The Nation Newspaper

Tag: Wonder bank

  • Grooming Centre ‘not a Wonder Bank’

    Grooming People for Better Livelihood Centre (Grooming Centre) is not a Wonder Bank, its management said yesterday.

    In a statement by  Dr. Godwin Nwabunka, the financial institution faulted a report purportedly credited to the Economic and Financial Crimes Commission (EFCC) listing it among “wonder banks”

    “Grooming Centre is a membership based Non-Governmental Organization (NGO) founded in 2006, and fully registered by the Corporate Affairs Commission (CAC certificate CAC/IT/NO 24198), to address the perennial challenge of low access to financial services by its members, economically active poor people engaged in small trading and productive activities in many parts of Nigeria,” the statement said.

    It added that “the mission of the Centre is consistent with the aims and ongoing efforts of the Central Bank of Nigeria (CBN) and the Federal Government in promoting financial inclusion and client friendly services at the bottom of the pyramid., adding that “the Centre is a national institution presently operating in 23 states and the Federal Capital Territory (FCT), and providing services to some 650,000 poor women who are its members.

    “The activities of Grooming Centre are fully recognised under the Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, Revised Microfinance Policy Framework for Nigeria, and Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria, of the CBN.

    The statement also explained that “Grooming Centre remains committed to promoting client friendly and best practice methodology in the delivery of financial services to the poor and flying the Nigerian flag high in the community of global best practice microfinance institutions.”

    It wondered why “the EFCC Ibadan zonal office had not made us aware of any allegations and as to why they unjustly detained our staff members and caused this unwarranted embarrassment.”

  • Clerics lose N42m to ‘wonder’ bank in Edo

    Clerics lose N42m to ‘wonder’ bank in Edo

    Reverend fathers in Edo State, including those at the Uromi Justice Development and Peace Caritas Initiative (UJDPCI), have lost N42 million to wonder bank operators.

    They were said to have been attracted because of the high interest rate.

    The clerics were said to have been allegedly introduced to the bank by a manager of a new generation bank, Mr. Greg Okojie.

    The Nation learnt that Fr. Fidelis Arhedo was first introduced to the bank, allegedly owned by Monday Ahunwan, and he deposited N13 million.

    Fr. Arhedo was said to have introduced 10 colleagues after he received ‘good interest’.

    Other persons who fell into the alleged scam besides the clerics are Onomen Oriakhi and Miss Theresa Oriakhi.

    It was gathered that when the bank could not pay accumulated interest on the N42 million deposited by the clerics, they reported the matter to the police.

    Greg and Monday were arraigned at an Oredo Magistrates’ Court for conspiracy, obtaining money under false pretence and stealing.

    In the charge sheet, the accused were alleged to have collected N42 million with the purpose of using it to do business and pay back interest of five per cent monthly.

    A breakdown of how much each cleric lost showed that those at UJDPCI invested N4 million, Fr. Nicholas Oboh lost N4.5 million, Fr. Stephen Ogbeide lost N3 million, Fr. Ogbenbe Andrew lost N4 million, Fr. Augustine Okosun lost N3 million, Fr. Richard Oboh lost N3 million, Fr. Egbe Peter lost N2 million, Fr. Mario Eigbefoh lost N2 million, Fr. Churchill Odekhian lost N1 million, Fr. Moses Oboh lost N.5 million, Miss Theresa Oriakhi lost N1 million, the late Fr. Ogbeide E. lost N.5 million and Onomen Oriakhi lost N.5 million.

    The suspects were initially arraigned on a three-count charge, but the prosecutor, Agbonifo Patrick, amended the charges to 13.

    They pleaded not guilty.

    The Magistrate, F.E. Akhere, granted them bail at N200,000 with one surety.

    The case was adjourned till April 4 for hearing.

     

  • Firm on trial for ‘wonder bank’ fraud

    A businessman, Emmanuel Ugoakaeze, has told an Ikeja High Court that a company, Nospecto Oil and Gas,  diverted his N540.7 million to financial firms running high-yield investment schemes, popularly called “wonder bank”.

