Enugu Courtroom Adjourns Trial Of Alleged Ponzi Operator Accused Of Defrauding Over 100 Nigerians To October

Okoronkwo and his firm are dealing with 36 counts, together with forgery, acquiring cash by false pretences, and working banking providers and not using a legitimate licence.

The trial of Chinedu Roland Okoronkwo, an alleged Ponzi scheme operator, and his firm, Reliance Microfinance Cooperative Society Restricted, has been adjourned to October 14 and 17, 2025, for continuation of the trial.

Okoronkwo and his firm are dealing with 36 counts, together with forgery, acquiring cash by false pretences, and working banking providers and not using a legitimate licence.

The Financial and Monetary Crimes Fee (EFCC) alleges that Okoronkwo diverted ₦91.5 million belonging to victims by an unlicensed microfinance financial institution.

Based on the EFCC, Okoronkwo focused unsuspecting buyers inside his church, persuading them to spend money on a scheme he introduced as a respectable banking operation.

On the resumed trial earlier than Justice F. O. Giwa-Ogunbanjo of the Federal Excessive Courtroom, 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 function as a microfinance financial institution.

Testifying because the ninth prosecution witness (PW9), EFCC Detective Superintendent Abubakar A. Abubakar instructed the courtroom that inquiries to the Central Bank of Nigeria (CBN) confirmed that Reliance Microfinance had no licence to function as a microfinance financial institution.

He added {that a} letter from the Nigeria Deposit Insurance coverage Company (NDIC) equally confirmed the corporate was not insured.

Each responses had been tendered and admitted in proof.

Abubakar defined that Okoronkwo focused unsuspecting buyers inside his church, persuading them to spend money on a scheme he introduced as a respectable banking operation.

An evaluation of account statements from Guaranty Trust Financial institution (GTB) and United Financial institution for Africa (UBA) revealed that the corporate acquired ₦69.85 million by its GTB account and ₦21.7 million by its UBA account from victims on varied dates.

“The primary defendant is the Chief Government Officer and Managing Director of Reliance Microfinance Cooperative Society Restricted and the only real signatory to the corporate’s accounts,” Abubakar testified, whereas figuring out displays displaying the fraudulent transactions.

The EFCC additional alleged that Okoronkwo solid paperwork to provide the misunderstanding that Reliance was duly registered and licensed.

One of many expenses states that on October 9, 2018, Okoronkwo obtained ₦15 million from a sufferer, Francis Okoye Maluze, by claiming the corporate was licensed by the CBN and insured by the NDIC, a declare investigators say was false. One other depend alleges he solid a certificates of registration in 2015 to assist the deception.

Investigations started in 2019 after a petition from Maluze, who alleged that he was lured to take a position ₦25 million with a promise of reimbursement inside 90 days, a promise that was by no means fulfilled.

Greater than 100 different victims later got here ahead with comparable complaints, claiming tens of millions of naira in losses.

Okoronkwo was arraigned on October 14, 2019, the place he pleaded not responsible to all expenses.