The EFCC raided Urban 94.5 FM in Enugu, arresting presenter Favour Ekoh over an alleged N700 million Ponzi scheme that defrauded around 50 victims. The station’s Managing Director and security guards were also detained for obstructing the investigation. The EFCC is urging media organizations to probe the incident further.
The Economic and Financial Crimes Commission (EFCC) has provided clarification on its recent raid of Urban 94.5 FM, a radio station in Enugu. The EFCC operatives conducted the operation on October 14, 2024, targeting Favour Ekoh, a radio presenter implicated in an alleged N700 million Ponzi scheme that reportedly defrauded around 50 individuals. Ekoh is accused of encouraging investors to participate in a scheme called "Life Trading," operated by Leverage Index Limited, which promised a 10% return on investments but failed to deliver, leaving investors without returns or refunds.
During the raid, the EFCC claims that the station's chairman ordered the gates locked, effectively trapping their operatives inside. This action led to the arrest of the station's Managing Director, Bamikole Owoyomi, along with two security personnel, on charges of obstructing justice. All those detained were later released after providing statements to the EFCC.
The EFCC emphasized that no equipment was damaged, and operations at the station continued unaffected. They also called on media organizations, including the International Press Institute (IPI) and the Nigerian Union of Journalists (NUJ), to investigate the station’s conduct in light of ethical practices. The agency reiterated its respect for the media but underscored that interference with their work, as experienced at Urban 94.5 FM, is unacceptable.
