Wonder Bank: case still before Inter-Agency Committee


Peter OBIORA
Proshare NI
May 28, 2009 at 16:52 GMT



The issue of refund of money to investors into the failed Wonder Banks is a pending one; as the case is still before the Inter-Agency Committee set up to look into it.


Lanre Oloyi, Head, Media of the Securities and Exchange Commission (SEC) confirmed this today Thursday May 28 2009 to Proshare NI.


“This Inter-Agency Committee made up of SEC, the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) is still look into the issue” Oloyi said.


He affirmed that they have to verify status of accounts of those who invested in the Wonder Banks.


This is coming on the heels of investors’ enquiries to Proshare NI as regards what hope do investors have for a likely refund of their money into the Wonder Banks.


As earlier reported by Proshare NI following enquires from investors of one of the Wonder Banks; Nospetco Oil and Gas Limited (Nospetco).


They are blaming the CBN and the SEC on their woes of not recouping their money in the failed Wonder Bank saga.


These investors are of the view that the Regulatory Authorities should come to dialogue with the Management of the company to see how the issue of refunding depositors fund should be resolved.


Before this time, Oloyi of SEC had affirmed that the Inter-Agency Committee is meeting and collating relevant documents to assess the status of those who invested in these Wonder Banks.


Proshare NI also gathered that some of the investors are calling on Professor Chukwuma Soludo, Outgoing Governor of CBN to help facilitate the release and payment of their money before leaving office.

On November 22 2007, SEC took 37 Wonder Banks before the Investment and Securities Tribunal (IST), advising it to authorise the closure of the offices of these companies; for the reason that they did not obtain the necessary licences to operate either as Fund or Investment Managers in the Nigerian Capital Market (NCM).


Some of the Wonder Banks affected by the clampdown include Fortune Access Interlinks Network, Pennywise Investment Limited, Cyber International Limited, Gold Power Unique Services Limited, Gorutrans Nigeria Company Limited, Interglobal Investment Limited, Money Field Limited, New Freedom Diversified Investment Limited, Open Gate Multipurpose Investors Limited, Orion Express Global Services Limited, and Art Master & Co. Limited.


Others are Wealth Solution Limited, Wealth Transfer and Logistic Limited, Wilson O. Wilson (Doing business in the name and style of Wilamas Ventures), Wisdom Investments Nigeria Limited, and Nospetco Oil and Gas Limited.
Positive Move International Nigeria Limited, Precious Golden Profile, Real and Cool Wealth International Limited, Shola Olanrewaju Ayinke (Sefteg Nigeria Company), Silvertrust Global Investment, Successpoint International Investment Limited, Torid Investment Limited Treasured Fund Assets Limited Vikel Petroleum Limited.


Also on the list are Wealth Concepts Global Ltd, Wealthgage Multibiz International Limited and Wealth Interlink Agency Limited.

http://www.proshareng.com/news/singlenews.php?id=6660

Friends,

I have a "not too cheery" news about wealthzone. Recall that i informed this forum about my application/ enquiry to SERVICOM on the status of our trapped funds.

Well they returned my application and informed me, though unofficially, that the case between wealthzone and SEC was still in court and therefore there was nothing SERVICOM or SEC could do until the case is determined.

So the agony continues. May God help us all.
Have a blessed week

Leave Nigeria alone. The best way to steal peoples money these days is to float an investment. When you have gathered enough money from investors, just zap. I f the investors take you to court, get a good lawyer who can ensure that the case remains pending for God knows when. Meanwhile, establish another biz with the investors monies and continue to enjoy the booty.

Even when government intervenes, nothing will come out of it, as officials will negotiate with the scammers on how the loot will be shared, while the investors continue to wait in vain. It is now a hopeless hope as government has stolen from the wonderbanks.
This is Nigeria for you. Hard luck.

This is really pathetic . . . . There ought to be some ways to make sure investor's get back their money.

Kunle-A:

Don't feel sorry for any of you guys. If its too good to be tru, its probably is. Be careful next time. Count your money gone

dipo2much:

who'z askin u to feel sorry? This is may 2010. By now everyone has counted his loss and moved on

Kunle-A:

And why are ppl still worried if there is any decision on the deposit? I think they have counted their losses?

Serves them right for losing their money. Ppl want something for nothing.

soj-naija:

@Kunle-A ; They did not want something for nothing! They DROPPED something to get something added.
Moreover, Wealthzone's offer is not too good to be true. it's either you go for 10% per month or 55% in six months.
Isn't that moderate and possible?