Depositors Lose N70m To Wonder Bank, Director Held

Sometimes it baffles me. Why do we have to go over oneanother's heads over issues like this?

I believe in Warning/ Advice but not destructive criticisms.What do you stand to gain or lose?

Please always check your intents before you contribute,who knows,u might be hurting some people more  than u are

helping them.

My opinion anyway.

I agree with your views Afam. People should be principled enough not to fall for all these ridiculous promises made by all these wonder banks. Where has an honest pay for an honest day's job gone to?

@All Supporters of These Scammers

We've said it here many times over that eventually the castles built with spit by these guys for you will sooner be demolished by a mere dew (let alone rainfall)

Chicken has come to roost! And the next set of people to blame is the government agencies that licenced them?!!! Habaaaaa!!!!!!!!!!!!!  Just because govt gave them the papers do not mean they should go out there and coax gullible, lazy, this-illusioned and greedy citizens. For crying out loud, if the process of their licencing is reviewed, I'm sure they got it by deceit also. And even it they got it rightly, they have obviously deviated from their MEMO and Article of Association's contents, for they dare not include it in it that they'll indulge in duping business.

It brings the point I once raised that it's the same mentality with those who get building approvals having presented legal drawings, only to get to their sites and build 6 storeys on a 2-storey building plan approval. Then, when the building collapses, government is blamed!

By the same analogy, it seems people blaming the authorities instead of addressing the issue at the root will agree with me that the are blaming the govt for giving licences to motorists to operate commercial "danfo" when they turn round to use it for "ONE CHANCE"!!!

There is absolutely nothing wrong with government licence, the trouble is with those with warped minds and intentions who use them illegally. The wolfs disguising as sheep.

What is wrong with our psyche as a people or nation(s)? Have we been exposed to too many or too much illegalities that we have been numbed in sensibilities to the extent that we cannot even discern good from bad? And when people are faced with the stark reality of the consequences of their error (of judgements) they quickly place it on someone else? Sometimes, if there's no one to blame, then it's the work of the devil. But never themselves, and absolutely no sense of remorse!

All these supporters of the wonder bankers should just simply start eating their humble pies now in shameful quietness, for this is just the beginning.

And, let no one remind us they made so and so money from them, and so they're justified. For everyone who made any amount, 10,000 others have lost their "investment" just to pay the "lucky ones" The only problem is, those who've lost will not say a word, but lick and nurse their wounds in their closets. The point is; what is wrong is wrong. The problem with getting involved in the rat race is; even if you win, you are still a rat! That is why GOD promises his own GOOD SUCCESS. This implies that the maker of you and I knows that there are "bad successes"

Our country need a lot of work to regenerate our minds. Otherwise all efforts to redeem this generation will go with the wind - just like the monies of my fellow citizens, who are looking elsewhere for alibis. But remember, the first person to use the tactics failed woefully. Adam did not get bye, blaming Eve for eating the apple. You guys have ate the apple of wonder banks now, there's not going to be any excuses acceptable. Next time, don't go near their doors. Don't even walk along their streets!

Sorry oh.

This issue shouldn't be seen as a blame game. But what is right should be upheld and not beclouded with other issues.

We are all humans and hence prone to mistakes (either personal or professional). The products were based on well calculated financial analysis. But errors of ommission do occur.
Also, most customers will buy anything as long as the advert meets you at your point of need. There are other products (out there outside the financial sector) that fail to meet its advertised objective. We just complain about them but don't cry wolf.

There is a bank in trouble in England now (Northern Rock) that is a financial mess and customers have been queing for days to get their money. I can see a cookie crumbling. Are the customers greedy too?

Money comes and goes. We are happy when it come but sad when it goes. We learn in life through this traffic.
I said earlier, we have been here before and will go pass this lane again.

Since we have CBN & NDIC, all depositors will eventually get their money back after verification. I pray.

