The Economic and Financial Crimes Commission (EFCC) has revealed why it raided Urban 94.5 FM, a private radio station in Enugu State, on the night of Monday, October 14, 2024. The operation led to the arrest of a presenter, Favour Ekoh, and three other staff members, amid allegations of involvement in a N700 million Ponzi scheme that defrauded about 50 people.
According to EFCC spokesperson, Dele Oyewale, the raid was necessary to invite Favour Ekoh for questioning about her role in the fraudulent scheme. Ekoh is accused of convincing people to invest in a scheme called “Life Trading” run by Leverage Index Limited. Investors were promised a 10% return on their money, but after investing, the company closed its office, leaving the victims without any money or returns. Ekoh allegedly served as the main point of contact for these victims, making her key to the investigation.
During the raid, the situation escalated when the Managing Director of the radio station, Bamikole Owoyomi, and two security guards blocked the EFCC operatives from carrying out their duties. Oyewale stated that the Chairman of the station ordered the gates to be locked, trapping the EFCC officers inside. This led to additional arrests for obstruction of justice.
A rescue team was eventually called in to assist the officers, and all four individuals, including Ekoh, were taken in for questioning. The EFCC later confirmed that no equipment was damaged during the operation, and the arrested individuals have since been released after making statements.
The EFCC highlighted the important role the media plays in the fight against corruption, but emphasized that interference with official duties, as seen during the raid, is unacceptable. The Commission urged the Nigerian Union of Journalists (NUJ) and the International Press Institute (IPI) to investigate the conduct of the radio station and ensure proper ethical standards are upheld.
Ekoh’s involvement in the Ponzi scheme is still under investigation, as victims continue to seek justice for their lost investments.
This raid underscores the EFCC’s commitment to tackling financial crimes in Nigeria, and it serves as a reminder of the risks associated with fraudulent investment schemes like Ponzi schemes.
