In a major crackdown on financial fraud, operatives of the Economic and Financial Crimes Commission (EFCC) on Monday, March 24, 2025, dismantled a notorious Ponzi scheme academy in Abuja, arresting 133 suspects linked to the operation.
The illicit scheme, operating under the name Q University (also known as Q-Net), was uncovered at the Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), following intelligence reports on its fraudulent activities.
According to EFCC investigators, the academy specialized in recruiting and training young Nigerians to lure others into a deceptive investment scheme with false promises of massive returns. Recruits were indoctrinated through a program dubbed “Special Training for New Generation Billionaires,” convincing them they were on the path to unimaginable wealth.
Read also: EFCC arrest 10 internet fraud suspects in Akwa -Ibom
EFCC arraigns man for alleged $1,500 internet fraud in Uyo
EFCC secure conviction of 30 internet fraudsters in Ibadan
To gain entry, individuals were required to purchase what the operators called an “Independent Representative Application Form.” As part of their training, they were encouraged to chant motivational slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity”—psychological tactics aimed at deepening their belief in the fraudulent system.
The EFCC, in collaboration with officers of the 176 Guards Battalion of the Nigerian Army, executed the raid, seizing mobile phones, computers, and other electronic devices as evidence.
Authorities have vowed to bring the perpetrators to justice, confirming that the suspects will be charged in court once investigations are finalized.
This latest bust underscores the EFCC’s ongoing war against Ponzi schemes, warning Nigerians to stay vigilant against investment scams that promise unrealistic returns.