Dear all i always say there are no alternatives to hardwork and i don't mean truck pushing (no dissing).
Even the latest world champions our golden eaglets had their own fair share of hardwork before motherluck shined on them.
If you check the statistics of investors in this scam you'll find 90% are poor people and i don't mean illiterate farmers or traders but  poor in mind and spirit and general wellbeing.Then the other 10% are gamblers.
I wonder if these Nigerians arrived from the moon without any history about the past of similar scammers like Umannah E. Umannah, aah! port harcourt residents of the late eighties and nineties know what am talkn about.
Please the safest money doubling market without much effort of an investor for novices is the capital market!
Be wise!!

I have said over and over again, get rich schemes no dey work. I don't pity the losers, they deserve what they got.
Anyway why does the Central bank allow all this mago mago bank to flurish self?

@ Afam,
You are a known misyarner so I am not suprised by your sense or lack of it in your posts.

What is the work of government agencies if anybody can come out and collect money from the populace and later run away with it.
Try and reason a little bit; If on your way you see a signpost of say Eternal Bank, Is it the responsibility of the intending depositors to investigate about the bank; to ask for their Corporate Afffairs registration, SEC approval, CAMA act, CBN approval etc. or for regulatory authorities to clamp down on it. All these micro finance Banks that spring up with every passing day is it the work of Emeka, Audu and Tunde to go about investigating them or the CBN. all the Asset management company, Pension Admin, Microfinance  that spring up every day is it my responsibility to investigate the genuine ones If yes then why do we have government?. Afam the bank,PFA, asset management company e.t.c you are using now did you ask for their CAC approval before depositing money in it?

Most of these wonder bank have SEC approval, EFCC investigated them and found nothing wrong with their activities so with all these assurances from regulatory authorities what do you expect innocent citizens to do? To get supernatural powers to know the intent of the wonder Bank directors? Reason Man!!!

Posted on: September 14, 2007, 05:40 PMPosted by: bLacK GoLd 
Insert Quote
@ Afam
 
i really would not like to join issues with you on this discussion but;
 
i doubt if you know what 'coming from the gutters' feels like

i doubt if you know how it feels to know that you can't pay for your son's school fees with the rate at which they continually rise

i doubt if you know how it feels to know that you may remain a slave for the rest of your life with a system like Nigeria that encourages the likes of em 'Dangotes'

I doubt if you know how it feels to be owed for 3 months and don't have a clue where your next meal would come from.

Please i assume we are all educated to whatever level and irrespective of the field of study any correct judgement be it socially or scientifically must follow this principle,  CETERIS PARIBUS

blackgold, i do not agree with you that you should compromise because of all the issues facing you; some people have gone through worse and their moralties are still intact.
be a man and try to make God your 1st priority.
you are just giving excuses; so putting the little money you have into a ponzi scheme is justifed because you've got bills 2 pay?
lets learn how to re-prioritize.

Unfortunately, a lot of Nigerians don't see anything wrong in dubious businesses these days.

I have been offered up to N200k to replicate a bank website for fraudulent purposes and when I turned down that offer and walked the guy out of my office I was shocked at some responses by a few people I told this. Many of them told me that in Nigeria nobody does any clean business and as such that it was stupid to have rejected such offer even when they know I can complete the job under 10hrs.

All in all, we must answer for our actions whether right or wrong.

Unless you understand a business so well it does not make sense to invest in it, this might be a simple advice but in its simplicity lies the difference between a wise investment or a foolish one.

Look at the latest adverts for Dangote flour, they clearly use the fact that millions of people eat bread everyday to justify their asking Nigerians to invest in the company.

While no one can be forced not to invest in any fraudulent scheme those who do so should not play the victim when things go wrong.

A clever person knows how to solve problems while a wise person knows how to avoid them.

Afam,

there is really no need arguing with some people.

As a person that has dealt with Prince Godwin before, I can tell you with all FACT that
the man is nothing but a FRAUD! Since my experience with him, I NEVER believed any sensational advert or offer.

