The timely intervention of the police in Enugu prevented the lynching of Mr Kingsley Ubenyi, the Managing Director of Kesley Mega Micro-Finance Bank, by the bank’s aggrieved customers on Friday.

The spokesman for the Police Command in Enugu, Mr Ebere Amaraizu, told the News Agency of Nigeria that the rescue of the bank boss came as a result of prompt intervention of a police patrol team after a security tip-off by some members of the public.

Amaraizu said the incident happened at about 5pm on Wednesday at the De-Dome Event Centre in New Haven, Enugu.

He said reports reaching the police indicated that hundreds of aggrieved customers of the bank were seen striking the managing director, who was forced to sit in his vehicle, which was later damaged by the irate crowd.

“The aggrieved customers maintained that they are customers of the micro-finance bank and that despite repeated efforts to withdraw their money in their savings accounts with the bank, no light was seen at the end of the tunnel.

“Not long after, a meeting between the customers and the managing director was convened at De Dome event centre, New Haven, Enugu, where the bank boss tried to explain the difficulties faced by his bank over the payment of customers’ money.

“This (the explanation) did not go down well with the aggrieved customers, who got violent and descended heavily on him before the intervention of the police operatives,’’ he said.

Amaraizu, however, said the aggrieved customers were advised to be law-abiding and to seek redress by taking the lawful step to access their monies.

“The managing director is currently receiving treatment at a nearby hospital,’’ he said at the time of writing this report.



http://punchng.com/police-prevents-aggrieved-customers-lynching-bank-md/

For the love of Genea

OZAOEKPE:
For the love of Genea

In this recession,u want to joke with my money?

Chai, Wahala dey for everywhere.

The MD don use their money give "epp" for MMM.

y they no kill am sef

Lalasticlala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

So na ponzi scheme d guy dey use customer's money do

That is good for the md

i would have loved to see the face of the MD after the beatings he received

Keneking:
Lalasticlala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

So na ponzi scheme d guy dey use customer's money do

MMM

lalasticlala

DONSMITH123:

y d grin?

Genea:
y d grin?

if i catch ehen

OZAOEKPE:
For the love of Genea

Call the girl on phone

Take her to a neutral place


Express your true feelings for her then ask her to Cc Nairaland if she doubt your love for her

Genea:
y d grin?

That boy there is in love with you. Show him how to love you the right way and the right place

Genea:
y d grin?

don't mind that man

op na our police dey pishur soo?

you nor just know urrrself

what if that so called [size=28pt]mmm[/size] crash, who will the members hold, Abi you will go hold person wey refer you > ...

Lmao... He has used their hard earned money for MMM. Na till the end of the month before them collect their kish

I knew it would either be a Micro Finance bank or one of these banks that should have been gone by now but dont want to go

Police would have allowed them torture him small


Want to start EXPORTATION BUSINESS
(Bitter Kola, Smoked fish, Ginger, Egusi, Cocoa)? Contact me via my signature
below.....

Hmm

During the question and answer session, Oba Rilwan Akiolu, the Oba of Lagos, asked two questions. The first was directed at Nsa, CEO of First Bank MFB. He asked, “What is your interest rate? Rather than give a simple answer, Nsa began to educate the gathering about the high running cost of MFBs. “Let me first provide a background. Runing a microfinance bank is expensive”, and she went on and on without answering the question. Rather she said, “Our our rates are not that high. Some MFBs charge up to 10 per cent. But ours is still reasonable”. But the Oba and the audience however insisted, “Tell us your own rates or the range”. Eventually she said, “Our rates range from three to four percent”. The rates she quoted are however monthly rates. This implies that some MFBs in Nigeria charge up to 100 per cent per annum, while First Bank MFB charges between 36 and 48 per cent.

@the bolded.....With rates like that for borrowing....is such a business model sustainable.?

Second...

The second question was directed at Fabanwo, the CBN Director that supervises MFBs. He was asked why CBN can’t create a fund that can be assessed by the MFBs so that they can lend cheaply. Responding, Fabanwo first defended the high running cost of MFBs and then said there is actually a fund for such purpose but it is in the pipeline. He said it would come after the CBN had sanitised the sector and ensure that the operators understand what microfinance banking is all about.

In other words.....if problems start....CBN and govt cannot help you. Na you wey go help yourself.

Read more at: http://www.vanguardngr.com/2011/09/seven-fundamental-flaws-with-microfinance-banking-in-nigeria/

The above article was written in 2011 by the way.

GOD save am! Ole Barawo

lolz.......