The Economic and Financial Crimes Commission has successfully handed over a total sum of N96.5 million to victims of Ponzi schemes in Enugu State.

The spokesperson for the commission, Dele Oyewale, confirmed this action in a statement released on Friday from Abuja.

Oyewale stated that this step was directly in line with the anti-graft agency’s commitment to combating economic and financial crimes and ensuring restitution for victims of fraudulent schemes.

The commission had initially received a petition, dated September 30, 2024, from one Chijioke Ngwu and others, lodged against Oyubu Akpojewve, who also went by the name Justice Nonso Chima, the Managing Director of Leverage Index Limited.

The petitioners alleged that Akpojewve successfully lured them into investing the said sum of money in a Ponzi scheme. They reported that “He presented offers to prospective investors in two formats: what he called the Monthly Plan and another one called Live Trading.”

The petitioners detailed the investment options, stating the requirements for the first format: ”The Monthly Plan required that an investor transfer a minimum sum of N2.5 million or more to a UBA account number for the firm to use and trade in forex. After this, a monthly profit of N200,000.00, or eight per cent of the total money invested, is given to the investor, while the initial capital of N2.5 million or more is retained for further monthly trading if the investor so wishes.”

They further explained the second format, saying: “The Live Trading format is such that an investor transfers any amount of money to Leverage Index into the said account for a live trading session on a designated day for the firm to trade with on the same designated day and remit 10 per cent of the total sum transferred initially as profit to the investor the next day,”
According to the victims, after they invested their money, Akpojewve, who had presented himself as a registered forex trader, began giving excuses, citing disagreements with his trading partners. Soon after, he allegedly shut down his office and became unreachable.

Oyewale confirmed that the commission’s operatives immediately swung into action and discovered that Akpojewve had conspired with his cohorts to defraud unsuspecting victims of their hard-earned money.

While handing over the recovered money to the victims, EFCC Chairman Ola Olukoyede, who was represented by the Enugu Zonal Director of the Commission, Mr. Daniel Isei, reiterated the commission’s readiness to combat economic and financial crimes.

Olukayode stressed that the commission would continue to ensure that fraudsters are denied the proceeds of their crime and that victims receive their lost funds and properties.

The Chairman offered a word of caution to the public: “My own final word, beyond giving you the draft, is that this should also serve as a lesson. We should be more circumspect. We should be more vigilant during every business proposal. Some can look too good to be real. We should not be in a hurry to double our money overnight. I think we should learn from this, and we should also take it home and talk to our friends, family and children.” He added, “I hope this will serve as encouragement that EFCC is working for you as Nigerians, and secondly, to take home that this is a learning point for you.”

Ukwu Ernest Ikechukwu, one of the victims who received a draft of N19.9 million, commended the commission for its professionalism and integrity in discharging its duties.

Another recipient of the recovered funds, Ikechukwu Ogbunubi, who received N10 million, lauded the commission for its dogged efforts in recovering the money. Other named recipients included Temple Lewis Maduka, who got N7.5 million; Ngwu A, who received N19.4 million; and Alphonsus Umeh, who received N7 million.