The Economic and Financial Crimes Commission (EFCC) has apprehended 133 individuals following a raid on a suspected Ponzi scheme training facility in Abuja. The operation, conducted on Monday, March 24th, targeted a location in the Gwagwalada area of the Federal Capital Territory known as “Q University” or “Q-Net.” According to the EFCC, the facility was used to recruit and train young Nigerians in fraudulent investment schemes, promising unrealistic returns.
The suspects were enrolled in a program called “Special Training for New Generation Billionaire,” where they were indoctrinated with promises of wealth. The training involved the use of promotional slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.” The EFCC, in collaboration with the 176 Guards Battalion of the Nigerian Army, seized phones, computers, and other electronic devices during the raid.The arrested individuals are expected to face charges in court upon completion of the ongoing investigation.
This operation follows a similar arrest two weeks prior, where the EFCC apprehended 28 alleged Ponzi scheme operators in Minna, Niger State, who were linked to fraudulent activities with Q-Net Ltd. The crackdown on Ponzi schemes has intensified following the Senate’s passage of the Investments and Securities Repeal and Re-enactment Bill, 2024, in December 2024. This legislation, proposed by the Nigerian Securities and Exchange Commission (SEC), aims to severely penalize Ponzi scheme operators with up to 10 years imprisonment and substantial fines. The bill is intended to make the Nigerian securities market more competitive and to protect the public from fraudulent investment schemes.
