Beloved Gideon Ministries and Foundation clergyman arrested by EFCC for running Ponzi scheme

BELOVED Gideon Ministries and Foundation  clergyman Bishop Giniko Obi has been arrested by the Economic and Financial Crimes Commission (EFCC) for defrauding thousands of people running into millions of naira under a Ponzi scheme.

Apparently the pastor allegedly collected the money from his victims in the guise of helping them to fight poverty. Bishop Obi, whose ministry is based in Agbor in Delta State, with outreaches in Bayelsa State, Onitsha, Lagos, Port Harcourt, Abuja, and Benin City, denied any involvement in fraud, however, claiming that he was only doing the will of God by trying to help the people fight poverty.

According to EFCC spokesman Tony Orilade, Bishop Obi said it was his desire and God’s will to see people prosper that led him into operating what appears to be a Ponzi scheme. Bishop Obi, who claimed to be a consecrated bishop with a diploma in theology, explained that he was selling what he called nuggets for successful living, to subscribe to the scheme.

Bishop Obi said: “We write books such as 24 Nuggets for Successful Living, 36 Nuggets for Successful Living and 48 Nuggets for Successful Living and we organise seminars and conferences on how to be successful and tell the people to subscribe to these publications. If you subscribe with N10, 800, we give you N15, 000 and if you subscribe with N18, 000, we give you N23, 000. I had about 30,000 subscribers and I was paying them.”

He added that when he left Agbor for Lagos, his desire was to expand his subscription base but his subscribers were impatient. However, some of his victims who thronged the EFCC office since his arrest, described him as a fraudster, claiming he defrauded them.

Victim Janet Okafor, reportedly told the EFCC that Bishop Obi claimed to be a representative of Gideons International, an organisation that distributes bibles and Christian literature. On how she became a victim of the scheme, Ms Okafor, 35, who claimed she had never participated in any Ponzi scheme in the past, said she fell for his tricks because the bishop swore with the bible.

Mr Okafor said: “He organised seminars in Agbor market and claimed that he was from Gideons International and that their mission was to help eradicate poverty in Nigeria. He told us that unlike in the past when Gideons International distributed bibles and Christian literature, their mission now was to eradicate poverty.”

“The bishop knelt down and swore with the bible, he convinced us that he was from Texas, USA and we believed him. I subscribed with N10,800 and he paid me N15,000 and it was after this that he engaged over 60 of us as canvassers.

"I brought many people including my relations and friends. All together, they invested over N5m.”