The Economic and Financial Crimes Commission (EFCC) has broken up a Ponzi scheme operating under the name Q University, also known as Q-Net, and arrested 133 suspects in Abuja.
According to a statement by the anti-graft agency, the suspects were apprehended on Monday, 24 March 2025, at Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), following intelligence reports on the academy’s operations.
The EFCC described the academy as a fraudulent recruitment centre where unsuspecting young Nigerians were lured with promises of unrealistic financial returns.
“The Academy… is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns,” the statement read.
The suspects were reportedly enrolled in a programme called “Special Training for New Generation Billionaire”, where they were indoctrinated into believing they would become wealthy.
Recruits joined the scheme by filling an “Independent Representative Application Form”, which bore motivational slogans such as “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The operation was conducted in collaboration with officers of the 176 Guards Battalion of the Nigerian Army.
The EFCC recovered mobile phones, computers, and other electronic devices from the suspects, who will be prosecuted upon completion of investigations.
