A Nigerian pastor, Apostle Theophilus Oloche Ebonyi of The Faith on the Rock Ministry International, was arrested by the EFCC after allegedly defrauding vulnerable members of about ₦1.3 billion in what is believed to be one of the biggest Ponzi schemes recorded this year.
He reportedly deceived victims by claiming that the Ford Foundation was offering a $20 billion grant to support the poor in Nigeria, but required interested individuals to make payments before accessing the funds.
Using Theobarth Global Foundation, he promoted the scheme and persuaded people to register as beneficiaries by paying for forms and joining “clusters.” Each participant was asked to pay ₦1.8 million with the promise of receiving a ₦1 billion grant.
Through this method, Mr. Ebonyi allegedly amassed ₦1.39 billion from unsuspecting individuals and organizations.
He then used the funds to acquire several assets, including a 23-room hotel and event center, a warehouse, a sachet water factory, and multiple office buildings in Nasarawa State.
About ₦1 billion was discovered in his First Bank account.
He was arrested in 2023 after the Ford Foundation denied any involvement in the scheme.
Recently, the ₦1billion in his account, along with the properties in Nasarawa State, were forfeited to the Federal Government after being confirmed as proceeds of crime.
Credit: cknnigeria.com
