The Economic and Financial Crimes Commission (EFCC) has told a Federal High Court in Enugu State how alleged Ponzi scheme operator, Chinedu Roland Okoronkwo, diverted ₦91.5 million belonging to over 100 victims through an unlicensed microfinance bank. Okoronkwo is standing trial alongside his company, Reliance Microfinance Cooperative Society Limited, on 36 counts of forgery, obtaining by false pretence, and operating banking services without a valid licence.
The case is before Justice F. O. Giwa-Ogunbanjo at the Federal High Court, Independence Layout, Enugu.
At the resumed hearing, the EFCC presented its ninth prosecution witness, Detective Superintendent Abubakar A. Abubakar, who told the court that a Central Bank of Nigeria (CBN) inquiry confirmed the second defendant was never licensed to operate as a microfinance bank.
Abubakar testified that following an enquiry from the CBN, it was confirmed that the second defendant was not licensed by the apex bank to operate as a microfinance bank. He further disclosed that Okoronkwo allegedly began scouting for victims within his church. Referring to exhibits 42 and 43 (Guaranty Trust Bank account statements belonging to the second defendant), the witness stated: “This is the account he used while scouting for people to invest in his Ponzi scheme. He is a member of a church, and that was where the whole matter started.”
The account, he said, received ₦69,850,000 from victims on various dates.
On exhibit 34B (a United Bank for Africa account statement belonging to the second defendant), Abubakar confirmed the account received ₦21,700,000. He also identified a letter of response dated October 25, 2024, from the Nigeria Deposit Insurance Corporation (NDIC), which showed that Reliance Microfinance Cooperative Society Limited was not insured by the NDIC. The document was admitted as Exhibit 44.
PW9 further explained that Okoronkwo was the Chief Executive Officer and Managing Director of the second defendant and the sole signatory to its accounts.
The matter was adjourned to October 14 and 17, 2025, for continuation of the trial.
One of the charges (count three) reads: “That you, Chinedu Roland Okoronkwo (while being the CEO and Managing Director of Reliance (Enugu) Microfinance Cooperative Society Limited) and Reliance (Enugu) Microfinance Cooperative Society Limited, on October 9, 2018 in Enugu, within the jurisdiction of this Honourable Court, obtained the sum of ₦15,000,000.00 from one Francis Okoye Maluze under the pretence that Reliance (Enugu) Microfinance Cooperative Society Limited is a registered cooperative society and a microfinance bank duly licensed by the CBN and the Nigerian Deposit Insurance Corporation, which pretence you knew to be false, thereby committing an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.”
