Radio Host Arrested On-Air in Nigerian Ponzi Scheme Probe

Nigerian Economic and Financial Crimes Commission’s (EFCC) accused Ekoh of defrauding more than 100 people in a Ponzi scheme.

Urban Radio still strongly condemns the EFCC decision to arrest Ekoh while she was on air, describing that as a “halt and disruption” of their program, and an “unethical break-in” of their live studio.

“Armed men, identifying themselves as EFCC officers, barged into the studio, interrupted our live program ‘Prime-Time,’ forcibly abducted our presenter, and confiscated our communication equipment without disclosing any reasons,” read the statement.

However, EFCC spokesperson Dele Oyewale refuted the allegations, stating that officers had arrested Ekoh, a presenter, over her involvement in a Ponzi scheme that defrauded 103 Nigerians.

The scheme, managed by Leverage Index Limited, promised investors a 10 percent return on their capital after a set period. However, after receiving funds from investors, the company closed its office without returning any money.

The EFCC alleged that Ekoh played a significant role in connecting the victims to the fraudulent company. Further investigations show Ekoh was a key link to the victims, many of whom were left stranded after the company’s sudden disappearance.

Ponzi schemes continue to prey on many Nigerians, luring investors with promises of high returns from non-existent financial services or enterprises. In the past decade, Ponzi schemes have defrauded Nigerians of more than $1 billion. The most infamous, MMM, attracted over three million Nigerian subscribers, who collectively lost about $50 million when the scheme collapsed.

Nigeria has about four million investors, with only 560,000 being active. Despite this, nearly 200 Ponzi schemes have proliferated on social platforms over the last decade. Estimates suggest Nigerians have lost more than $42 million to the most popular schemes during this period.

As financial fraud rises, EFCC Chairman Ola Olukoyede revealed that 70 percent of financial crimes in Nigeria can be traced to the banking sector.