EFCC arrests Enugu radio host over N700m ponzi scheme

The Economic and Financial Crimes Commission (EFCC) has arrested Favour Ekoh, a radio host known for her “Prime Time” programme on Urban Radio 94.5FM in Enugu, in connection with an alleged N700 million Ponzi scheme.

The arrest follows allegations that Ekoh misled unsuspecting investors into a fraudulent investment scheme, promising significant returns.

The EFCC issued a statement detailing the circumstances surrounding the arrest, which occurred on October 14, 2024.

EFCC operatives from the Enugu Zonal Directorate visited Urban Radio to question Ekoh regarding her involvement in the scheme, which reportedly affected about fifty victims.

The statement explained that Ekoh allegedly encouraged victims to invest in a program called Life Trading under Leverage Index Limited, claiming a 10 percent return on investment.

Victims reported that after investing in the scheme, the company ceased operations and failed to return their principal or profits. The EFCC indicated that Ekoh was a key point of contact for the victims, who felt betrayed when the company vanished without notice.

The arrest operation involved EFCC officials presenting a warrant to the radio station’s management. However, the situation escalated when a staff member contacted the station’s chairman, who ordered the gates locked, preventing the EFCC operatives from leaving. This led to a rescue operation, resulting in the arrest of Ekoh, the station’s Managing Director, Bamikole Owoyomi, and two security guards for obstructing justice.

“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, adding that “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.

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“However, a staff member called the Chairman of the station, who ordered that the building’s gates be locked, effectively holding our officers hostage.”

Following the incident, all parties were allowed to provide statements at the EFCC Enugu office.

Owoyomi and the guards were released after making their statements, while Ekoh was detained for further investigation.

The EFCC stressed its commitment to upholding the law and criticized the radio station staff’s actions as an unacceptable obstruction of justice.

The commission called for the Nigerian Union of Journalists and the International Press Institute to investigate Ekoh’s conduct, citing concerns about the integrity and ethical practices within the media.