But wait ooo... it seems my calculator no dey work again Let's assume that the 200 women each saved N7,500, which comes to N1.5m, or each saved N15,000, which comes to N3m or each saves N21,000, bringing the sum total to N4.2m. Biko, what exactly is the point of this scam? The scammers no even try sef. I pray that the sweat of these hard-working women, our mothers, will bring the oloshos to justice. Awon oniranu omo ale jati jati. This is the time for the Nigerian Police to give themselves sense and do the needful. And ASAP, for that matter.

NB: I am not angry because of the sum total involved ooo,, just angry that some people will sit somewhere and scheme how to rob our hardworking mothers of their money. Mothers who will sit in the sun trying to make ends meet to feed their children God will judge those scammers. Microfinance kor, microorganism ni.

Davidson267:
Hit like if u didn't read the whole story

Small story like that and you didnt finish reading

I like my country " FEDERAL REPUBLIC OF SCAMMER "

missKiffy:
Small story like that and you didnt finish reading

I can summarize for you

Na wa ooo. Why market women who labour inside the sun 24/7. Whitey still dey pay na.

Microfinance scam

Apparently the said micro-finance bank could not get the loan they also may have hoped for from their banker(usually a commercial bank),and could no longer run the cost of the business geninuely, another reason could be that they meant evil from the get go.God knows and am sure the case will be unraveled soonest.

chimkaire:
...Methinks, they shouldn't have left when they did

exactly, it wasn't well thought out asides their desire to prove to the black man that he truly an inferior being. TUFIAKWA

Luckki1001:
But wait ooo... it seems my calculator no dey work again Let's assume that the 200 women each saved N7,500, which comes to N1.5m, or each saved N15,000, which comes to N3m or each saves N21,000, bringing the sum total to N4.2m. Biko, what exactly is the point of this scam? The scammers no even try sef. I pray that the sweat of these hard-working women, our mothers, will bring the oloshos to justice. Awon oniranu omo ale jati jati. This is the time for the Nigerian Police to give themselves sense and do the needful. And ASAP, for that matter.

NB: I am not angry because of the sum total involved ooo,, just angry that some people will sit somewhere and scheme how to rob our hardworking mothers of their money. Mothers who will sit in the sun trying to make ends meet to feed their children God will judge those scammers. Microfinance kor, microorganism ni.

From what people are saying here it seems they perpetrated this scam in multiple locations. If it's the same mastermind they might have creamed off quite a tidy sum.

It's open season on Nigerians as far as scam is concerned. Banks, telecomms companies and even the government are defrauding the private citizen at will.

Guy u got me laughing so hard.

richidinho:


this happens every DECEMBER, and people will never learn

microfinance ko...... microorganism ni

i better dig ground and bury my hard earned dollar

if the investigation is done i know the tribe that is capable of doing such thing to our market women and i know God will catch them soon

This is bad journalism. Do they know the cbn procedure to even get licence for a microfinance bank? Please give name of the said mircofinance bank so we can check it up with cbn.

That a slowpoke sat in a 3 room apartment and call it whatever name with microfinance bank extension does not make it so. No microfinance bank will ask for 15k deposit to take 100k. That's money doubling. If your salary/cash inflow to your account can't stand your loan repayments and you don't have enough deposits (cash back) that a microfinance bank can fall back to , no microfinance will give you loan.

whatever operates in that location that defraud those innocent women is not a microfinance bank and should never be regarded as one.

ritababe:
Other market women that want easy/fast money should learn from this.

Getting a loan is fast money?

Some of them are following up the news on nairaland.

charlsecy:

Getting a loan is fast money?

what do u call it? Money without stress

scam. everywhere you go

They used women to lure unsuspecting women to part with cash.
Hmm a lesson to shine the eyes and be wary of thieves in suit.

Poor market women, my God have mercy

emamos:

http://dailypost.ng/2015/11/23/microfinance-bank-defrauds-over-200-market-women-in-lagos/
cc:lalasticlala

How will a bank operate for 3months in the open and it is a fraud? Who is monitoring micro finance banks in Nigeria? Are we so lawless?

Endtime banks n staffs

And you wonder why many Nigerians don't trust the financial institutions... The regulatory bodies in charge of preventing this fraud has gone to sleep. sad

true talk

Eddygourdo:
Naija people and dishonesty. If I were European I will colonize Africa again. Bunch of theives everywhere you go, just like mtn

End time micro finance bank

same happened at Ibeshe Ikorodu...person sell okada..tipper, use pikin school fees money, even d landlord add money join d rent d bank paid n deposited 500k! if you see drama DAT day! I laff taya

100k loan for 15k deposit

Those affected should quickly forward a petition to Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). They will get their money back. Crooks should not be allowed to profit from their fraud

Microfinance banks are regulated by cbn and cannot just vanish like that. Particulars of owners are with cbn. Those ones are fake and this is why routine checks on various lenders should be taken serious by the government and people in the vicinity. Why is the name of the Microfinance bank not mentioned? Because it is not a Microfinance Bank but the market women believe anybody coming to them for deposit is from a microfinance bank.

Its likely to be a fake savings & credit scheme.

These market women sometimes wont just learn from experience. They will do that again and again because they want money by all means. May be i should call this greediness. When they see a place newly opened and asking them to make a deposit for 3 months and come for triple, they jump at it.

free2ryhme:
Microfinance banks are always in the habit of collecting " ajo" from these market traders and end up not fulfilling their own side of the promise

they are worst than thieves

419 banks...

WOMEN in oil bank agriculture fishing etc etc shior

.

This is a very familiar case n I wonder why people still fall for this fraudsters claiming "microfinance bank". Invest your money in a government approved microfinance bank which your very sure of. Not just people who come from no where, rent a two bedroom flat, n start asking you to invest your hard earned money there... I don't blame them though. It's illiteracy dah caused it coz I've noticed it's usually market women. You can't do dat to an educated fellow.