On Tuesday, the Economic and Financial Crimes Commission (EFCC) arrested radio host Favour Ekoh over her alleged involvement in a N700 million Ponzi scheme.
According to the EFCC, Ekoh, the host of the “Prime Time” program on Urban Radio 94.5FM in Enugu, is accused of enticing unsuspecting investors into a fraudulent scheme by promising high returns.
EFCC spokesperson Dele Oyewale stated that Ekoh allegedly persuaded victims to invest in a scheme called “Life Trading under Leverage Index Limited,” with a promise of a 10 percent return on investment.
Oyewale said, “On Monday, October 14, 2024, EFCC operatives from the Enugu Zonal Directorate visited Urban Radio to question Ekoh regarding the alleged N700 million Ponzi scheme, which has affected around 50 victims.”
The victims claimed they invested their money with the company, located at No. 1 Colliery Street, Okpara Avenue, Enugu, only for the company to shut down, failing to return both the principal investment and promised profits.
Oyewale added that Ekoh was the key contact for the victims, many of whom were left stranded after the scheme collapsed.
“Ekoh’s role as the host of ‘Prime Time’ made her a trusted figure, which she allege”Radio Host Arrested Over Alleged N700m Ponzi Scheme”dly used to promote the fraudulent scheme,” Oyewale said.
Upon arrival at the radio station with an arrest warrant, EFCC officers introduced themselves to the station’s Managing Director, Bamikole Owoyomi, and explained their purpose. However, a staff member called the station chairman, who ordered the gates to be locked, effectively trapping the EFCC officers inside.
A rescue operation was later launched to free the officers, leading to the arrests of Owoyomi, Ekoh, and two security guards involved in obstructing justice.
“The operatives acted lawfully, and no equipment at the station was damaged,” Oyewale emphasized, noting that Ekoh was not arrested while on air. He added that due to the nature of the fraud, a carefully planned sting operation was necessary.
After being questioned at the EFCC Enugu office, Ekoh, Owoyomi, and the security guards were released following their statements.
Owoyomi and the guards were initially arrested for obstructing justice but were later released after cooperating with authorities.
The EFCC expressed its respect for the media as a key partner in the fight against corruption but condemned the actions of the radio station’s staff, calling the obstruction of its officers’ duties unacceptable.
