time made her a trusted figure, which she allegedly exploited to promote the fraudulent scheme,” the EFCC stated.
The statement also added : “When our operatives arrived at the radio station, holding a warrant for Ekoh’s arrest, they identified themselves to the station’s Managing Director, Bamikole Owoyomi, and explained their mission.
“However, a staff member called the Chairman of the station, who ordered that the building’s gates be locked, effectively holding our officers hostage.”
The EFCC boss said that the situation warranted their actions in embarking on a rescue operation.
The statement partly read : “In response to the unlawful detention of our officers, a rescue team was deployed, leading to the arrest of Owoyomi, Ekoh, and two security guards involved in the obstruction. The operatives acted within the law, and no equipment at the radio station was tampered with.”
The EFCC boss further clarified that Ekoh was not arrested while she was on duty, stressing that “the nature of the fraudulent dealings required a sting operation to ensure her apprehension”
Ekoh, along with Owoyomi and the security guards earlier arrested, were later released after being allowed to make a statement at the EFCC Enugu office.
He further stated that: "Owoyomi and the guards were arrested for obstructing justice but have since been released after making their statements".
The commission strongly condemned the actions of the radio station presenter, stating, that : “The precipitate and unlawful obstruction of EFCC officers from carrying out their duties is unacceptable.”
The statement further leveled questions against the professional credentials of Ekoh, describing her involvement in the N700 million Ponzi scheme as a grave breach of public trust.
“We call on the Nigerian Union of Journalists (NUJ) and the International Press Institute (IPI) to investigate the conduct of both Ekoh and Urban Radio Enugu in this matter, as it touches on the integrity and ethical practices of the media.” He stated.
