The Economic and Financial Crimes Commission (EFCC) on Tuesday arrested radio host Favour Ekoh in connection with an alleged N700 million Ponzi scheme.
Ekoh, who anchors the “Prime Time” programme on Urban Radio 94.5FM in Enugu, is accused of enticing unsuspecting investors with promises of high returns through a fraudulent scheme.
According to a statement by EFCC Head of Media and Publicity, Dele Oyewale, Ekoh allegedly convinced her victims to invest in a scheme known as “Life Trading under Leverage Index Limited,” offering a 10% return on investment.
“On Monday, October 14, 2024, operatives from the Enugu Zonal Directorate of the EFCC visited Urban Radio to invite Ekoh for questioning regarding her involvement in the alleged N700m Ponzi scheme, which affected around 50 victims,” Oyewale said.
When EFCC officers arrived at the radio station with an arrest warrant, they identified themselves to the station’s Managing Director, Bamikole Owoyomi, and explained their mission. However, a staff member contacted the station’s chairman, who ordered the gates to be locked, effectively holding the officers hostage.
In response, the EFCC dispatched a rescue team, leading to the arrest of Owoyomi, Ekoh, and two security guards for obstructing the investigation.
Oyewale emphasized that no equipment at the station was tampered with during the operation and clarified that Ekoh was not arrested while on air. “The nature of the fraudulent dealings required a sting operation to ensure her apprehension,” he said.
After giving statements at the EFCC Enugu office, Ekoh, Owoyomi, and the security guards were released. The EFCC criticized the unlawful obstruction of its officers but reiterated its respect for the media as a crucial partner in the fight against corruption.
