Fraud Watch
Why We Raided Urban 94.5FM: Alleged N700M Ponzi Scheme – EFCC
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.
Emefiele’s Trial: Witness Reveals Irregularities in Contract Award.
The Economic and Financial Crimes Commission (EFCC) prosecution witness, Stephen Salau Gana, exposed irregularities in contract awards during Godwin Emefiele’s tenure as Central Bank of Nigeria (CBN) governor.
Key Testimony
1. No competitive bidding for April 16 Investment Limited’s N99.9 million vehicle supply contract.
2. Contract exceeded CBN governor’s approval threshold (N100 million).
3. Direct procurement justified only in emergencies, sole manufacturer/distributor, or exclusive dealership cases.
4. April 16 Investment Limited met none of these conditions.
Prosecution’s Case
Emefiele faces amended 20-count charges:
1. Conspiracy
2. Criminal breach of trust
3. Forgery
4. Obtaining $6,230,000 by false pretenses
Trial Update
Justice Hamza Mu’azu adjourned the case to November 13, 2024, for continuation.
Defense and Prosecution
- Defense counsel to respond to allegations.
- Prosecution to present additional witnesses.
Stay tuned for updates on this developing story.
Court Denies Bail to Yahaya Bello’s Co-Defendants in N110.4 Billion Fraud Case.
Justice Maryanne Anenih of the Federal Capital Territory High Court in Maitama, Abuja, has dismissed the oral bail applications of Abdulsalam Hudu and Umar Oricho, co-defendants of former Kogi State Governor Yahaya Bello in a N110.4 billion fraud case brought by the Economic and Financial Crimes Commission (EFCC).
Reasons for Dismissal
The defence counsel, J.B. Daudu (SAN) and A.M. Aliyu (SAN), argued that their clients were due for release from the EFCC’s holding facility, but prosecution counsel Rotimi Oyedepo (SAN) opposed their release, citing the lack of formal written applications. Justice Anenih upheld the prosecution’s objection, emphasizing the importance of following proper legal procedures.
Background of the Case
Hudu and Oricho were arraigned on October 3, 2024, and remanded in the EFCC’s custody. Yahaya Bello, the former governor, has consistently refused to appear in court for his arraignment on 16-count charges of fraud totaling N110.4 billion.
Update on Yahaya Bello’s Case
During Thursday’s proceedings, Oyedepo informed the court that the EFCC had complied with the earlier order to publish a public summons against Yahaya Bello in a national newspaper. The court adjourned the case until November 14 and 20, 2024, for Yahaya Bello’s arraignment.
Related Developments
The Court of Appeal had previously ordered Yahaya Bello to appear for arraignment, stating that no court has the power to preclude a law enforcement agent from performing its statutory functions.
N35m Fraud Trial Adjourned: Businessman Ericbona Elio Ushie to Face Justice in December.
The trial of Ericbona Elio Ushie, a businessman accused of a N35 million fraud, has been adjourned until December 19, 2024, by Justice O.O. Abike-Fadipe of the Special Offences Court in Ikeja, Lagos. Ushie faces a 13-count charge, including stealing, obtaining under false pretenses, and forgery, for allegedly converting N35,397,000 of Calibration and Non-destructive Services Limited’s funds for personal use.
Trial Background
The Economic and Financial Crimes Commission (EFCC) arraigned Ushie on February 12, 2024. Prosecution counsel Bilikisu Buhari stated that 13 witnesses would testify against him. Defence counsel C.C. Orji applied for bail, but Justice Abike-Fadipe revoked it after viewing a viral video showing Ushie boasting about not being arrested or detained.
Latest Developments
At the October 23, 2024, proceedings, Victor Okpara (SAN) requested a variation of the bail conditions. Okpara argued passionately, and Justice Abike-Fadipe granted the application, adjourning the trial until December 19, 2024.
Charges Against Ushie
- Dishonestly converting N35,397,000 of Calibration and Non-destructive Services Limited’s funds for personal use.
- Obtaining N35,397,000 under false pretenses, claiming it was for securing a contract from the Niger Delta Development Commission (NDDC).
Ushie pleaded “not guilty” to the charges.
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