Radio Host Favour Ekoh Arrested for Alleged ₦700m Ponzi Scheme, Station Accused of Obstructing EFCC

Favour Ekoh, a radio host at Urban Radio 94.5FM in Enugu, was arrested by the Economic and Financial Crimes Commission (EFCC) on Monday over allegations of orchestrating a ₦700 million Ponzi scheme. The scheme, which operated under Leverage Index Limited, reportedly defrauded approximately 50 investors with promises of a 10% return through a practice called “Life Trading.” The company shut down its office in Enugu without returning the funds.

The arrest took a dramatic turn when EFCC operatives, arriving at the radio station with a warrant, were allegedly locked inside by staff on orders from the station’s chairman. This led to a standoff and a subsequent rescue operation, resulting in the arrest of the station’s Managing Director, Bamikole Owoyomi, and two security guards for obstructing justice.

The EFCC clarified that Ekoh was arrested as part of a sting operation, emphasizing that her detention did not interfere with the station’s broadcast or equipment. After cooperating with the EFCC, Ekoh was released on bail, as were Owoyomi and the security guards following their statements.

The Commission has called on media organizations to probe the station’s actions, raising concerns about potential complicity in financial crimes.