By Femi Osinusi
The trial of alleged Ponzi scheme operator Chinedu Roland Okoronkwo resumed on Friday, September 26, 2025, at the Federal High Court in Enugu, with a prosecution witness narrating how the defendant allegedly diverted more than N91.5 million belonging to victims through an unlicensed microfinance bank.
Okoronkwo, alongside his company Reliance Microfinance Cooperative Society Limited, is facing 36 counts bordering on forgery, obtaining money by false pretence, and operating banking services without a valid licence. The case is being prosecuted by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) before Justice F. O. Giwa-Ogunbanjo.
Testifying as the ninth prosecution witness, EFCC Detective Superintendent Abubakar A. Abubakar told the court that inquiries to the Central Bank of Nigeria (CBN) confirmed that the second defendant was not licensed to operate as a microfinance bank. He added that the Nigerian Deposit Insurance Corporation (NDIC) also confirmed the firm was not insured, and a letter from the corporation was tendered and admitted as evidence.
The witness disclosed that Okoronkwo allegedly scouted for victims in his church, convincing them to invest in what he presented as a cooperative and microfinance scheme. An analysis of Guaranty Trust Bank and United Bank for Africa accounts linked to Reliance Microfinance Cooperative Society revealed that the company received N69.85 million and N21.7 million respectively from investors.
Abubakar identified Okoronkwo as the Chief Executive Officer and sole signatory of the company’s accounts, stressing that he directly controlled the diverted funds.
Court documents showed that in one instance, Okoronkwo allegedly obtained N15 million from a victim, Francis Okoye Maluze, under the false pretence that his firm was licensed by the CBN and insured by NDIC. He is also accused of forging a certificate of registration for his company in 2015, offences punishable under the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and the Miscellaneous Offences Act, Cap M17 LFN 2004.
The EFCC said investigations began in 2019 following a petition from Maluze, who claimed he was persuaded to invest N25 million with a promise of repayment after 90 days. When he demanded his money, both the principal and interest were allegedly withheld. Over 100 other petitioners later came forward with similar complaints, claiming they were defrauded of millions of naira.
Okoronkwo was arraigned on October 14, 2019, where he pleaded not guilty, setting the stage for the ongoing trial. The matter was adjourned to October 14 and 17, 2025, for continuation of hearing.
