Abuja, Nigeria – Operatives of the Economic and Financial Crimes Commission (EFCC) on Monday 24th March 2025 busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
Converseer learned that the suspects were arrested at the Compensation Layout in the Gwagwalada area of the Federal Capital Territory (FCT), Abuja, following actionable intelligence on the existence of the Academy.
The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
The suspects are enrolled on a training codenamed: “Special Training for New Generation Billionaires” and brainwashed to believe that they would graduate into the League of Billionaires. They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion”, “I’m Unstoppable”, and “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of the 176 Guards Battalion of the Nigerian Army.
“Items recovered from the suspects include phones, computers and other electronic gadgets.
“They will be charged to court as soon as investigations are concluded,” an EFCC statement read.