    In charge No: ID/212/2011, Nospecto and four others are being accused of conspiracy, stealing and collecting deposits illegally from the public without a licence, preferred against them by the Economic and Financial Crimes Commission (EFCC).

    They were accused of fraudulently converting N360 million, property of Gladys Cho and Associates, and N180,750,000 belonging to Rivotel International Ltd, firms managed by Ugoakaeze.

    The other defendants are Alhaji Yusha’u Abdullahi Maiyaki; Alhaji Al-Sidiq Manga; Alhaji Monday Sumanu Philemon; and Alhaji Najeem Yusuf.

    The offences, the Commission said, were committed between August 2006 and May 2007 and are contrary to Sections 516, 383(1); (2)(f); 390(9) of the Criminal Code Cap C17 Volume 2, Laws of Lagos 2003 (AS amended) and Sections 58(1) and 59(a)(b) of the Banks and Other Financial Institutions Act LFN 2004.

    At the resumption of trial on March 28, Ugoakaeze, testifying before Justice Kudirat Jose for the prosecution during examination-in-chief, introduced himself as a director in a company, Rivotel International Ltd.

    Led on by EFCC counsel, Mr. A.M. Ocholi, he alleged that sometime in 2006, he was introduced to Alhaji Maiyaki, the chairman of Nospecto, by one Ambrose Okogie, a member of his church.

    “Ambrose had a business model that he said was generating N40,000 from an investment of N330,000 every month,” Ugoakaeze added.

    He explained that after the introduction to Maiyaki and Manga at a meeting, the defendants made a presentation and it was confirmed that the business “was real and authentic.”

    Ugoakaeze said: “I was encouraged to invest in it and I decided to give it a six-month trial. I later approached Alhaji Maiyaki, proposing that I wanted to buy land in Ikeja for a hotel. The cost of the land was N800 million.”

    He said he met the defendants and Maiyaki assured him they could manage his investments and urged him to invest his money in four companies appointed by them.

    “Their business, as per the MoU we signed, was transacting in oil and after he confirmed that they had licence to carry out the business. I sent N360 million to his suggested companies and they issued me with receipts. Eventually, we started transacting business and statements were coming,” Ugoakaeze said.

    He added that it was after six months that he saw on TV that “Nospecto was a fraud,” and that the company had invested his money in another company dealing in shares.

    “They introduced me to their stockbroker and it later occurred to me that the money I paid was diverted to several places. We visited their office in Victoria Island but they were no longer there.”

    The matter was adjourned by Justice Jose till May 23 and 31 for continuation of trial.

  • How Wonder bank dupes businessman of N360m

    How Wonder bank dupes businessman of N360m

    A Port-Harcourt-based businessman, Emmanuel Ugoakaeze, Tuesday told a Lagos State High Court sitting in Ikeja, how a company, Nospecto Oil and Gas, allegedly stole his N360 million by deceiving him that the money had been invested in an industrial fuel business.

    In charge No: ID/212/2011, Nospecto and four others are facing a five-count charge bordering on conspiracy, stealing and collecting deposits illegally from the public without a licence, preferred against them by the Economic and Financial Crimes Commission (EFCC).

    They were accused of fraudulently converting the sums of N360m, property of Gladys Cho and Associates, and N180, 750,000.00 belonging to Rivotel International Ltd.

    The other defendants are Alhaji Yusha’u Abdullahi Maiyaki; Alhaji Al-Sidiq Manga; Alhaji Monday Sumanu Philemon; and Alhaji Najeem Yusuf.

    The offences, the Commission said, were committed between August 2006 and May 2007 and are contrary to Sections 516, 383(1); (2)(f); 390(9) of the Criminal Code Cap C17 Volume 2, Laws of Lagos 2003 (AS amended) and Sections 58(1) and 59(a)(b) of the Banks and Other Financial Institutions Act LFN 2004.

    At the resumption of trial yesterday, Ugoakaeze, testifying before Justice Kudirat Jose for the prosecution during examination-in-chief, introduced himself as a director in a company, Rivotel International Ltd.

