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Home Law & Judiciary Ponzi Scheme Operator Convicted in Kano, to Refund Victims’ N110M

Ponzi Scheme Operator Convicted in Kano, to Refund Victims’ N110M


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Justice Lewis Allagoa of the Federal High Court, Kano, has convicted a woman, Maryam Abu Shinga, on a one-count amended charge of retention of proceeds of crime. She was also ordered to pay a sum of N110 Million in restitution to her victims.


Maryam was said to have lured her victims into a phony gold mining investment in which she had claimed that the investor would earn 300 in profit. She also claimed for instance, that when an investor invests N500, 000, such investor could earn N1.5million as return on investment within a period of four weeks.

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However, the EFCC said in a statement on Wednesday by its Head, Media and Publicity, Wilson Uwujaren, that investigation revealed that the convict was never into gold mining or any such investment.


The Commission further said it was also discovered that though Shinga was able to pay some early investors with funds taken from later investors, she allegedly diverted N394, 541, 910 belonging to several other investors.

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Following her arraignment, Maryam pleaded ‘not guilty’ thereby setting the stage for trial.

During the trial which commenced on January 23, 2020, the prosecution called five witnesses and tendered several documents in evidence.

However, before the prosecution could close its case, the convict opted for a plea bargain.

In his judgment on Tuesday, March 2, Justice Allagoa accepted the terms of a plea bargain agreement, convicted and sentenced the defendant to restitute the complainants in the sum of N110million.

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