Some depositors that deposited various sums of money estimated at over N70 million at a wonder bank called Ideas and Solutions (a.k.a. Wealth Creation), a micro-finance outfit at 65c, Opebi road, Ikeja, Lagos may have lost their deposits to the wonder bank. Some of them have gone to the State Criminal Investigations Department, Panti, Yaba with a barrage of petitions alleging that they may have been conned by its director, Mr. Godwin Beneth, who has been arrested and is now in police custody. It was alleged in the petitions, addressed to the Deputy Commissioner of Police at the SCID, that Beneth should account for over N70 million deposited with the micro-finance outfit.



http://www.thenewsng.com/modules/zmagazine/article.php?articleid=19022

I am surprised this guy is still around, a known con man that has been in and out of detention yet the greedy and penchant for quick money will always make people listen to him.

He must be good at convincing people lol

Afam:

I am surprised this guy is still around, a known con man that has been in and out of detention yet the greedy and penchant for quick money will always make people listen to him.

The question we should ask is: How did he get the business license to open a finance business? Did he or did he not file an application, listing his name, qualifications, experience, etc?
Who okeyed his application and were any bachground checks made on him?

For a person operation a financial institute, an exhaustive background investigations should be carried out before he would be allowed to have fiducial responsibilities for other peoples' money.
Somebody screwed up bitime, to allow a known crook into this type of business!!!!!!!!!!!!!!!!

so, wats going to happen to the various owners of the monies. or is it a case of alfa is burnt and we r askin of his beards?


He should pay dem off even if he will be jaild 4 life !!!

jailed for life WHAT like u dont know what ll follow this court will ask him how much he can pay every month to hi investors at his pace,
i feel no pity for the greedy people that did it didnt they go to school it was quite obvious that they were going to be duped
i remeber alot of people had this arguement on this issue and so many nairalanders were proving stuborn,
there was even this guy that told Seun to mind his biz only cos he was trying to warn him against it.

It sad though

Olusleeky:

so, wats going to happen to the various owners of the monies. or is it a case of alfa is burnt and we r askin of his beards?


He should pay them off even if he will be jaild 4 life !!!

As if the public was not warned against Wonder bank

@ Bankole01

Nice 1.
We are too busy chasing shadows in this country. Why should he be arrested?

To me, this guy hasn't done anything illegal. He operates a registered finance outfit (that I'm sure its activities are monitored and regulated by another independent body) in this country.

So when did an offer of high yield investment turn into wrong doing?

If anything went wrong then the officers at the ( monitoring unit of the) regulatory body/bodies should be arrested with him. A bunch of people are not doing their jobs right.
So should the depositors suffer? We have been thru this lane before. That was how a bunch of banks failed in the past. Why did we not call the depositors in those banks greedy.

We are all looking for financial freedom in many ways. If a sector is unlucky today, who knows what sector will crumble 2moro. Who hasn't pulled a fast one to get there?

I.m sure a bunch of people are being threatened by this growing business hence the calculated attempt to frustrate their efforts.

I tire o jare

@Bankole01,

Trying to blame the government when someone commits fraud is totally unacceptable.

This guy does not run a finance house to the best of my knowledge, he once swindled even his partner and had his office sealed off for some months.

If someone promises greedy Nigerians that if they invested N20,000.00 in one internet scheme or the other and people rush in then you must blame the greedy people and not government unless you are ready to blame the government too for online scam (419).

kaypinchi he did actually committed a crime under DECEIT. Any contract under deceit is not binding and unenforceable. this guy is legally bound to pay back all the money he collected.

This is contract misrepresentation or false statement of fact made by this guy to his customers and has the effect of inducing its clients into the contract. For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation. A finding of misrepresentation allows for a remedy of rescission and sometimes damages depending on the type of misrepresentation

I just wish people will learn their lessons and leave all this WURU WURU alone

Wonders shall never end.
Greed is really eating deep into people's pocket.
It's only the greedy that get hooked up in things like this.
Mugu fall,aroba chop

it hurts to know people are fast to call some "the greedy one's", i believe life is a risk, when u are seccessful people (especialy nigerians drift towards u and ask how and why with full interest but when u fail? people call u names, it's not a crime to keep ur cash with financial outfit or wat ever we cal dem, because we have them all over the world, it's just unfortunate that thier are fraudulent ones in the bussiness spoiling the name of the good ones, (at least the intention is ment to be be), dont get me wrong, i dont v a kobo with anyone of them, i just thing it is wrong to be fast at calling ppl "greedy ones"as some o us as said.

the human mind is greedy including u! are we as greedy as the comfortable oyinbos that fall victim of our 419s? pls dont rob it in that they v being victims of 419( besides one is only a suspect until conviction)

God help us all!!!!!!!

