Okoronkwo and his company are facing 36 counts, including forgery, obtaining money by false pretences, and operating banking services without a valid licence.
The trial of Chinedu Roland Okoronkwo, an alleged Ponzi scheme operator, and his company, Reliance Microfinance Cooperative Society Limited, has been adjourned to October 14 and 17, 2025, for continuation of the trial.
Okoronkwo and his company are facing 36 counts, including forgery, obtaining money by false pretences, and operating banking services without a valid licence.
The Economic and Financial Crimes Commission (EFCC) alleges that Okoronkwo diverted ₦91.5 million belonging to victims through an unlicensed microfinance bank.
According to the EFCC, Okoronkwo targeted unsuspecting investors within his church, persuading them to invest in a scheme he presented as a legitimate banking operation.
At the resumed trial before Justice F. O. Giwa-Ogunbanjo of the Federal High Court, Enugu, on Friday, EFCC Detective Superintendent Abubakar A. Abubakar testified that inquiries to the Central Bank of Nigeria (CBN) confirmed Reliance Microfinance had no licence to operate as a microfinance bank.
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.