The Economic and Financial Crimes Commission (EFCC) has arrested three individuals suspected of orchestrating a fraudulent Q-net scheme that allegedly swindled hundreds of millions of naira from students across Nigeria.
In a statement issued on Friday, the Commission identified the suspects as Olaniyan Joshua, Oyetunde Julius Akano, and Victor Oluwale. They were apprehended on Wednesday, 1 May 2025, in Abuja and are currently undergoing interrogation.
According to the EFCC, the trio operated under the name “Mighty Infinity Millionaire Limited” and falsely claimed to be affiliated with Q-net, a global e-commerce and direct selling enterprise. Q-net has since denied any connection with the suspects or their operations.
Investigations revealed that, beyond promoting the fraudulent investment scheme, the suspects also ran a fake university where they conducted so-called training sessions in makeshift locations, including pavilions and open-air settings. They offered bogus Bachelor of Science degrees in fields such as Medicine, Nursing, Cybersecurity, Computer Studies, and Geology, among others.
The Commission noted that the sham institution claimed to be affiliated with Quest International University in Malaysia—a claim that has also proven false.
“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 stated.
Earlier, on 24 March 2025, the EFCC raided the so-called Q-net University located at Compensation Layout in Gwagwalada, Abuja, where 133 additional suspects were arrested. Interrogations in connection with the case are ongoing.
This latest development comes amid intensified regulatory and legal action by the EFCC, the Securities and Exchange Commission (SEC), and the Corporate Affairs Commission (CAC) against promoters of fraudulent investment platforms in Nigeria.
The crackdown follows the recent collapse of the Crypto Bridge Exchange (CBEX) scheme, which is believed to have defrauded investors of approximately N1.3 trillion. The SEC confirmed it had never registered CBEX or any of its affiliates—including ST Technologies International Ltd., Smart Treasure, and Super Technology—to operate within the Nigerian capital market.
In response, the SEC is collaborating with law enforcement agencies to pursue enforcement actions against the promoters of CBEX, while the EFCC has secured a court order to detain key figures linked to the collapsed platform.
Meanwhile, the SEC has issued fresh warnings about a new suspected illegal investment platform known as TOFRO.COM (Tofro), urging Nigerians to exercise extreme caution and avoid involvement.
As fraudulent schemes continue to surface, the Nigerian House of Representatives recently advised public figures, celebrities, and influencers to refrain from endorsing unregistered investment platforms.