I just don't understand how he is always left off the hook anytime he is being arrested.
I remember when he was been given an award and he was threatening a lot of people
that were spoilt for showdown with him that he has arranged for police men to deal
with any trouble maker on that award day.   

When he came out with this latest scheme, I was like, this man don come again. I knew it
will result to this and when I saw that article on PM News, I alerted some people that
are also conversant with the activities of this man.

If evidences are called for, I won't mind turning up to give a load against him.

@sleekdot

where were you when the CBN Governor was warning against these shams?

Am suprised that you will say it is not the duty of citizens to scrutinize the kind of business in which they invest but for goverment to go clamping down on businesses that are making legal promises but not fulfilling.

Is it not when people default against the law that they will be clamped down on?
A company says give us N2,500 and in 6 months we'll give you N250,000. Is that enough for government to clamp down on them? It is when 6 months pass and they don't fulfill on their promise that the Government can then act. Which they did in this case.

Are you saying that Government should clamp down on all the 25 Mega Banks too because there is a possibility that in the future, one or two of them may not meet their obligations?

My brother, stop dreaming. You can't jail an innocent citizen just because it was another previously innocent citizen just like them that committed a murder. That's not how the world works.

I have had people from Nairaland come to my yahoo messenger to insult me just because I cautioned them in the business threads to be careful about investing their money in these organizations.

And please, lets stop calling them banks because they are not banks. The CAC did not register them as banks and they don't claim to be banks. They are Wealth Solution Companies or Money Doublers or Money Pyramid organizations. THEY ARE NOT BANKS!

@ Denex can you check the attachment I am posting ? But if you can't see it  This is the script on it

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Proshare News
EFCC removes block order on accounts of NOSPETCO & others
Posted Thursday, May 3, 2007
The FIU branch of the Economic & Financial Crimes Commission has now
reversed its earlier instructions to banks to stop all transactions on the
accounts of the 'Oil Deal' companies operating in the country pending the
conclusions of its 'monitoring' of the activities of this concerns.
This is sequel to the notice we released on the 'stop order' placed on this
institutions bank accounts and the attendant complains from patrons about
non-payment of dues falling due.
We are not aware of any 'factual' reason for the action but would like to confirm the position of things.
It is advisable for patrons to factor it in mind that such a situation may or may not repeat itself and they
should make contingency plans.
The information below is published ONLY for information and EDUCTION purposes only as we will not hold
brief for either the EFCC or the Firms in question.
Thank You.
Proshare Investor ALERT Service.
The Initial Letter:
Dear Sir,
STOP ORDER NOTICE
The Nigerian Financial Intelligence Unit is conducting an investigation on the following account(s) and any
other associated with it (them);
 Sefteg Investment
 Nospetco .
 Treasure Line
 Spring of Wealth
 Wealth Solution
 Wealth Zone
 Greenminds (Company Name Is Cidabel Energy Limited) "
 Flagship
In view of the above you are requested to:
 Forward all records of deposits and remittances carried out by your good selves on behalf of the
customer(s)
 Complete copies of customer(s) mandate file.
 Statement(s) of the accounts of the customer(s) since inception of the account to date.
 Block all outward payments from the account(s) as from Wednesday, April 25, 2007 until further notice
from us.
Signed and dated 23-04-07
XXXXXXXXXXXXXXXXX
Monitoring and Analysis, NFIU
===============================================================
The Follow-on Letter:
Dear Sir
RE: STOP ORDER NOTICE
In reference to our letter dated 23rd April 2007 seeking the blockage of all outward payments from the
under-listed accounts,
Proshare - Nigeria Page 1 of 2
http://www.proshareng.com/myproshare/portal_news.php?id=2299 04/05/07
Copyright © 2004 - 2007 Proshare Limited. All rights reserved
 Sefteg Investment
 Nospetco .
 Treasure Line
 Spring of Wealth
 Wealth Solution
 Wealth Zone
 Greenminds (Company Name Is Cidabel Energy Limited) "
 Flagship
We wish to instruct that these accounts be now be unblocked.
While we thank you for the cooperation accorded us on this issue, we will be grateful if the following can be
send to our office on or before Friday, May 4, 2007:
 Complete mandate file of the customers
 The account statements of the custorners for the past six months
 Any other information related to the customer that will be of help to this investigation
Accept the assurances of our highest regards
Signed and dated 26-04-07
XXXXXXXXXXXXXXXXX
Monitoring and Analysis, NFIU
Thank you!
Proshare - Nigeria Page 2 of 2
http://www.proshareng.com/myproshare/portal_news.php?id=2299 04/05/07

