The Economic and Financial Crimes Commission (EFCC) in Nigeria has busted a Ponzi scheme academy, arresting 133 suspects in the Gwagwalada area of Abuja on March 24, 2025.
The academy, operating under the name Q University (a.k.a Q-Net), preys on young Nigerians with promises of unrealistic riches.
Suspects were enrolled in a “Special Training for New Generation Billionaire” program, with misleading recruitment materials that used slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.”
The recruitment process involved the “Independent Representative Application Form.” The scheme appears to be designed to defraud participants through a multi-level marketing pyramid scheme rather than legitimate business activity.
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The EFCC operation was carried out with the support of the 176 Guards Battalion of the Nigerian Army. Recovered items include phones, computers, and other electronic devices.
The suspects are awaiting formal charges in court after the investigation is completed.
