How Ponzi Scheme Operator Diverted Victims’ N91.5m through Unlicensed MFB in Enugu – Witness

The trial of an alleged notorious ponzi scheme operator in Enugu State, Chinedu Roland Okoronkwo continued on Friday, September 26, 2025 before Justice F. O. Giwa-Ogunbanjo of the Federal High Court sitting in Independence Layout, Enugu State with a witness, narrating to the Court, how Okoronkwo allegedly diverted N91, 550, 000 (Ninety-One million, Five Hundred and Fifty Thousand Naira), belonging to his victims, using an unlicensed Microfinance Bank.

Okoronkwo is being prosecuted alongside his company, Reliance Microfinance Cooperative Society Limited (the second defendant) by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on 36-count charges bordering on forgery, obtaining by false pretence and carrying out banking businesses without a valid licence.

When the matter came up on Friday, counsel to the EFCC, Chief Superintendent of the EFCC, CSE Blessing N. Obasi presented the Ninth Prosecution Witness, PW9, Detective Superintendent of the EFCC, DSE Abubakar A. Abubakar, an operative of the Commission, told the court that the Commission, upon an enquiry from the Central Bank of Nigeria, CBN, received a response showing that the second defendant was not licenced by the apex bank to operate as a microfinance bank.

Abubakar also disclised that, the first defendant, Okoronkwo started scouting for his victims in the church. Analyzing exhibit 42 and 43, (Guaranty Trust Bank statements of accounts belonging to the second defendant), the witness said “this is the account that he used when he was scouting for people to come and invest in his Ponzi scheme. He is a member of a church and that was where the whole matter started”. The witness gave a detailed analysis of how GTB account number 0209253844, belonging to the second defendant, received N69, 850, 000 (Sixty-Nine Million, Eight Hundred and Fifty Thousand Naira) from Okoronkwo’s victims, on different dates.

While speaking on exhibit 34B (United Bank for Africa Statement of Account belonging to the second defendant), the PW9 said “the account received N21, 700, 000 (Twenty-o
One Million, Seven Hundred Thousand Naira)”. When shown a letter of response dated October 25, 2024 from the Nigerian Deposit Insurance Corporation, NDIC, showing that Reliance Microfinance Cooperative Society Limited was not insured by NDIC, Abubakar identified it and it was tendered by the prosecution and admitted in evidence as exhibit 44.

When asked about the relationship between the first and second defendants, the PW9 said, “The first defendant, being Chinedu Roland Okoronkwo is the Chief Executive Officer and Managing Director of Reliance Microfinance Cooperative Society Limited, the second defendant. Also, the first defendant is the sole signatory of the second defendant’s accounts.

The matter was thereafter adjourned to October 14 and 17, 20125 for continuation of trial.

Count three of the charge 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 the of 9th October, 2018 in Enugu within the jurisdiction of this Honourable Court obtained the sum of Fifteen Million Naira (N15, 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 micro finance bank duly licensed by the Central Bank of Nigeria to carry out banking businesses and licensed by the Nigerian Deposit and Insurance Corporation which pretence you knew to be false and thereby committed 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”.

Count 36 of the charge 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 the 5th of August, 2015, in Enugu within the jurisdiction of this Honourable Court with intent to defraud made a forged document to wit: Certificate of Registration of Reliance (Enugu) Microfinance Cooperative Society Limited with intent that it be acted upon as genuine and thereby committed an offence punishable under Section 1 (2) (C) of the Miscellaneous Offences Act, Cap M17 LFN 2004”.

Investigations and prosecution of Okoronkwo began in 2019 when the Commission received a petition from one Francis Okoye alleging that he was lured into investing N25million in Okoronkwo’s company (Reliance Microfinance Cooperative Society Limited) after he was made to believe that he can take back his principal sum after ninety days. After the said duration, the petitioner demanded for his principal sum and interest but was denied.

In the course of investigations, more than 100 petitioners also alleged that Okoronkwo lured them into investing millions of naira in his company. He was arraigned on October 14, 2019 and pleaded not guilty, setting the stage for his trial.