And your point is?

Every attempt you make to justify the greed that propels people like you will fail, we are watching.

Keep going round any website you see to bring content even when common sense is there to make it clear that you were not thinking right on this issue.

The EFCC gives these people a clean bill of Health so you expect Nigerians using their clairyovant powers to know that they are dubious right?

"You men shy away from my words,
for you do not consider severity Divine!
 But that is only your fault, because until now you have imagined everything Divine, everything that comes down from God, to be tenderly loving and all-forgiving, since that is what the churches have taught you!But these false teachings were only intellectual schemes aimed at the masscapture of human souls on earth.

In order to catch something, a bait is needed that is attractive to everything at which it is aimed. The right choice of bait is the main thing for each catch.

Now as this was intended for human souls, a plan based on their weaknesses was skilfully devised. The lure had to correspond to the main weakness! And this main weakness of the souls was love of ease, the indolence of their spirit!


-----ABD_RU_SHIN

If anyone of you guys is a frequent poster on the "scam-prone business" section , they would remember my name very well , i did try my best to warn people that these wonder banks are nothing but scams, i got called all sort of names and abuse.
    i will qote below one of the guys that kept abusing me for being against the wonder banks ;

@Egoldman,

Av always said there's nothing intelligent in your posting,  Read it very well or better still getn for you to get back your money, yeah this is crude assessment , but i have been down this  a 4yr old to explain the content for u,  does it appear as if they scammed investors or the govt is frustrating them out of business,  Remind me of your warnings, ? You still there in a poverty ridden country and try to tell us in NIgeria that u know more than us,  I think you're a failure thats why u cld leave your country for India and start posting nonsense just because u don't av money to invest in these schemes,  You R JUST TO DUMB TO MAKE ANY SENSE IN UR POSTING

now observe the words in bold red, they say the government is the one thats frustrating the wonder banks ,that they are not scamming anyone.This was because the government was trying to come in and stop this wonder banks ans save people from losing their money ,  they say the government was wrong to come in , they all cried that jim ovie and tony elumelu were trying to keep the rest of Nigerians poor and that efcc is being used to suppress the masses and stop them from getting rich.
    so the government backed down and their bank accounts were unfrozen , and things looked to be smooth for them wonder banks and their investors , now when chicken come to roast and the payments stopped coming , they turn around and say the government should have stopped the wonder banks from duping them , what nonsense ?
    the clear reality here is that Nigerians would never accept that they have wronged and their greedy,stupidity and laziness have gotten the better of them .
    i know people though i don't feel like calling their names here that have encouraged and i mean really encouraged many to invest in these scams, they post every day on nairaland how much millions they have made and kept making , since the bubble started to burst , i am yet to here from anyone of them anymore, i am actually beginning to think that some of them might actually be among the perpetrators of these scams and have used nairaland to lure in greedy investors.
    ofcos i feel sorry for those that lost their money , but that does not mean that its wrong to tell someone that his greed , stupidity and laziness have gotten the better of him .
   for those that have money invested in this schemes, though you wont like to hear this ,but the fact is that its easier for the camel to pass through the eye of a nidle than for you to get back your money,yeah i have been through this road before, for about good four years , so am talking from experience ,my name is not egoldman for nuttin