Radio Host Arrested in Connection with N700 Million Ponzi Scheme

The Economic and Financial Crimes Commission (EFCC) has arrested radio host Favour Ekoh over her alleged involvement in a N700 million Ponzi scheme. Ekoh, who presents the “Prime Time” show on Urban Radio 94.5FM in Enugu State, is accused of deceiving investors with promises of high returns.

According to a statement from the EFCC, Ekoh is said to have recruited victims into an investment scheme named ‘Life Trading under Leverage Index Limited’, assuring them a 10% return on their investments. Following a tip-off, EFCC operatives attempted to question her at the radio station regarding her role in the scheme, which reportedly impacted around 50 victims.

Victims claimed that after investing in the company located at No. 1 Colliery Street, Okpara Avenue, Enugu, they were unable to retrieve their initial investments or any profits after the company ceased operations.

As the operatives arrived at the station with an arrest warrant, the station’s staff allegedly attempted to prevent their access, locking the gates and detaining the officers inside. This led to a subsequent operation by a rescue team that resulted in the arrest of both Ekoh and the station’s Managing Director, Bamikole Owoyomi, along with two security guards for obstructing justice.

The EFCC emphasized that Ekoh was not arrested while on air, clarifying that a covert operation was necessary to ensure her capture. After providing a statement at the EFCC’s Enugu office, Ekoh, Owoyomi, and the security guards were released, with the latter two having made their statements.

The EFCC underscored its commitment to cooperating with the media in the fight against corruption but condemned the radio station’s staff for hindering their efforts.