EFCC Operatives  [Google Photo]
EFCC Operatives Google Photo

EFCC Arrests Enugu Radio Host for Alleged Ponzi Scheme

Says Ekoh tricked more than 50 people.
Published on

The Economic and Financial Crimes Commission (EFCC) in Enugu has apprehended Favour Ekoh, a radio host at Urban Radio 94.5FM Enugu, for allegedly running a ₦700 million Ponzi scheme that tricked more than 50 people.

The strategy, operated by Leverage Index Limited, assured investors a 10% return on investment through a technique known as life trading.

Meanwhile, the company sealed its office at No. 1 Colliery Street, Okpara Avenue, Enugu, without returning any investments or principal amounts.

According to journalists, the EFCC operatives, armed with a warrant, paid a visit to Urban Radio 94.5FM on Monday, October 14, 2024, to interrogate Ekoh. 

In a surprising turn of events, staff members allegedly following instructions from the station’s chairman trapped the operatives inside, thwarting their efforts to carry out their duties.

In a press release made available on Tuesday, Dele Oyewale, the EFCC’s Head of Media and Publicity, criticised the actions of the radio station as illegal.

Oyewale emphasised that an emergency response team was dispatched, leading to the apprehension of Bamikole Owoyomi, the Urban Radio’s Managing Director, and two security men for obstruction. Ekoh was also taken into custody by the officers of the EFCC.

“Faced with such hostility, the EFCC staff requested for a rescue team, which led to the apprehension of Owoyomi, Ekoh, and the two security men who had locked the EFCC personnel inside the premises of urban radio. Owoyomi and the security guards were arrested for interfering with the EFCC's work, as they had initially stopped the operators from performing their official duties.

He further explained that “Ekoh was tracked to the station for apprehension due to the nature of the fraudulent dealings and called for a sting operation to restrict her escape. She was neither apprehended while on air, nor was there any interruption to the lawful activities of the radio station. No equipment of the station was destroyed, and she has since been released after making a statement at the EFCC’s Enugu office.”

The MD of Urban Radio and the security men later regained their freedom after providing their statements, while Ekoh was granted bail after cooperating with the EFCC.

The EFCC has urged the International Press Institute and the Nigerian Union of Journalists to investigate the radio station’s conduct, citing concerns about the involvement of influential individuals in financial crimes.

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