By By Micheal Chukwuebuka
THE Economic and Financial Crimes Commission (EFCC) has cracked down on a Ponzi scheme academy in Abuja, arresting 133 suspects.
The operation, carried out on Monday, March 24, 2025, was made possible by actionable intelligence on the existence of the academy, located at the Compensation Layout in Gwagwalada area of the Federal Capital Territory.
The academy, known as Q University (also referred to as Q-Net), targets young Nigerians, recruiting and training them to bring in more members with promises of unrealistic profit returns.
The suspects underwent training dubbed “Special Training for New Generation Billionaire,” which brainwashed them into believing they would become billionaires.
To join the training, they filled out an “Independent Representative Application Form” adorned with slogans like “I’m a Champion” and “I’m Unstoppable.”
The EFCC collaborated with the 176 Guards Battalion of the Nigerian Army to carry out the operation.
Phones, computers, and other electronic gadgets were recovered from the suspects, who will face charges once investigations are complete.
This bust is not the EFCC’s first; they have previously arrested suspects linked to Q-Net Ltd for fraudulent investment activities.
What's your reaction?