Truth hurts so I am not surprised that you are hurt.

Only greedy, laziness and stupidity will make one believe any promises that cannot be substantiated before investing money.

This is a classical case of 419 only this time the victims are Nigerians.

very funny. Laziness and greed
99.9 % of those that invested have a means of livelihood.
Greed? twaddle. If a scheme has passed through a regulatory body to start operating the scheme, then i can invest because the legal frameworks is there already.

These people applied for licences and were given, the reasons people invested. No one will put his or her money in a roadside cooperatives.

stop spewing bullocks.

why do history keep repeating itself in Lagos??


remember 'FORUM Finance' in the 90s

The regulators are at 90% fault here.

ooooh if i was the one i will do same thing

nigerians are too greedy everyone wanna get rich quickly thats why u can swingle them easily

 

nigerians are too greedy everyone want to get rich quickly thats why u can swingle them easily, i agree o,

As for me
its berra you invest what wont affect your life. If you make it, then its worth trying.
If your money disappears, OYO(On Your Own)
Its berra to try and CHOP than SIDDON and not Feast with people. Imagine someone putting 50k and collected 800k
Loosing 50k wont affect me an inch but CHOPPING 800k just like that is AWESOME.

On a serious note, The regulators should have screened them out.

I am not surprised by this news, cos CBN has warned the General public before hand, that the so called Wonder Bank is not real and the General Public should be careful where they take their money to, all the same Good Luck to all the victims of Wonder Bank

tkb417:

very funny. Laziness and greed
99.9 % of those that invested have a means of livelihood.
Greed? twaddle. If a scheme has passed through a regulatory body to start operating the scheme, then i can invest because the legal frameworks is there already.

These people applied for licences and were given, the reasons people invested. No one will put his or her money in a roadside cooperatives.

stop spewing bullocks.

The easiest way to ridicule yourself is for you to talk about things you don't know.

What licenses? When you foolishly start off with a false premise and base your incoherent analysis on the wrong premise what do you expect? Complete nonsense.

Invest if you want to but don't waste space and time complaining or acting like an advocate for those that got swindled.

If not laziness, stupidity and greed (as even implied by you with your 50k vs 800k) then I wonder what it is.

Use your brain for once and stop acting stupid.

@Bankole those that kept their money there and in other wonder banks did so at their own risk. They knew the pros and the cons of pyramid and ponzi schemes before deeping their head in it

@uchetobi, I agree with you. Most of them know the consequences before putting their money into it.

@ Afam

A country where anybody can get registered and operate and then decide to run,
A country where the CBN will disassociate from such after millions have been stolen already,
A country where EFCC will quiz such outfits and give them a clean bill of health afterwards
A country where the CBN will say their is nothing ILLEGAL in their modus Operandi and what they are doing,

The last time i checked, the roll call of those affected read a Bank director.
I havent seen anyone who didnt know he/she was doing a risky venture.

PS: How many times do you use stupid in a day? I won't want to say anything derogatory. Your past posts show how objective you've been. So watch it man

ist, arrgue it back and fro, regulatry agencies\government  share a whole lot of blame in issues like this because the bulk stop at their table. who will prosecute the so called, bank? EFCC or ICPC? now what stoped them from initially Clamping down on these "Wonder banks" if they were alive to their responsibilities? someone here mentioned CBN circulating Disclaimers. my response to that will be is it enough to just circulate disclaimers and then go to sleep? are these institutions @ large or untouchable? weather we like to admit it or not, some people have not been alive to their duties. one would think these institutions are meant to protect public (depoditors) interest, so someone coming here to try and absolve these agencies of any blame is complete rubbish.

, then to the so called depositors, Haba! if the government has falied, then u owe it to yourself to protect your interest. Umannah umannah was a big stories in the 90's. y must history always repeat itself?

@tkb417,

The last time I checked you were the one that resorted to personal attack here so don't waste your energy on playing the victim here.

First, this is not a wonder bank, he organizes seminars and promises out of the world returns on very small investments.

He does not need a license to promise greedy Nigerians huge returns on crazy investment schemes. His office will most likely be registered as a business that teaches people internet stuff.

