Reported by: Ijeoma G | Edited by: Gabriel Osa
In a significant push to restore confidence among victims of fraudulent investments, the Economic and Financial Crimes Commission has returned N96.5 million to individuals defrauded by a forex-based ponzi scheme in Enugu State. The recovery followed months of investigation into petitions filed on September 30, 2024 by Chijioke Ngwu and several others against Oyubu Clement Akpojewve, also known as Justice Nonso Chima, the Managing Director of Leverage Index Limited.
The petitioners accused Akpojewve of enticing them with promises of quick and guaranteed returns through two investment models he called the Monthly Plan and Live Trading. Under the Monthly Plan, investors deposited a minimum of N2.5 million for supposed forex trading, expecting monthly profits of N200,000 or 8% of the total capital. The Live Trading option required transferring any chosen amount for a one-day trading session, with 10% of the capital pledged as next-day profit. The investors said that after collecting the funds, Akpojewve claimed to be a certified forex trader but soon became evasive, shut down his office and eventually disappeared.
Following the petition, EFCC operatives traced how the suspect and his associates moved the funds through several bank accounts to conceal their final destinations. The investigation led to the recovery of the full amount lost by the victims.
During the handover of the recovered funds, the Executive Chairman of the EFCC, Ola Olukoyede, represented by the Enugu Zonal Director, CE Daniel Isei, reaffirmed the Commission’s determination to dismantle fraudulent networks and ensure restitution. He urged Nigerians to exercise caution when approached with investment deals that promise unrealistic gains, stressing that the case should serve as both relief and a cautionary message. He noted that protecting citizens from financial predators remains a central mandate of the Commission.
Recipients expressed heartfelt appreciation for the recovery effort. One victim, Ukwu Ernest Ikechukwu, who received N19.9 million, praised the Commission for its transparency and integrity, stating that the experience had renewed his confidence in public institutions. Another beneficiary, Ikechukwu Ogbunubi, who received N10 million, said he was initially skeptical that the money could ever be recovered but was impressed by the Commission’s thoroughness and commitment. Others, including Temple Lewis Maduka, Ngwu A, and Alphonsus Umeh, also received their funds and shared similar sentiments of gratitude and relief.
Stone Reporters’ view draws parallels with past fraudulent schemes where victims rarely recovered any portion of their money, making this outcome a noteworthy deviation from the norm. It underscores how swift investigation and institutional resolve can prevent fraudsters from benefiting from their schemes and restore hope to affected communities.
A professional observation points to the growing sophistication of investment scams and the need for stronger public awareness on financial literacy. The case also reinforces the importance of prompt reporting, as early intervention often increases the chances of recovery.
With the return of N96.5 million to its rightful owners, this development stands as a strong reminder that vigilance, timely action and institutional accountability remain critical tools in protecting citizens from economic crimes.
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