The Economic and Financial Crimes Commission (EFCC) has successfully returned a total of N96.5 million to individuals who fell victim to a fraudulent Ponzi scheme operating in Enugu State.
How the Forex Investment Scam Operated
According to a statement released on Friday, 5 December 2025, by the EFCC's spokesperson, Dele Oyewale, the commission acted on a petition filed on 30 September 2024. The petition was submitted by Chijioke Ngwu and others against Oyubu Akpojewve, also known as Justice Nonso Chima, who presented himself as the Managing Director of Leverage Index Limited.
The suspect allegedly lured investors with two seemingly profitable forex trading plans. The first was a Monthly Plan, which required a minimum investment of N2.5 million into a designated UBA account. In return, investors were promised a monthly profit of N200,000, or eight percent of their capital, while the principal sum would be retained for further trading.
The second option was called Live Trading. Under this format, investors could transfer any amount for a live trading session on a specific day. The firm promised to return the initial capital plus ten percent as profit the very next day.
The Investigation and Recovery
After collecting the funds, Akpojewve began giving excuses, citing disagreements with trading partners. He subsequently shut down his office and became unreachable, leaving investors in distress.
EFCC operatives immediately launched an investigation. They discovered that Akpojewve conspired with others to defraud unsuspecting victims of their hard-earned money. The commission's diligent efforts led to the recovery of the full sum of N96.5 million.
During the handover ceremony in Enugu, the EFCC Chairman, Ola Olukoyede, represented by the Enugu Zonal Director, Mr. Daniel Isei, reiterated the agency's commitment to fighting economic crimes. He emphasized that the EFCC is determined to deny fraudsters the proceeds of their crimes and ensure restitution for victims.
A Lesson in Vigilance for Investors
Olukoyede used the occasion to issue a stern warning to the public. He urged Nigerians to be more circumspect and vigilant when presented with business proposals, especially those that "look too good to be real."
"We should not be in a hurry to double our money overnight," he cautioned. "I think we should learn from this, and we should also take it home and talk to our friends, family, and children." He stated that the recovery should serve as both an encouragement that the EFCC is working for Nigerians and a crucial learning point.
The victims expressed profound gratitude to the anti-graft agency. Ukwu Ernest Ikechukwu, who received a draft of N19.9 million, commended the commission's professionalism and integrity. Another beneficiary, Ikechukwu Ogbunubi, who got back N10 million, praised the EFCC's dogged efforts in recovering the funds.
Other recipients included:
- Temple Lewis Maduka – N7.5 million
- Ngwu A – N19.4 million
- Alphonsus Umeh – N7 million
This successful restitution highlights the EFCC's ongoing campaign to tackle financial fraud and protect citizens from sophisticated investment scams.
