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EFCC Acting On Debtors: What About Wonder Bank Victims?

EFCC Acting On Debtors: What About Wealth Solution Victims?

As a matter of fact, if Efcc is acting today on debtors, where are they when some group of people came to Nigeria as company and collected people money claimed to be return in a certain time for the name of forex. What are they doing to this over 2yrs?

Because these people claimed to be approved by government on both radio station and news paper before people follow the link and started putting their money for multiple return. They called their self different names like Divine, Wealth Solution, Golotrance, Real and Cool, Penny Wise ''''palm foolish''' etc and packed up one day with millions of people money, many life were lost many run to start their life again.

As independence country, this is not right anywhere and yet nothing as been done to help over 2 years ago. Many Nigeria lost their life,hope and source on this and we claim to have Government. Anything that been advertise on radio station and news paper means legal in any independence country.

Where are this people today? what happen to people money? what government is doing to this? Why do we have to suffer this way even in our own country?  Have Nigeria Forgotten this? What do we think? Is that the end? What happen to all money government retrieved from this people account? Is this people living freely and enjoying peoples sweat with their own family? Are we under any Government? Is any fault to read news paper and radio station? Are this people to blamed? What will happen Next?

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37 answers

@Have a say, I think what you said makes absolute sense. I was ripped off by Gold Package Pay Club and from what I understand now, it is a full blown ponzy scheme. I'm in the hope that one day my cash will be returned.

Nigerian commercial and mortgage banks are the ones that cripple the growth of small businesses in this country and the CBN is not helping matters at all. How can you lend at the rate of 21%! What hope do we have of developing real estate in this almost Godforsaken country when a mortgage loan from a commercial bank is returning at the rate of 16% over a stretch of 240 months. I don't need to shout about the absurdity of the 30% equity contribution they collect to drive my point home. We are being murdered in this country, no wonder why we don't have decent infrastructure in this country.

Please I'm calling on any CBN element that can here me to solicit the reduction of interest rates by commercial and mortgage banks and help to pacify the stringent conditions we Nigerians have to go through to obtain loans in this country. Loans are financial leverages that foster healthy economic growth.

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I felt I should contribute my widow’s mite to this discussion.

Yes it’s true that there are many wonder banks that sprang up in 2006/2007 but Nospecto did not set up itself as a wonder bank/pyramid scheme/ponzi or whatever you may call it. While others do not have any product they are selling Nospecto is involved in a legitimate business of oil&gas, they have filling sations, you can see their tankers on the road etc.

Nospecto’s business model is like a joint partnership. A partnership is a business model where people contribute equity (capital) to invest in a business and hopes to share in the returns/profits/gain.

Do you call Nospecto a wonder bank? What is wonder about the money they pay on your investment? They pay N40,000/month on an investment of N450,000. Now that may seem “wonder” because you can never get this type of returns from saving that same amount in a bank. But wait and consider, banks don’t pay such returns, is it because the money can not make this type of returns or the banks “refused” to pay you? The banks collect money from depositors (savings) at a maximum of 4% but lend it out at 21% even some as high as 25%, so definitely they are making it. You can now see the source of their stupendous profits and the extravagant lifestyle of their top management (in U.S and U.K the max lending rate is 5% - http://en.wikipedia.org/wiki/Prime_rate).

Nospecto would ordinarily have gone to any of our banks to get funds for their business, but it decided to get the funds directly from the public, they invest this money in legitimate business, make profit and share it amongst their investors. So what happens, a lot of people started moving their funds from the banks and giving it to Nospecto, because of the better returns. The banks saw this as a dangerous trend. Their thinking is: “If funds were moved out of banks, we’ll soon be out of business; Nospecto must be shut down at all cost.”

So they (banks) connived (with CBN & EFCC) and shut down Nospecto along with other pyramid scheme. Mind you Nospecto still paid their investors until the last day they closed their operations. Their funds/account was frozen and the money kept in the vaults of banks and CBN.

There was a time an advert in the paper said investors should submit evidence of their investment, this was not but nothing was heard ever since.

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Yes, I would like Sanusi to trash this issue as well.

