Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested 133 individuals after raiding a Ponzi scheme academy, Q University, in the Federal Capital Territory (FCT), Abuja, on March 24, 2025.
The raid was carried out at the Compensation Layout in Gwagwalada, a suburban area in Abuja. According to a statement from the EFCC’s Head of Media and Publicity, Dele Oyewale, the operation followed intelligence reports about the academy, which allegedly lured young Nigerians into a fraudulent scheme disguised as a wealth-building program.
Q University, also known as Q-Net, operated by recruiting individuals with promises of lucrative financial returns in exchange for their participation in a so-called “training program.” The academy’s pitch, described by authorities as deceitful, promised participants that they would join the ranks of billionaires once they completed the program.
The suspects arrested were reportedly enrolled in a program titled “Special Training for New Generation Billionaires.” According to Oyewale, the individuals were brainwashed into believing that they would attain significant wealth by completing the training.
To gain access to the academy, participants were required to pay for an “Independent Representative Application Form.” This form served as their entry ticket into the program, and in exchange, they were introduced to catchy motivational slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
These slogans were strategically used to create a sense of hope and empowerment, drawing young Nigerians into the scam. The promise of becoming a “billionaire” after completing the training program was central to the academy’s appeal, although no real wealth-building opportunities were provided. Instead, Q University, like many other Ponzi schemes, relied on continuous recruitment of new participants to pay for the rewards of earlier enrollees.
The EFCC, after gathering actionable intelligence, coordinated the raid in collaboration with the 176 Guards Battalion of the Nigerian Army. The operation, which resulted in the arrests of 133 suspects, uncovered a variety of electronic devices, including mobile phones, computers, and other gadgets. These items are believed to have been used in running the scheme and were seized as part of the investigation.
The arrested individuals are currently being questioned, and investigations are ongoing. The EFCC has promised that the suspects will be charged in court once the probe is completed. The commission’s swift action highlights its growing commitment to cracking down on fraudulent financial schemes that prey on vulnerable Nigerians.
Ponzi schemes, which promise high returns with little to no risk, have become a common problem in Nigeria, with many Nigerians falling victim to these fraudulent operations. The schemes typically rely on the recruitment of new members, who are promised hefty profits for simply enrolling and bringing in others.
In many cases, Ponzi schemes target young people, particularly those in search of quick financial success. These schemes exploit their dreams and ambitions, offering unrealistic promises of wealth and success in a short period. As the schemes grow, the operators take advantage of the influx of new participants to pay off older ones, but this is ultimately unsustainable, leading to the collapse of the scheme once new recruitment slows down.
Q University, also known as Q-Net, is not the first Ponzi scheme to be exposed in Nigeria. In recent years, the EFCC has arrested and charged individuals involved in similar scams, such as MMM and other pyramid schemes. Despite these efforts, Ponzi schemes continue to thrive in certain parts of Nigeria, where they capitalize on the widespread desire for financial success and the lack of proper regulation in the financial sector.
Ponzi schemes not only hurt their victims financially but also erode trust in legitimate financial institutions and businesses. The collapse of these schemes leaves many individuals with significant losses, often resulting in financial hardship. The victims of Q University, for instance, are now left to deal with the fallout from their involvement in the scheme.
Moreover, these fraudulent operations also harm Nigeria’s economy by diverting funds away from genuine business activities and investments. Rather than contributing to the nation’s economic growth, Ponzi schemes exploit the hopes of young Nigerians for personal gain.
The EFCC has been at the forefront of Nigeria’s fight against financial crimes, particularly those involving scams like Ponzi schemes. The agency has continued to warn Nigerians to be cautious of programs that promise quick wealth and to thoroughly investigate any financial opportunity before committing.
In addition to cracking down on Ponzi schemes, the EFCC has also intensified its efforts to tackle other forms of financial fraud, including corruption, money laundering, and cybercrime. The agency’s collaboration with the Nigerian Army and other security agencies demonstrates its commitment to bringing those responsible for such crimes to justice.
As the investigation into Q University continues, the EFCC has called on Nigerians to be vigilant and report any suspicious financial schemes to the authorities. The agency has also warned that it will continue to monitor and dismantle fraudulent operations that prey on unsuspecting citizens.
For now, the 133 individuals arrested in the Gwagwalada raid are facing charges related to their involvement in the Ponzi scheme. The EFCC’s actions serve as a reminder to the public about the dangers of schemes that promise unrealistic financial rewards, and the need for continued vigilance in the face of financial fraud.
This latest operation by the EFCC is a positive step toward curbing the growing problem of Ponzi schemes in Nigeria. However, experts believe that more needs to be done to raise awareness about these fraudulent activities and to strengthen regulations in the financial sector to prevent future scams.
