The EFCC arrested 133 suspects in a raid on Q University (Q-Net) in Abuja, exposing a Ponzi scheme that recruited young Nigerians with false promises of wealth. The crackdown, supported by the Nigerian Army, led to the seizure of electronic devices. Investigations are ongoing, with suspects facing prosecution.
The Economic and Financial Crimes Commission (EFCC) has arrested 133 individuals in connection with an alleged Ponzi scheme operating under the guise of a training academy in Abuja.
According to EFCC sources, the organization, identified as Q University (also known as Q-Net), lured young Nigerians with promises of massive financial returns. Recruits were reportedly required to enroll in a program called Special Training for New Generation Billionaires, where they were taught to bring in new participants, perpetuating the fraudulent scheme.
EFCC spokesperson Dele Oyewale stated that the operation, executed with support from the Nigerian Army’s 176 Guards Battalion, uncovered significant evidence, including mobile phones, computers, and other electronic devices used to run the scheme. The suspects were allegedly manipulated into believing they were on a path to wealth, adopting promotional slogans like I’m a Champion and I’m Unstoppable to reinforce their commitment.
Authorities acted based on credible intelligence, which led to the crackdown on the training facility in Gwagwalada, Abuja. The EFCC has confirmed that all arrested suspects will face legal action upon the conclusion of investigations.
