Port Harcourt, Rivers State – June 16, 2025 — The Economic and Financial Crimes Commission (EFCC) has arraigned the director of an alleged fraudulent investment company, CityPay Investment Ltd, over a ₦13.8 billion Ponzi scheme said to have defrauded hundreds of unsuspecting Nigerians.
The accused, identified as Mr. John Okafor (real name withheld), was brought before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt on a two-count charge bordering on conspiracy and obtaining money under false pretence.
According to the EFCC, the defendant operated a high-yield investment platform between 2023 and early 2025, promising investors weekly returns of up to 15 percent. Investigations revealed that the scheme was a classic Ponzi model, using funds from new investors to pay returns to earlier ones without any genuine investment backing the payouts.
Count one of the charge reads: “That you, John Okafor, and others now at large, between 2023 and 2025, in Port Harcourt, Rivers State, with intent to defraud, obtained the sum of ₦13,800,000,000.00 under false pretence from members of the public by claiming that the money was for investment with guaranteed returns, which you knew to be false.”
The defendant pleaded not guilty to all charges.
Following his plea, counsel for the EFCC, Mr. Ben Ubi, prayed the court to remand the defendant in custody pending trial. He also urged the court to set an early date for commencement of the trial. The defence counsel, in response, informed the court of a pending bail application and requested that the defendant be granted bail on liberal terms.
Justice Obile ordered that the accused be remanded at the Port Harcourt Correctional Centre and adjourned the matter to June 24, 2025 for hearing on the bail application. The trial has been scheduled to begin on July 8, 2025.
Speaking to the press after the arraignment, an EFCC spokesperson urged Nigerians to exercise caution when approached with “too-good-to-be-true” investment offers. “This case should serve as a warning. Many of these platforms are fraudulent, and people must verify before committing their hard-earned money,” he said.
The case has drawn widespread attention across Rivers State and beyond, especially among victims, many of whom sold properties, took loans, or invested life savings into the now-collapsed scheme.
As the trial begins, Nigerians are watching closely, hoping justice will be served and lessons learned to protect citizens from future financial fraud.
