WATCH THE VIDEO HERE Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested three suspected fraudsters linked to a Q-net scam that allegedly raked in hundreds of millions of naira from students in Nigeria. This was disclosed in a statement released on Friday. According to the Commission, the suspects—Olaniyan Joshua, Oyetunde Julius Akano, and Victor Oluwale—are currently undergoing interrogation following their arrest on Wednesday, May 1, 2025, in Abuja. “Student victims were charged between N1.2 million and N1.3 million as registration fees, from which the suspected scammers raked in hundreds of millions in proceeds of crime,” the EFCC added. This development comes amid ongoing legal, regulatory, and prosecutorial scrutiny of fraudulent investment schemes and their promoters by the EFCC and other regulatory bodies such as the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC). In a statement responding to recent media reports, the SEC explained that CBEX—reportedly also operating under the corporate identities of ST Technologies International Ltd., Smart Treasure, and Super Technology—is not authorized to operate in the Nigerian capital market. Naijaonpoint previously reported that the House of Representatives, on Thursday, cautioned public figures, celebrities, and influencers against promoting unregistered investment schemes in light of the CBEX collapse. The EFCC has also taken action by obtaining a court order to arrest and detain CBEX promoters. Recently, the Securities and Exchange Commission (SEC) raised the alarm over another suspected illegal investment platform known as TOFRO.COM (Tofro), warning Nigerians to avoid it.
Q-net Scam: EFCC arrests 3 people suspected of raking in hundreds of millions from students
