EFCC nabs Pastor for N1.3b Fake Grants and Money Laundering Scam

The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in its fight against financial fraud, with the recent arrest of Apostle Theophilus Oloche Ebonyi, the General Overseer of Faith On The Rock Ministry International.

The arrest comes in connection with a staggering scam involving fake grants purportedly from the Ford Foundation, amounting to a whopping N1.3 billion.

Apostle Theophilus Oloche Ebonyi stands accused of orchestrating a sophisticated fraud scheme that targeted church members and other unsuspecting Nigerians. Operating under the guise of his NGO, Theobarth Global Foundation, Ebonyi allegedly advertised an intervention project, falsely claiming that the Ford Foundation was offering a grant of $20 billion to assist the less privileged in society.

Under this deceptive scheme, victims were lured into subscribing as beneficiaries of the phoney grant by paying for registration forms and clusters, each costing a hefty N1.8 million. The result? An eye-watering sum of N1.3 billion was reportedly amassed by Ebonyi through this fraudulent endeavour. Shockingly, the victims encompassed innocent individuals and NGOs from across the country, highlighting the extent of the deception perpetrated by Ebonyi and his accomplices.

Investigations by the EFCC have revealed that there was no legitimate arrangement, grant, or relationship between Ebonyi and the Ford Foundation. The Foundation has unequivocally disavowed any association with Ebonyi and his NGO, affirming that they have no connection whatsoever. Furthermore, the Commission has traced the acquisition of five properties by Ebonyi, believed to be proceeds from his criminal activities, further underscoring the gravity of the situation.

Despite his arrest, Ebonyi appears to be persisting in his fraudulent activities, reportedly reaching out to his subscribers through various social media platforms to market his spurious grants purportedly from the Ford Foundation.

As investigations continue, the EFCC remains steadfast in its commitment to ensuring that justice is served. Ebonyi will be charged to court once investigations are concluded, facing the full force of the law for his alleged crimes.

This high-profile case serves as a stark reminder of the pervasive nature of financial fraud and the importance of remaining vigilant against such scams. It also underscores the crucial role played by law enforcement agencies like the EFCC in safeguarding the financial well-being of citizens and maintaining the integrity of the financial system.