The Economic and Financial Crimes Commission (EFCC) says its operatives arrested the host of the Prime Time programme at Urban Radio 94.5FM in Enugu, Favour Ekoh, over an alleged Ponzi scheme fraud.

The EFCC made this known in a statement issued by its Head of Media and Publicity, Dele Oyewale, on Tuesday, October 15, 2024.

Oyewale stated that Ekoh, who was arrested after the EFCC operatives raided Urban Radio on Monday, October 14, is being investigated by the Enugu Zonal Directorate of the EFCC in an alleged N700 million Ponzi scheme fraud involving about 50 victims.

Oyewale stated that the victims alleged that Ekoh lured them into investing in a scheme “Life Trading” in a company,  Leverage Index Limited, where they were offered returns on investment of 10 per cent of their capital after a period of time.

He said the victims alleged that after investing their money into the company located at No. 1 Colliery Street, Okpara Avenue, Enugu State, the company closed its office with no return on investment or principal returned to the victims.

The EFCC spokesperson said Ekoh allegedly invited the victims into the business and she remained the only link the victims could hold.

Oyewale added: “At the Radio Station, operatives of the Commission, holding a warrant of arrest for Ekoh, identified themselves as officers of the EFCC. They informed the Managing Director of the Station, Bamikole Owoyomi, about their mission.

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“However, in a rather strange twist, a staff of the Station called the Chairman of the Radio Station who ordered that the gate of the building be locked in and out, thereby holding the officers hostage. Faced with such hostility, they called for a rescue team which eventually arrested  Omoyomi,  Ekoh, and the two security guards who locked them within the premises of the Station.

“Ekoh had to be trailed to the Station for arrest because the nature of the fraudulent dealings necessitated a sting operation that would foreclose her escape or going underground. She was neither arrested while on air nor any disruption of the lawful activities of the Radio Station took place.”

He noted that no equipment of Urban Radio was tampered with, adding that Ekoh has since been released after being allowed to make a statement at the EFCC’s office in Enugu.

The EFCC spokesman said Owoyomi and the two security guards were arrested for obstruction of justice as they initially prevented the anti-graft agency’s operatives from carrying out their official duty.

Oyewale said: “They also made statements to that effect and had since been released.

“The EFCC holds the media in high esteem both as the fourth estate of the realm and critical stakeholder in the fight against economic and financial crimes and other acts of corruption, but the precipitate and unlawful obstruction of officers of the Commission from carrying out their duties, by staff of the Radio Station,  is unacceptable.

“Besides, the professional credentials of Ekoh,  a principal suspect in a Ponzi scheme to the tune of N700m affecting 50 innocent Nigerians, are questionable. The Commission hereby calls on the International Press Institute, IPI, and the Nigerian Union of Journalists, NUJ, to investigate the conduct of the Station in the light of integrity and ethical professional practice.”

The Star