The Economic and Financial Crimes Commission (EFCC) has apprehended Favour Ekoh, a radio host of the “Prime Time” program on Urban Radio 94.5FM in Enugu, for her alleged involvement in a fraudulent investment scheme valued at N700 million. She is accused of misleading investors by promising them high returns on their investments.
According to a statement released by Dele Oyewale, the EFCC’s Head of Media and Publicity, the arrest occurred on October 14, 2024, when EFCC operatives approached the radio station to question Ekoh about her participation in the suspected Ponzi scheme that has reportedly left around fifty victims financially stranded.
The investigation indicates that Ekoh allegedly convinced investors to place their money into a scheme known as Life Trading through a company called Leverage Index Limited, presenting an attractive return rate of 10 percent. However, the victims have reported that after investing their funds with the company, it abruptly ceased operations and failed to refund their initial investments or any accrued profits.
The EFCC characterized Ekoh as a significant link to the victims, many of whom felt betrayed as a result of the company’s unexpected closure. The agency’s statement noted that Ekoh’s role as a trusted media figure was utilized to endorse the deceitful investment operation.
The arrest operation unfolded when EFCC agents arrived at Urban Radio Enugu armed with an arrest warrant for Ekoh. Upon their arrival, they informed the station’s Managing Director, Bamikole Owoyomi, of their intentions. However, a staff member contacted the station’s Chairman, who ordered the gates to be locked, effectively detaining the EFCC operatives.
In response to the situation, a rescue team was dispatched, leading to the apprehension of Ekoh, Owoyomi, and two security guards involved in obstructing justice. The EFCC stated that its operatives acted lawfully, and they did not tamper with any equipment during the incident.
It was emphasized that Ekoh was not taken into custody while on-air; instead, the operation was executed discreetly to secure her arrest.
Following the incident, the EFCC allowed Ekoh to provide her statement at their Enugu office. The radio Host, along with Owoyomi and the security guards, was later released. Owoyomi and the security personnel were briefly held due to obstruction but were released after providing their statements to the authorities.
The EFCC reiterated its commitment to collaborating with the media as crucial partners in combating corruption. However, it expressed condemnation for the actions taken by the radio station’s staff, labeling their interference with EFCC operations as intolerable. The statement further called into question Ekoh’s professional integrity, asserting that her alleged involvement in the Ponzi scheme represents a severe violation of public trust. The EFCC has urged the Nigerian Union of Journalists (NUJ) and the International Press Institute (IPI) to investigate the conduct of both Ekoh and Urban Radio Enugu in relation to this matter, as it raises significant concerns about media ethics.
In a counter-response, the management of Urban Radio 94.5FM expressed their disapproval of the EFCC’s raid, describing it as a frustrating interruption to their programming. They issued an apology to their listeners for the disturbance caused.
In their statement, the management expressed regret regarding the disruption that occurred around 6:35 p.m. on Monday when armed individuals identifying themselves as EFCC officers entered the studio, disrupting the live “Prime-Time” show, forcibly removing presenters, and seizing communication equipment without providing a rationale. They expressed hopes for a swift resolution to the situation.
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