The trial of an alleged Ponzi scheme operator, Chinedu Roland Okoronkwo, continued on Friday before Justice F. O. Giwa-Ogunbanjo of the Federal High Court, Enugu, with a witness narrating how N91.5 million belonging to victims was allegedly diverted through an unlicensed microfinance bank.

Okoronkwo and his company, Reliance Microfinance Cooperative Society Limited, are facing 36-count charges filed by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

The charges border on forgery, obtaining money by false pretence, and conducting banking business without a valid licence.

At the hearing, the ninth prosecution witness, EFCC operative Abubakar A. Abubakar, told the court that the Central Bank of Nigeria confirmed that Reliance Microfinance Cooperative Society Limited was not licensed to operate as a microfinance bank.

He also identified a Nigerian Deposit Insurance Corporation (NDIC) letter, which showed the company was not insured.

Abubakar testified that Okoronkwo lured victims from his church to invest in the scheme, using the company’s accounts to collect funds.

He revealed that a Guaranty Trust Bank account belonging to the second defendant received N69.8 million, while a United Bank for Africa account received N21.7 million from unsuspecting investors.

According to him, Okoronkwo was the sole signatory of the company’s accounts and acted as its Chief Executive Officer and Managing Director.

The EFCC tendered several documents, including bank statements and regulatory responses, which were admitted as exhibits.

One of the counts against the defendants alleges that in October 2018, they obtained N15 million from a victim, Francis Okoye Maluze, under the false pretence that the company was a licensed microfinance bank.

Another count accuses Okoronkwo of forging a certificate of registration in August 2015 to mislead investors.

The case originated from a 2019 petition by Francis Okoye, who claimed he invested N25 million in the company with the promise of repayment after 90 days, but was denied his money. Over 100 other victims later filed similar complaints.

Okoronkwo, who was arraigned in October 2019, has pleaded not guilty to all charges.

The trial was adjourned to October 14 and 17, 2025, for continuation (The Sun)