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    Alleged N700m Ponzi Scheme: How Enugu radio host, Favour Ekoh, was arrested — EFCC

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    The Economic and Financial Crimes Commission (EFCC) has arrested Favour Ekoh, a radio host at Urban Radio 94.5FM, Enugu, for allegedly masterminding a ₦700 million Ponzi scheme that defrauded about 50 victims.

    The scheme, operated by Leverage Index Limited, promised investors a 10% return on investment through ‘Life Trading.’ However, the company closed its office at No. 1 Colliery Street, Okpara Avenue, Enugu, without returning the investments or principal.

    On Monday, October 14, 2024, EFCC operatives, armed with a warrant, visited Urban Radio 94.5FM to question Ekoh. In a surprising twist, staff members, allegedly on the orders of the station’s chairman, locked the operatives inside, obstructing justice.

    In a statement signed on Tuesday, Dele Oyewale, EFCC’s Head of Media and Publicity, condemned the radio station’s actions as unlawful.

    Oyewale added that a rescue team was deployed, leading to the arrest of the radio station’s Managing Director, Bamikole Owoyomi, and two security guards for obstruction. Ekoh was also taken into custody.

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    He explained, “Faced with such hostility, the EFCC staff called for a rescue team, which eventually arrested Owoyomi, Ekoh, and the two security guards who locked them within the premises of the station. Owoyomi and the security guards were arrested for obstruction of justice as they initially prevented the operatives from carrying out their official duty.

    “Ekoh had to be trailed to the station for arrest because the nature of the fraudulent dealings necessitated a sting operation to prevent her escape or going underground. She was neither arrested while on air, nor was there any disruption of the lawful activities of the radio station. No equipment of the station was tampered with, and she has since been released after making a statement at the Enugu office.

    “Owoyomi and the security guards were later released after making statements. Ekoh was granted bail after providing a statement at the EFCC’s Enugu office.”

    The EFCC called on the International Press Institute and the Nigerian Union of Journalists to investigate the station’s conduct, citing concerns about influential individuals’ involvement in financial crimes.

    Oyewale added, “The EFCC holds the media in high esteem both as the fourth estate of the realm and a critical stakeholder in the fight against economic and financial crimes and other acts of corruption. However, the unlawful obstruction of Commission officers by the staff of the radio station is unacceptable. Furthermore, Ekoh’s professional credentials, as a principal suspect in a ₦700 million Ponzi scheme affecting 50 innocent Nigerians, are questionable.

    “The Commission hereby calls on the International Press Institute and the Nigerian Union of Journalists to investigate the conduct of the station in light of integrity and ethical professional practice.”

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