Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested three suspected fraudsters linked to a Q-net scam that allegedly raked in hundreds of millions of naira from students in Nigeria.
This was disclosed in a statement released on Friday.
According to the Commission, the suspects—Olaniyan Joshua, Oyetunde Julius Akano, and Victor Oluwale—are currently undergoing interrogation following their arrest on Wednesday, May 1, 2025, in Abuja.
EFCC Allegation
- The EFCC stated that the trio, operating under the name “Mighty Infinity Millionaire Limited,” allegedly claimed to be representatives of Q-net, a global e-commerce and direct selling company.
- The Commission added that Q-net has since denied any affiliation with the suspects and their activities.
- Investigations further revealed that the suspects were also running a fraudulent university, holding training sessions in pavilions and under trees, and offering fake Bachelor of Science degrees in Medicine, Nursing, Cybersecurity, Computer Studies, Geology, and other fields.
- The EFCC stated that these operations were conducted under a false claim of affiliation with Quest International University, Malaysia.
“Student victims were charged between N1.2 million and N1.3 million as registration fees, from which the suspected scammers raked in hundreds of millions in proceeds of crime,” the EFCC added.
- The Commission also disclosed that on March 24, 2025, it raided the so-called Q-net University at Compensation Layout, Gwagwalada, FCT, Abuja, where 133 suspects were arrested.
- The anti-graft agency noted that interrogation of the suspects is ongoing.
What to Know
This development comes amid ongoing legal, regulatory, and prosecutorial scrutiny of fraudulent investment schemes and their promoters by the EFCC and other regulatory bodies such as the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC).
- This follows the collapse of another fraudulent cryptocurrency investment scheme known as “CBEX,” which defrauded Nigerians of an estimated N1.3 trillion in investor funds.
- The SEC had earlier disclosed its intention to collaborate with law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and its promoters.
- The Commission clarified that it did not grant registration to Crypto Bridge Exchange (CBEX) or its affiliates to operate in Nigeria.
In a statement responding to recent media reports, the SEC explained that CBEX—reportedly also operating under the corporate identities of ST Technologies International Ltd., Smart Treasure, and Super Technology—is not authorized to operate in the Nigerian capital market.
Nairametrics previously reported that the House of Representatives, on Thursday, cautioned public figures, celebrities, and influencers against promoting unregistered investment schemes in light of the CBEX collapse.
The EFCC has also taken action by obtaining a court order to arrest and detain CBEX promoters.
Recently, the Securities and Exchange Commission (SEC) raised the alarm over another suspected illegal investment platform known as TOFRO.COM (Tofro), warning Nigerians to avoid it.