No one can excuse the level of greed and easy money Nigerians are looking for including ritual killings and cocaine pushing.

hee hee ee they thought they were smart ehn, making fast cash.hee hee

@ AFAM

Look i dont know why you are more grieved and out worn than even the victims of this investments, or do you have your money there too, ? For Gods sake i read the modus operandi of this people before i invested my money in them and the truth is i have assumedly lost my money in one{wealth solutions} and i have made far more than my capital in one {sefteg} so what do you say about this, ?

The truth is just that if you are not willing to take a risk in anything you do especially businesses then you are nothing and nowhere to go in life, I lost my money in wealth solution but the first day i heard of their problems i just laughed it off, Though they said they're still paying but whether they pay or not is no big deal, Its not my means of livelyhood , The truth is everyone should know about risk management, Good to take risks but better when you can manage them too,


Afam so tell me about those that had shares in savanah bank before it liquidated , were they also greedy too, ?

Some investment firms at the World Trade Centre Lost their feet and could hardly stand till date since the sept 11 attack on the building i know of one particular one, such operators are also greedy too i suppose , abi, ?

Look we know people like you, you only talk and criticize destructively but you find it hard to take steps towards greatness in life, We all know your limit in life,

Better to be a failure than not knowing what you are, when you havent taking any step how can you be a winner,By then a failure would be more experienced than you, Then what would be of you, ? "NOTHING" cos you dont know where you are,

But as for risk takers and managers, No one can ever fathom our heights,


e peleooo mr afam,

@ AFAM

Look i dont know why you are more grieved,oppressed,pain stricken and out worn than even the victims of this investments, or do you have your money there too, ? For Gods sake i read the modus operandi of this people before i invested my money in them and the truth is i have assumedly lost my money in one{wealth solutions} and i have made far more than my capital in one {sefteg} so what do you say about this, ?

The truth is just that if you are not willing to take a risk in anything you do especially businesses then you are nothing and nowhere to go in life, I lost my money in wealth solution but the first day i heard of their problems i just laughed it off, Though they said they're still paying but whether they pay or not is no big deal, Its not my means of livelyhood , The truth is everyone should know about risk management, Good to take risks but better when you can manage them too,


Afam so tell me about those that had shares in savanah bank before it liquidated , were they also greedy too, ?

Some investment firms at the World Trade Centre Lost their feet and could hardly stand till date since the sept 11 attack on the building i know of one particular one, such operators are also greedy too i suppose , abi, ?

Look we know people like you, you only talk and criticize destructively but you find it hard to take steps towards greatness in life, We all know your limit in life,

Better to be a failure than not knowing what you are, when you havent taking any step how can you be a winner,By then a failure would be more experienced than you, Then what would be of you, ? "NOTHING" cos you dont know where you are,

But as for risk takers and managers, No one can ever fathom our heights,


e peleooo mr afam,

ifababa,

I am not interested in you having your money there neither am I impressed with your level of risk taking.

I have aired my opinion and this is based on facts and remains a recurring issue.

WTC and Savannah bank have nothing to do with the issue on ground unless the confused state of mind you are in today is making you compare things that shouldn't be compared.

Take all the risks in life, no one is complaining but don't waste other people's time crying when things don't go according to plan.

We are not here to compete so feel free to achieve all that you want, what I achieve or fail to achieve is neither your business nor headache.

But in reality those that are usually quick to talk big don't have much to show for it, I have seen empty barrels like you before so you are certainly not the first neither will you be the last.

Enjoy!

Hello Afam,

From the publication on the dailies, it is quoted that the wonder bank is a micro finance outfit. which means that it has gotten licence to operate obtained from the regulatory authority. The bank places advert in the national dailies and unsuspecting populace attended the seminar and after hearing of mouth watering offer from this licenced outfit, they went ahead and invested their money only to find out that they have been defrauded.

If you were in their shoe, will it be wise for someone to say u were greedy. Did they not see the advert in the paper. Did the authority not also see the advert so as to have warned the public. Pls tell me Afam, was the seminar not held on the advertised date.

Did the authority concerned with the citizen welfare warned the public concerning it or try to stop the fraudulent seminar.

Pls let us call a spade a spade.

They are a lot of other invetment opportunities springing up and who knows which one was conceived with an evil intention.

The wicked man should be brought to book for duping the minds and finances of the people.

And come to think of it, if the man is a known crook, why was he allowed to operate a finance house?

Cheers