Good day all,

Please can anyone help us use this medium to send our complaints to the CBN governor Sanusi Lamido?? The banks has frozen the NOSPETCO accounts since and with this new trend the banking sector is going, i want to believe that we can get our investments back at least. Some of ushave put our life savings in there. Anyone please help in any way you can. Please

dream on

ingodwetrust.

Related: EFCC Acting On Debtors: What About Wonder Bank Victims?

What is NOSPETCO?

Thanks guys!! I still believe he can help. All we need is a spokesman and a lawyer and this will be over before you think. Any one with more information on this??

People were warned, so nothing that the CBN could do.

People were warned, so nothing that the CBN could do.

But the money is in the custody of the CBN. Should we then call CBN a wonderbank?

jamace:

But the money is in the custody of the CBN. Should we then call CBN a wonderbank?

the money in custody of CBN and what is owed to people are not comparable at all.
So how would they determine who to pay and who not to?

the money in custody of CBN and what is owed to people are not comparable at all.
So how would they determine who to pay and who not to?

So, CBN has stolen the money, abi?

Lol

The way i don't pity the victims of 419, I cannot pity the victims of these pyramid schemes aka Ponzi scheme. They share one running feature GREED.

So please cut your loses and move on.

The way i don't pity the victims of 419, I cannot pity the victims of these pyramid schemes aka Ponzi scheme. They share one running feature GREED.

So please cut your loses and move on.[table]

The above is a stupid statement to make not to mention not in the least helpful to those who have lost a lot and in some cases their lives savings - the basis of any investment or enterprise is to make a return therefore all manner of investments and enterprises big or small could by virtue of this statement be deemed to be driven solely by greed which we all know is not true to say the least. Feeding on other's misfortunes or shall I say the 'Schadenfreude' evident in 'iluginboy's blog is rather unfortunate whatever the author's reasons may be,

Perhaps the only intelligent part of the afore mentioned author's blog is "cut your losses and move on" which as an investor who lost over N50m in Nospetco I was willing to do at the point of my initial investments as with any investment in life big or small, safe or risky/aggressive. However I am inclined to agree with authors that state that something could still be salvaged here - it is rather simple in my opinion: the funds seized by the CBN could simply be distributed pro-rata to all Nospetco investors based on their total capital investments as this would represent an ethical and logical unwinding of the current position as would be the case with any failed investment fund or collapsed corporation and could be easily achieved as sufficient records were kept by both Nospetco and investors to support such an action/claim.

Failing this which as an investor is clearly my preferred option I would rather the CBN visibly dispense the funds currently frozen on charitable projects within the country rather than it sit within thier accounts waiting for investors memories and resolve for a resolution to fade as in such a situation it wont be too long before unscroupulous CBN personel would personally be all too happy to divert such funds for their own benefits,

Furthermore a lack of disclosure from the CBN on their intentions in this matter would only leave investors wondering if a behind the scene deal has already been cut between the CBN and the principles behind Nospetco who have cost so many individuals so much already,

We must ensure that like shareholders of any failed enterprise would do that all positions within the collapsed enterprise, in this case Nospetco (Ponzi scheme or not) are unwound completely and the case closed properly and I am personally all too willing to help in any action that supports such a move,

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.

Hello follow Nigerian please do anyone here have any idea or detailed information
about NOSPECTCO oil & gas as per when the investors are getting back there
money.
And what is CBN reaction towards the frozen account where investors fund where
kept, maybe there a decision has been made on it by the present Chairman of CBN
since he resume office. thanks as i awaits your responses.

Read this:

www.nairaland.com/nigeria/topic-430549.0.html

i wish to disagree with Have a Say's views,and to enlighten Nigerians to avoid such errors

The Nospecto deposit operation was an illegality because it was not licenced under the laws of the land to collect deposits from the members of the public. Nospecto depositors were not insured by the NDIC.

That Nospecto gave a monthly return of N40k on an investment of N450k i.e. a return of 11.25% per month and 135% per 12 months.
That return on investment was absolutely outrageous and out of tune with the realities of the economy. Further, it was more than what the legitimate investments in the economy could guarantee. when Banks pay an average of 10%-12% per annum on a fixed deposit of N450k, how was Nospecto paying 135% per annum to its depositors. It was a Scam investment, carefully orchestrated to hoodwink gullible and foolish investors who were motivated by greed.

Beware of any investment that offers ''consistent returns'' or ''guaranteed rates of returns'' or ''risk-free investments'' such as Nospecto and other ''wonder banks'' of its ilk. Such investments are usually too good to be true and more of scam than real.
For details about how to identify scam investments, visit www.onlineresourceideas.com