The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 120 suspected internet fraudsters, comprising 95 males and 25 females, at various locations in Lagos.
Operatives of the Lagos Zonal Directorate 1 of the EFCC facilitated the arrest, according to a statement by the Commission on Monday.
The suspects were said to be arrested on Monday, May 19, 2025, following credible intelligence and thorough surveillance regarding their alleged involvement in internet-related fraud.
Planned Arraignment
The EFCC disclosed that items recovered during the coordinated operation include 26 exotic cars and expensive jewelries, smartphones, laptops, and several incriminating documents.
- The Commission assured that the suspects are currently undergoing further investigation into their respective alleged involvement in crime.
- The EFCC promised to arraign the suspects in court upon the conclusion of the investigation.
Related Development
Recall that operatives of the Economic and Financial Crimes Commission, EFCC, had on March 24, 2025, arrested 133 suspects, after busting a Ponzi Scheme Academy in Abuja, hinting at their arraignment.
According to the Commission, the suspects were arrested at the Compensation Layout in the Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The EFCC had disclosed that it carried out the operation in collaboration with officers and men of the 176 Guards Battalion, Nigerian Army.
More Insights
The development is happening about months after the EFCC disclosed the arrest of 28 alleged Ponzi scheme operators in Minna, Niger State.
- According to the EFCC, the suspects’ arrest followed credible intelligence that linked them to fraudulent investment activities with a company, Q-Net Ltd.
- The legal scrutiny against Ponzi schemes and internet fraud took a new dimension following the passage of the Investments and Securities Repeal and Re-enactment Bill, 2024, by the Senate in early December 2024.
- The bill, aimed among other things, to clamp down heavily on operators of Ponzi schemes and other illicit activities in the country.
The bill proposed by the Nigerian SEC under Mr. Emomotimi Agama proposed a 10-year jail term for convicted Ponzi scheme operators and about $12,000 (20 million) in fines.
- The Nigerian SEC previously presented this bill before the former president of Nigeria, Muhammadu Buhari, and stated that the purpose of the bill was to make the Nigerian securities market competitive.
- Stakeholders and active members hailed this bill, saying that the bill will help mitigate the menace of bad actors who swindle the general public.
- The bill was passed at the plenary session following the adoption of the report from the Committee on Capital Markets, chaired by Senator Osita Izunaso (APC-Imo).
It was sponsored by Senator Bamidele Opeyemi and co-sponsored by Izunaso.