The Economic and Financial Crimes Commission has arrested 133 individuals linked to a Ponzi scheme academy operating under the name Q University, also known as Q-Net.
The raid, carried out on Monday at Compensation Layout in Gwagwalada, Federal Capital Territory, followed intelligence reports that the academy was recruiting young Nigerians into a fraudulent scheme disguised as a wealth-building programme.
According to the EFCC’s Head of Media and Publicity, Dele Oyewale, the academy lured individuals with a programme titled “Special Training for New Generation Billionaire,” promising participants that they would attain billionaire status upon completion.
To enroll, recruits were required to purchase an Independent Representative Application Form and were encouraged with slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
“The suspects are enrolled into a training codenamed ‘Special Training for New Generation Billionaire’ and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called ‘Independent Representative Application Form’ with promotional slogans such as ‘I’m a Champion,’ ‘I’m Unstoppable,’ and ‘I’m Infinity,’ among others,” Oyewale explained.
The EFCC executed the operation in collaboration with the 176 Guards Battalion of the Nigerian Army. Items recovered from the suspects included mobile phones, computers, and other electronic gadgets.
Oyewale confirmed that investigations are ongoing and that the suspects will be charged to court once the process is concluded.
