In a recent case reported in the media, a local radio station was the scene of a financial scandal involving presenter Favour Ekoh. The case, which rocked the city of Enugu in Nigeria, highlighted the disastrous consequences of financial scams perpetrated to the detriment of over fifty victims.
Favour Ekoh, a presenter at Urban Radio 94.5FM in Enugu, was arrested by the Economic and Financial Crimes Commission (EFCC) for her alleged role in a Ponzi scheme that allegedly embezzled a whopping N700 million. The scheme set up by Leverage Index Limited promised investors attractive returns of 10% through a method dubbed “Life Trading”. However, the company suddenly closed down without repaying the investments or the principal amounts.
The EFCC intervention took an unexpected turn when the operatives went to the radio station to question Favour Ekoh and were blocked inside by staff members, on the orders of the station chairman. Faced with the obstruction, a rescue party was dispatched to free the operatives and arrest the station manager, Bamikole Owoyomi, and two security guards.
In an official statement, the EFCC’s Head of Communications, Dele Oyewale, strongly condemned the conduct of the station, stressing that it was an illegal act. Oyewale also called on the International Press Institute and the Nigerian Union of Journalists to investigate the conduct of the station, expressing concerns over the involvement of influential figures in dubious financial dealings.
While the EFCC acknowledges the critical role of the media in combating financial crimes, it insists that any act aimed at hindering ongoing investigations is unacceptable. In the case of Favour Ekoh, suspected of being at the centre of a major scam, the intervention of the EFCC was necessary to secure her arrest and prevent any escape.
The case involving the journalist and the radio station has sent shockwaves through the community, highlighting the dangers of fraudulent schemes and the need to protect investors from such illegal practices. It is hoped that strict measures will be taken to curb such harmful activities and that justice will be served to the victims of this high-profile scam.