₦airaland Forum

SEC to refund investors’ money in wonder banks

13 July, 2008 02:00:00 BADEJO ADEMUYIWA,

Investments and Securities Tribunal (IST) has ordered the Securities and Exchange Commission (SEC) to take over and return funds in the 30 wonder banks banned to confirmed investors.

IST gave the order over the weekend in its ruling which has now barred the wonder banks from further operation in the country. The matter was brought before the tribunal by SEC in November 2007.

The affected wonder banks are All Green Investments Nigeria Limited, Andrew O. Irikefe (doing business in the name and style of Art Masters & Co.), Ndego Onyemaechi Fidelis (doing business in the name and style of Casheed Venture), Cyber International Limited, Fortune Access Interlinks Network Ltd, Goldpower Unique Services Ltd and Gorutrans Nig. Company Ltd.

Others are Interglobal Investment Ltd, Megawealth Ltd, Money Field Ltd, New Freedom Diversified Investment Ltd, Open Gate Multipurpose Investors Ltd, Orion Express Global Services Ltd, Pennywise Investment Ltd, Pennywise Royal Heritage Ltd, Positive Move International Nig. Ltd, Precious Golden Profile Ltd, Real & Cool Wealth International Ltd, Shola Olarewaju Ayinke (doing business in the name and style of Sefteg Nig.Co.),Silvertrust Global Investment Ltd, Successpoint Intercontinental Inv. Ltd, Torid Investment Ltd, Treasured Fund and Assets Ltd, Vikel Petroleum Ltd, Wealth Concept Global Ltd, and Wealthgate Multibiz International Ltd.

Also involved are Wealth Interlink Agency Ltd, Wealth Solution Ltd, Wealth Transfer and Logistic Ltd, Wilson O. Wilson (doing business in the name and style of Wilamas ventures) and Wisdom Investments Nigeria ltd.

SEC in the application to the tribunal in November 2007 complained that the wonder banks solicited, advertised and invited members of the public to deposit fund with a promise of paying as much as 500 percent returns within one operational week.

The commission also sought an order stopping them from operating as fund managers among other reliefs with a declaration that the money deposited with them by the public for a fixed period and bearing interest is illegal.

The 30 wonder banks deposited investors’ funds in 17 banks and the tribunal also authorised the Central Bank of Nigeria (CBN) to determine the status of the funds in all the commercial banks.

The banks where the funds are kept are Access Bank, Diamond Bank, Equatorial Trust Bank, First Bank, First Inland Bank, Guarantee Trust Bank, IBTC Chartered Bank, Kakawa Discount House, Oceanic Bank, Skye Bank Plc, Spring Bank, Sterling Bank, Union Bank, United Bank for Africa, Unity Bank, Wema Bank, Zenith Bank and Intercontinental Bank.

IST in its ruling last week authorised SEC to take custody of the investors’ funds with the 30 companies and their banks for the benefit of the investors.

With this ruling, SEC is now empowered to withdraw and release to all confirmed investors the said funds found in the possession of the banks.

The 30 companies operated without SEC’s authorization and have now been barred from operating and withdrawing money from their accounts in all banks and companies in Nigeria. IST had earlier, following SEC’s submission in December 2007 issued interim orders freezing the accounts of the companies pending the determination of the case.

Not really? Do u mean Glo is a perfect network that passed the test? Glo users do not experience drop calls, network busy, pending credit, wrong ivr responses? Want to really understand how NCC or u came about that conclusion? Am just trying to compare the 3 networks cos i've use them all? Or was it becos Glo na 'tiwa tiwa ni' network.

holyagbero

cocolykdat, really like the idea of ur post. dats a bomb! Expect more from u

Yes. Where u be patient since birth

But na u Mr. Luluosas talk say dem write test and not NCC

Oranges unfortunately na man. why no such him banana or eat him small size carrot

The beetle might not necessary be his own just becos he's posing beside it.

Am the special adviser to the special adviser to the special adviser to the President

@ITUEN

I bin busy thats why oo. U no the job now, meeting here and there trying to resolve the Teacher Strike issue

@Benjay

How u take dodge the bullets for ur side? U bin use Jazz? Nna men! I still dey hospital wey like 10 doctors dey battle to remove the bullets wey the poster spray at me from him machine gun. Upon say i wear double vest bullet proof.

@Ituen

Na Seun we suppose ask that question ooo?

@Poster
Who thou registered u?

Urfriend is having a friendly-hangover,

luluosas:
Dont expect any compensation from glo cause they pass the test that MTN and Celtel fails.

Huh? Can u tell us the test make we know?

segunpc:
i ll land on water and walk like jesus on the river.

I'll do better than Jesus. I'll run like hell on the water!

i dont think it's Wenger's Adminstration but that of the mgt. There is little or nothin we fans can do than to just watch good football. Guess the mgt is happy that Baba Ijebu is saving them lots of dough. God help us!

what is the military waiting for? They shoud test their strength against these buncha lazy thieves. They should be crushed in their hideouts and their families wiped out of the face of the earth. Disgraceful and shameless people!

@ilugunboy,

Sorry man, just saw ur post. Na hitv wahala oo. No worry, i go buy stake soon for hitv just to make them real proudly Naija. Would surely holla u 2mr. Which moderator? Him no dey fear? If him provoke me sef i go buy nland too

@urfriend, kindly remind me of some of the good things hitv has done apart from entering into the market? Is is good thing that we pay 4k monthly just to watch football (Wat of peeps that hates football), ?

unfortunate to av lost my hard earned money to thieves.

urfriend:
hi please anytime u have signal problem never blame it on hitv.u beta call your intaller to re-set your dish and let's stop putting every little thing on hitv

My guy Urfriend, i know the difference btw a signal prblem and hitv exploitation so dont give me that crap that i should get my installer. When u guys exploited us during the Ikeja Transpoder failure, was the installer that caused it. U just trying to defend the wrongs of hitv, instead of admitting ur lapses.

ahwuyen:
Hi i had not experienced any signal problem since i went for HITV. i think urfriend is right. the only thing is the issue of contents

I dont think u use hitv except ofcourse u r anoda selfish insider. Only the person who doesnt use hitv thinks they r cool.

I am an unfortunate hitv subscriber who had been ripped off several times. By the way, what do u need the comments for? Ar u an insider too like Urfriend? Huh?

If her doesnt minded it nko? what can u fit does?

Thanks gee

dumb boy

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Sir, I understand, but right now my Dstv subscription is up for payment
i can either pay for more months or get HiTV.

But give me concrete reasons why i should get HiTV

Hi dear, i think u should stick with HITV cos they are proudly Nigerian! Although, u will view scrambled channels more than u view pictures, u'll also lose atleast two weeks subscription money due to no signal every month. Please Subscribe to HiThieVes cos they are the best. God help u!

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thought she was a thief, so I shot her."

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In the Confession Box
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