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True. The Gov of Central Bank should use this opportunity of war against erring banks to also visit the case of investors in the so-call wonder banks that is pending before the Inter-Agency Committee. “This Inter-Agency Committee made up of SEC, the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) is still looking into the issue”

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Check my newly post Today and lets reason together, The post is under politic, still wondering why not at the front page yet

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@ FYNEGUY the case has been transfered from securities and investment tribunal to appeal court. the case would be called soon.

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in short we were all greedy. we all knew it was a scam before putting our money. even the bible said it that if you sow "apple you will reap apple" and if you sow "scam you will reap scam"

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the issue of wonder bank is still here with us , they now come with different names like gold package etc to mention but this. the govt needs to do more b/c the truth is that the amount these ppl pay as interest is so high that ppl withdraw their cash from the banks and register for these money doublers. it is high time the cbn,efcc and ndic step in before many more Nigerians are reaped off of their savings.

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Poh

where can I get updates on the court case?

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i believe that the nigerian judiciary is relaibly going by what they have done on issues of election and other matters. so lets adopt the wait and see tactics and see. but i have attending some proceedings and i think everything is on the write track. the case will finish one soon.

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I was even informed that CBN collected 10million from each forum then as a backup collateral or approval of capable, What does this mean My Wiser Fellow Nigerians, We have no government! Let fight this together and insult them if they are not fit to the seat,

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ill issues!! abi when re we goin to rejoice in dis country?, as one closes another unfoldin, the beautiful ones re yet to reincarnated

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The issue is that the judiciary is not immuned from the corruption in Nigeria, that is why Nigeria is such a convoluted maze with everybody asking "Who shall deliver us?". The immediate injunctions always placed by the judiciary on every issue leaves me in a more demoralised state, and a conviction that the judiciary in Nigeria has become strength for the highest bidder. Nothwithstanding, i will adopt a wait and see attitude to this wonderbank issue, hoping the judiciary will prove me wrong.

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the case of wonder banks are in the court and i think we should give the courts a chance. i am also a victim and i have been following all the proceedings in court. i think we should wait for the final judgement. the case is almost over

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Abi all those in support should contact me for ashoebi wey we go wear that day na only 1500

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My people

Let's organize a protest match to EFCC's office next week.

Let's demand the recovery of wonderbanks' investors' funds, since EFCC is in a debt recovery mode.

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In a country where the illiterate level is high and the number of people living on less them $1 a day is high, they look up to the government for hope. Its a shame that the government cant live up to expectations. The government in this country is meant for the few rich people around. Where was the government when it all started, they only wade in when its obvious that their existence will threaten the survival of charles soludo consolidation exercise. The exercise is a pure failure. Look at what is happening to the banks just three years after consolidation. I want all electorate to believe in God only, no politician can salvage this country from the jaw of poverty. They are all liars, infact they should be asked to resign for deviating from their manifesto

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The truth of the matter is that the govt is only trying to exonorate themselves from the incident claiming that people were warned before the incident.

Can anybody who claims that ''the investors are greedy'' tell me in which publication and on what date did the government warned the people.

Is it the warning that came four years after the existence of nospecto, or the warning and eventual declaration by cbn that they are scam. All this were done to encourage savings and keep the banks from falling. The warning was not meant to save the masses from loosing their money but to make the cbn achieve its post consolidation target. What the government ought to have done is to ask them to register with the right regulatory bodies and also deposit an amount with the apex bank. If anyone of them cant do it alone they can be made to merge. Government should not shy away from its responsibilitier, it is the duty of the government to foresee this things before they happened.

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The government just have to do something, it over 2years now and I bet you people life are still at stake. I know government know where they are and all their banks account frozen so what government are waiting for if they av all this,let them have a sure link of everyone that presently av money with them get their money refund as a good government should do, They know this people and they can ind them, I was told some o this people av many properties their in ibadan and build mighty houses at oluyole estate,living big and their children with people money, Imagine those pensioners what life do you think they are living now, If government is not helping people by providing job and facilities for free use,cant they help them in getting back their money from this thieves , Im still giving 1more years and I will consider that country as non governor country,

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As at the time most of those wonder banks were closed they were still fully operational. Nospecto for instance paid till the last day it was forced to close down. Since govt frozen their accounts nothing meaningful has been heard of people's hard earned investments. The painful thing is most retirees put in their pension funds. Some people have died out of frustration of see their money go just like that. Govt should do something about this gross injustice.

