On May 28, 2021, a 43-year-old Ibadan-based businessman identified as Amos Olugbenga Olaniyan was arrested by the Economic and Financial Crimes Commission (EFCC) over a N128 million Ponzi Scheme.
Mr. Olaniyan, who happens to be the CEO of DHIL Nigeria Ltd., also known as Crime Alert Security Network Investment, was accused of defrauding its unsuspecting investors.
According to reports, the Police are also beneficiaries and accomplish. As it was said that he bought branded patrol vehicles for them.
The company situated in Iyana Igbala, along Iwo road, Ibadan, Oyo State, made public a scheme in 2020, promising interested investors an attractive 30 percent return on investment (ROI) every six weeks.
To convince its prospective investors about its genuineness, the company became a regular feature on IBR, Thrity-two, Prince, Inspiration (100.5), and King FM in Ibadan, Oyo State. However, most investors would not get a dime, not even their capital.
Mr Olaniyan would regularly go on air and tell of how his company was importing tyres and other car accessories.
“I never doubted the company’s legitimacy because of the way its investment offers were advertised,” said an investor who requested anonymity.
The investor stated that to further convince himself, he visited the company’s office along Iwo road before investing N450,000. According to him, he made an additional payment of N20,000 for registration.
“However, since I made the payment in March 2020, no single kobo has been paid to me as the interest that was promised. I have also not been able to recover my capital,” the investor said.
One investor told FIJ he paid N300,000 to get returns every six weeks but has not received any payment from the company since he subscribed in April 2020, same with an investor who deposited N95,000 into the company’s account in June 2020.
After waiting endlessly to get back their capital when it became obvious that DHIL was another Ponzi scheme, some investors petitioned EFCC about the company’s activities, and Mr Olaniyan was arrested by operatives of the commission.
The company’s office was also sealed off after the arrest. The EFCC later announced that Olaniyan’s company had defrauded its investors, in their hundreds, of over N128 million.
The commission also made it clear that the company was never registered with the Central Bank of Nigeria as a financial institution.
During the raid, five exotic cars and documents of three landed properties were recovered. However, Olaniyan, who is still in EFCC custody, is yet to be charged to court.