How Ponzi Scheme Operator Diverted Victims’ N91.5m through Unlicensed MFB in Enugu – Witness

ENUGU – The trial of an alleged Ponzi scheme operator, Chinedu Roland Okoronkwo, continued on Friday, September 26, 2025, before Justice F. O. Giwa-Ogunbanjo of the Federal High Court, Enugu, with a key prosecution witness detailing how the defendant allegedly diverted ₦91.5 million of investors’ funds through an unlicensed microfinance bank.Okoronkwo and his company, Reliance Microfinance Cooperative Society Limited, are facing 36 counts bordering on forgery, obtaining money by false pretence, and operating banking services without a valid licence.

They are being prosecuted by the Economic and Financial Crimes Commission (EFCC) at the Enugu Zonal Command.

Testifying as the ninth prosecution witness (PW9), EFCC Detective Superintendent Abubakar A. Abubakar told the court that inquiries to the Central Bank of Nigeria (CBN) confirmed that Reliance Microfinance had no licence to operate as a microfinance bank.

He added that a letter from the Nigeria Deposit Insurance Corporation (NDIC) equally showed the company was not insured.

Both responses were tendered and admitted in evidence.

Abubakar explained that Okoronkwo targeted unsuspecting investors within his church, persuading them to invest in a scheme he presented as a legitimate banking operation.

An analysis of account statements from Guaranty Trust Bank (GTB) and United Bank for Africa (UBA) revealed that the company received ₦69.85 million through its GTB account and ₦21.7 million through its UBA account from victims on various dates.

“The first defendant is the Chief Executive Officer and Managing Director of Reliance Microfinance Cooperative Society Limited and the sole signatory to the company’s accounts,”

Abubakar testified, while identifying exhibits showing the fraudulent transactions.

The EFCC further alleged that Okoronkwo forged documents to give the false impression that Reliance was duly registered and licensed.

One of the charges states that on October 9, 2018, Okoronkwo obtained ₦15 million from a victim, Francis Okoye Maluze, by claiming the company was licensed by the CBN and insured by the NDIC—a claim investigators say was false. Another count alleges he forged a certificate of registration in 2015 to support the deception.

Investigations began in 2019 after a petition from Maluze, who alleged that he was lured to invest ₦25 million with a promise of repayment within 90 days, a promise that was never fulfilled. More than 100 other victims later came forward with similar complaints, claiming millions of naira in losses.

Okoronkwo was arraigned on October 14, 2019, where he pleaded not guilty to all charges.

Justice Giwa-Ogunbanjo adjourned the matter to October 14 and 17, 2025 for continuation of trial.