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[color=#990000][/color]

I quite appreciate the fact that Nigerians dont 4get things easily even though we are high risk flyers. I do agree that the regulatory authorities have much to do on the issue of WONDER BANKS. Sometimes ago, they attempted bailing us out of the poo but alas, they derailed perhaps they were settled too by the tricksters. Not to worry, very soon, i say very very very soon, we shall now how far in this country.

There would be a radical bail out, means.

comrado

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Most reactions have just focussed on wonder banks. What of the main culprit in the name of NOSPETCO OIL AND GAS COMPANY? This company collected depositors funds running into billions of naira. Its 2 years now since the company has stopped operations and the chairman and directors are still moving around as free men. One would be tempted to say there is no rule of law in this country or government are collaborators. What is the fate of Nigerians whose funds are trapped in this company? Do we still have hope that the Nigerian Government will do something about this issue?

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Thank God people are wiser now.I think during that time people where warned, and also encourage to report an activities, but how many of us report the issue?

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9ja-rians and fraud, when we go repent?

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Wonder banks victims were warned

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I don't believe the victims know where the scammers live.

Trust me, they would be dead meat by now,

either through physical or spiritual means.

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I dont think CBN ever recognised all those institutions as banks. In that case its the police that should do somethnig about it not CBN.

Sorry about ur lost money sha

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@babaearly, That is what you could have said not telling someone to shut up online,when you don't know him and when his making sense here but believe me they know where they live. They can find them, they know them and where they are but because nobody to fight for us, nobody to speak no one to say it, that is why you see it like that, Imagine a group of organization advertised both on radio,television stations and news paper end up in hanging people's money for years and no action, I think Government should have little feelings for people's under them,

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Ok you give us a clue. who are the Wonder bank people that the EFCC should go after to recover your money? Its complicated and its a forgotten issue. Sleep over it. This is Nigeria.

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@babaearly I'm sure you don't have a single manners, I'm not in Nigeria then and up till now but I know of many victims and how they felt including lost lives then, Have respect for Nigerian, People living there are the Nigerians, next time I will treat your reply better than this learn how to contribute to matters. Don't be rude to people or thug act online.

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Wonder Bank victims all know that they were entering into a SCAM.

The got in to get out fast, and other people down the line will loose.

it's  a case of "scammer" scamming 'scammer"

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@ poster

Sharrap there. Wonder Banks was in the "Acient Times". Your Money has been gone and gone for good.

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Silence is killing Us, Let stop being silent and dieing little by little. Spade is spade scam is scam, even this is an open scam and no action by government,   Return people's money, and I don't want any of this organization staff to reply this Topic else he or she will forbid his/her birth.

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Here is an appeal to the authorities: every single kobo kept in the accounts of our banks thru the wonderbanks, should be released to their rightful owners. 'De-freeze' the accounts of the wonder banks and let everyone 'investor' be given back their monies. Only then would we know that our leaders are at least, a little sensitive to the needs of the common man. I bet you some of the banks have been enjoying these booties since the accounts were frozen!

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If we must be honest with ourselves, methinks fewer people would have been caught in the web of fraud that these fund managers presented 2 years ago. Truth is, Nigerians are hungry. Nigerians yearn for what is 'normal' in any other normal country. Since these aspirations are definitely way out of the reach of the the ordinary Nigerians, the need to resort to any means to get what is 'normal' readily makes them victims! Hence the mess we later had. But it is sheer injustice, for anybody to seek to profit from this, knowing that the culprits of this mess are mainly the have-nots.

My candid opinion, these banks ought to be made to vomit every single Naira and Kobo they've been sitting on since the freeze on the accounts of the fund managers, and a committee, made up of competent Nigerians, be made to return the monies to their rightful owners. This, of course, is if the monies are still with the banks!

'

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I like this topic,,,i mean,,its d very fact ,,was efcc sleepin then,,,,the wonder banks swerved so many people,,,,am a victim,,,n mny of friends n families ,,,,they just do wat they like,,,,

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