    Led on by EFCC counsel, Mr. A.M. Ocholi, he alleged that sometime in 2006, he was introduced to Alhaji Maiyaki, the chairman of Nospecto, by one Ambrose Okogie, a member of his church.

    “Ambrose had a business model that he said was generating N40, 000 from an investment of N330, 000 every month,” Ugoakaeze added.

    He explained that after the introduction to Maiyaki and Manga at a meeting, the defendants made a presentation and it was confirmed that the business “was real and authentic.”

    Ugoakaeze said: “I was encouraged to invest in it and I decided to give it a six-month trial. I later approached Alhaji Maiyaki, proposing that I wanted to buy land in Ikeja for a hotel. The cost of the land was N800 million.”

    He said he met the defendants and Maiyaki assured him they could manage his investments and urged him to invest his money in four companies appointed by them.

    “Their business, as per the MOU we signed, was transacting in fuel oil and after he confirmed that they had licence to carry out the business, I sent N360 million in total to his suggested companies and they issued me with receipts. Eventually, we started transacted business and statements were coming,” Ugoakaeze said.

    He added that it was after six months that he saw on TV that “Nospecto was a fraud,” and that the company had invested his money in another company dealing in shares.

    “They introduced me to their stockbroker and it later occurred to me that the money I paid was diverted to several places. We visited their office in Victoria Island but they were no longer there.”

    Upon an application by defence counsel, Mr. Abubakar Shamsudeen, Justice Jose adjourned till today for cross examination of the witness.

    In a 2010 publication titled ‘Stemming the tide of scourge of illegal fund managers/wonder banks, the Central Bank said 36 illegal fund managers accounted for N104 billion, or 97.3 per cent of the total collated claims of N106.9 billion and “Nospetco Oil and Gas Ltd, one of the illegal fund managers, accounted for 48 per cent of these claims.”

     

  • Wonder bank: Two charged with N9.8b fraud

    The Police Special Fraud Unit (SFU) has charged two per sons, Fortune Etaba and Godwin Nwaiche, before the Federal High Court in Lagos with N9.8 billion fraud in a ‘wonder bank’ scam.

    They will be re-arraigned before Justice Ibrahim Buba on January 21, following an amended charge filed by the prosecution yesterday.

    The accused are to stand trial alongside their firm, Establishment House Ltd, on a three-count fraud charge.

    They were said to have committed the offence between June and December 2009.

    The prosecution said they obtained various sums amounting to N9.8 billion, from different people, especially businessmen at the Alaba International Market, Ojo, Lagos.

    The accused persons allegedly falsely represented to the individuals that they would receive 50 per cent of their deposit after 21 days, but they could not repay either the deposited sum or the “multiplied sum”.

    The alleged offence contravene the provisions of sections 1 (1) (a), 8, and 2 of the Advanced Fee Fraud and other Fraud Related Offences Act, 2004

    The prosecutor, Effiong Asuquo, told the court that the amendment reflects the names of the accused and their firm and prayed the court that the charge to be read again.

    Defence counsel, Mr Kunle Oyeleye, objected on the basis that he had just been served with the charge and needed time to study it.

    Justice Ibrahim Buba in a short ruling adjourned the case, to enable defence counsel study the charge.

    Etaba and Nwaiche were first arraigned in 2010 on a 300-count charge of fraudulently obtaining huge money from various individuals.

    The case, however, suffered some setbacks due to the absence of the then trial judge, Justice Mohammed Liman, who was assigned to an Election Petition Tribunal.

    The case was transferred to Justice Buba in 2011, and the accused were re-arraigned. The second accused (Nwaichie) had pleaded guilty to the charge, while the first accused (Etaba) pleaded not guilty.

    Justice Buba granted bail to the first accused, but had refused to convict the second accused, after a review of the case, due to a conflict in his plea.

    Nwaiche had insisted that the amount of money he fraudulently obtained was not the same as the one in the charge.

    The judge had, therefore, refused to convict him based on his plea and ordered his remand at the Kirikiri prisons.