EFCC: Urban Radio Host Involved in N700m Ponzi Fraud, Radio Station Tried To Obstruct Justice

The operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have spoken out regarding the arrest of Favour Ekoh, the host of the popular “Prime Time” programme on Urban Radio 94.5 FM, Enugu, over her alleged involvement in a N700 million Ponzi scheme fraud.

The case, which reportedly involves about fifty victims, has rocked Enugu, drawing widespread attention to the integrity of media personalities.

According to a statement released by Dele Oyewale, the commission’s media and publicity head on Tuesday, Ekoh, allegedly lured investors into a scheme known as “Life Trading,” which was operated by Leverage Index Limited. The victims were promised a 10 percent return on investment within a specified period. 

However, the victims claim that after making their investments, the company, which operated from No. 1 Colliery Street, Okpara Avenue, Enugu, suddenly shut down, leaving them without their principal investments or the promised returns. Ekoh, being the primary link between the victims and the company, was the focus of the EFCC’s probe.

After attempts to reach her elsewhere were unsuccessful, the EFCC initiated a sting operation to arrest her at the radio station.

“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. 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 that locked them within the premises of the Station. Ekoh had to be trailed to the Station for an 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. No equipment of the Station was tampered with and she has since been released after being allowed to make a Statement at the Enugu office,” the statement read.

Oyewale stated tha Ekoh was not arrested while on air, and after being arrested, was transported to the EFCC Enugu office, where she made a formal statement before being released on bail.

The station’s MD Owoyomi and the security guards were also released after giving statements to the EFCC, though they face charges of obstruction of justice. The EFCC emphasized that while it values the media as a critical stakeholder in the fight against corruption, actions that prevent law enforcement officers from carrying out their duties are unacceptable.

The EFCC further called on the International Press Institute (IPI) and the Nigerian Union of Journalists (NUJ) to investigate the conduct of Urban Radio 94.5 FM in this incident, questioning the station’s decision to obstruct law enforcement officers and raised concerns about the professional integrity of Ekoh, given her alleged involvement in a scheme that defrauded fifty Nigerians of substantial sums of money.

“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.”

In an earlier statement on Tuesday, the station, Urban Radio 94.5FM Enugu accused the EFCC operatives of invading its studio during a live broadcast “abduct” presenters.

Chioma Kalu

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