Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested 133 suspects connected to a large-scale Ponzi scheme academy operating in Abuja. The operation, carried out on Monday, March 24, 2025, followed credible intelligence on the existence of the illegal scheme at Compensation Layout in the Gwagwalada area of the Federal Capital Territory (FCT).
The academy, identified as Q University (also known as Q-Net), was reportedly involved in a sophisticated recruitment network designed to exploit vulnerable young Nigerians. According to the EFCC, the academy lured recruits with promises of unrealistic financial returns, training them to recruit additional members in a classic pyramid scheme structure.
The suspects were enrolled in a program titled “Special Training for New Generation Billionaires,” where they were brainwashed into believing that they would graduate into a league of billionaires upon completing the course. To gain entry, recruits were required to purchase an Independent Representative Application Form marketed with motivational slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The scheme operated on a multi-level marketing (MLM) model, where recruits were incentivized to bring in new members, who in turn were expected to recruit others. This created a cycle of financial dependency with no tangible products or services, relying solely on the inflow of funds from new recruits to sustain the operation. The unrealistic profit promises and the requirement to recruit others to earn returns are hallmark features of Ponzi and pyramid schemes.
The operation was conducted in collaboration with personnel from the 176 Guards Battalion of the Nigerian Army. EFCC operatives, acting on actionable intelligence, raided the academy’s premises and arrested 133 suspects involved in the scheme. The suspects were taken into custody without resistance.
Items recovered during the raid included mobile phones, computers, and other electronic devices used in managing the recruitment process and communicating with members.
EFCC spokesperson confirmed that the suspects are currently undergoing interrogation and that investigators are working to uncover the full scale of the operation, including identifying the masterminds behind the scheme and tracking the flow of funds.
The EFCC has vowed to prosecute all those found culpable. “The Commission is determined to bring to justice those exploiting vulnerable Nigerians through deceitful and illegal financial schemes. The suspects will be charged to court as soon as investigations are concluded,” the statement added.
The EFCC also urged the public to be wary of financial schemes promising quick and unrealistic returns, emphasizing that legitimate investment opportunities are regulated and transparent. The Commission reiterated its commitment to dismantling fraudulent financial networks and protecting Nigerians from economic exploitation.
The arrest of the 133 suspects marks a significant step in the EFCC’s broader crackdown on financial crimes and reinforces its resolve to safeguard the nation’s financial system from predatory schemes.
