Enugu Radio Station at Center of N700m Ponzi Scheme Scandal.

The Economic and Financial Crimes Commission (EFCC) recently raided Urban 94.5 FM, a radio station in Enugu State, Nigeria, due to alleged involvement in a N700 million Ponzi scheme. The scheme, known as “Life Trading,” was promoted by Favour Ekoh, a presenter at the station, and about 50 victims were defrauded. Ekoh allegedly lured investors into putting money into Leverage Index Limited, a company that promised 10% returns on investment but disappeared with the funds.

During the raid, EFCC operatives arrested Ekoh, the station’s Managing Director, Bamikole Owoyomi, and two security guards for obstruction of justice. However, Ekoh and three other staff members were later released after making statements.

The EFCC clarified that Ekoh’s arrest was not made during a live broadcast, and no equipment was tampered with. The commission also emphasized its respect for the media’s role in fighting economic and financial crimes but condemned the radio station’s obstruction of justice.

 Key Points:

– Alleged Ponzi Scheme: Favour Ekoh, a presenter, allegedly promoted a Ponzi scheme that defrauded 50 victims of N700 million.
– EFCC Raid: Operatives arrested Ekoh, the Managing Director, and two security guards for obstruction of justice.
– Release: Ekoh and three staff members were released after making statements.
– EFCC’s Stance: The commission respects the media’s role but condemns obstruction of justice.

 EFCC’s Statement

The EFCC spokesperson, Dele Oyewale, explained that the agency’s operatives were at the radio station to invite Ekoh for questioning regarding her alleged involvement in the Ponzi scheme.

“Ekoh is being investigated by the Enugu Zonal Directorate of the EFCC in an alleged N700 million Ponzi scheme fraud involving about Fifty (50) victims,” Oyewale said.

Allegations Against Ekoh

According to Oyewale, Ekoh allegedly lured victims into investing in a scheme called “Life Trading” through Leverage Index Limited, located at No. 1 Colliery Street, Okpara Avenue, Enugu State. The victims were promised returns on investment of 10 percent of their capital after a period of time.

However, the company allegedly closed its office without returning the victims’ principal or providing any returns on investment.

Arrest and Obstruction

During the EFCC’s raid, the radio station’s chairman ordered the gate to be locked, holding the operatives hostage. The Managing Director, Bamikole Owoyomi, and two security guards were arrested for obstruction of justice.

Release and Investigation

Ekoh and three staff members were released after making statements. The EFCC clarified that Ekoh’s arrest was not made during a live broadcast, and no equipment was tampered with.

 EFCC’s Call to Action

The EFCC called on the International Press Institute (IPI) and the Nigerian Union of Journalists (NUJ) to investigate the conduct of the radio station in light of integrity and ethical professional practice.

“The Commission hereby calls on the International Press Institute, IPI, and the Nigerian Union of Journalists, NUJ, to investigate the conduct of the Station in the light of integrity and ethical professional practice,” Oyewale said.

The EFCC’s raid on Urban 94.5 FM highlights the agency’s commitment to combating economic and financial crimes in Nigeria. The alleged involvement of a radio presenter in a Ponzi scheme underscores the need for vigilance and ethical conduct in all sectors.