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,

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.

Poh

where can I get updates on the court case?

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.

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"

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

remembered when seun banned discussion about wonder banks
so many people shouting WHAT IS YOUR BIZNESS O! NA MY MONEY !!

where's ya money now?

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

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”

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

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

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.

@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.

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.

Yes. Nospecto has petrol stations in Borno, i have seen their trucks from NNPC depot at Akwa