Auxtin85:
Sorry for her

They should lock her up and throw away the key...
>

So investigations are still ongoing and you're parading her with this useless criminalising billboard in the name of mugshot.

I don't even know why people agree to carry that thing and pose for photos. I swear una go kill me instead rather than to carry that nonsense pose for camera.

Ikpeazukerosene:
It seems SEC has gone into coma since EFCC is now doing their job.

This is EFCC’s job...

EFCC deals with all financial crimes...
While SEC deals primarily with securities and such tradable instruments.
>

Success1020:


I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

I thought I was the only one that noticed that she didn't commit any crime. I read the entire article and I can see where any crime was stated. No body was scammed, people get paid and people decided to join in on their own. What people decide to do with their money is their personal business. The only default I can see here is not having a license and this is all based in allegations and not yet a fact.

Success1020:


I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

I do not support parading suspects too. It is wrong! However, she committed a crime by running a Ponzi scheme! The scheme was running at the time she was arrested, so she has not defrauded anyone yet. So she can only be arrested for planning to defraud and operating financial services without license.
Are you saying EFCC should wait for the scheme to collapse before acting?

Chimezirim12734x:

fraudster making FTC...

EFCC is coning for you

kerry57:
Women come dey get mind dey run biz whey men suppose dey fear to run. Na wa ooo, but we are getting there someday.

Getting there someday by just talking?
Abi what else are you DOING in order to get there
Any WORK towards your goal of getting there someday?

Success1020:


I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Most Nigerians don't even know why we have SEC. Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

Thank you

9jaRealist:
This is EFCC’s job...

EFCC deals with all financial crimes...
While SEC deals primarily with securities and such tradable instruments.>

What is the job of the Special Fraud Unit, SFU of the Nigeria Police Force

Success1020:
I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Most Nigerians don't even know why we have SEC. Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

How was she “paraded”?
That’s a mug shot and if you’re arrested by the FBI, you’II have similar mugshots taken.
>

anonimi:
What is the job of the Special Fraud Unit, SFU of the Nigeria Police Force

You might as well ask what’s the job of the ICPC?
Nigeria (and many other countries) have multiple investigatory agencies.

Nevertheless, the EFCC Act empowers it....
To “prevent, investigate, prosecute and penalize economic and financial crimes”.

The SEC, on the other hand, primarily regulates the capital markets...
Part of that regulation of course necessarily includes “enforcement” action.
>

Cutehector:
So that means ponzi schemes can have licences

Abi help me ask am, which country grants license to operate a ponzi scheme. A company that trades neither goods nor services,it has no specific scope of operations. You are saying they should obtain license.let him go and give them license na

Success1020:


I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Most Nigerians don't even know why we have SEC. Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

Thumb up chief!
Nairaland is an online platform you find the most technically illiterates in contemporary issues.
Some of them are PhD holders just to comment unrelatedly or unintelligently.

Cutehector:
So that means ponzi schemes can have licences

Divineayo:

Abi help me ask am, which country grants license to operate a ponzi scheme. A company that trades neither goods nor services,it has no specific scope of operations. You are saying they should obtain license.let him go and give them license na

She was NOT arrested on allegations of failure to obtain a license to run a Ponzi (pyramid) scheme, but rather for failure to obtain a license to “provide financial services” (of any sort) to the general public. When operators apply for such licenses, part of the process includes a description of the services to be provided and an examination by the relevant regulator whether the persons involved are “fit and proper” persons (wrt to qualification, knowledge, experience, and character, among others).

Even after an operator receives a license, their operations can still be shut down (and the operators may be prosecuted) if it is subsequently discovered that the operator is not providing proper services or is engaged in fraud or other criminal activity. My guess is that the license charge here is essentially a “holding” charge to enable custodial authority over the suspect until the EFCC completes its investigations and add any other charges if and as appropriate (or drop the charges if so determined).
>

Success1020:


I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Most Nigerians don't even know why we have SEC. Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

You must be a half-baked lawyer for asking this question.
Really, a lawyer who analyse the merit of a case based on press release.

Arresting a suspect is part of an investigation!

You are even talking about the FBI as if they don't arrest suspects all the time.
I get it, Hollywood movies have created a god-like status for these foreign agencies
but don't be deceived they are not different from their Nigerian counterpart.

It gets worse that you are asking another Nairalnder for evidence of fraud when
you can walk into any EFCC's office commando-style to demand the suspect's release.

There is nothing illegal about arresting a suspect.
A lawyer should know better.

Xisnin:

You must be a half-baked lawyer for asking this question.
Really, a lawyer who analyse the merit of a case based on press release.

Arresting a suspect is part of an investigation!

You are even talking about the FBI as if they don't arrest suspects all the time.
I get it, Hollywood movies have created a god-like status for these foreign agencies
but don't be deceived they are not different from their Nigerian counterpart.

It gets worse that you are asking another Nairalnder for evidence of fraud when
you can walk into any EFCC's office commando-style to demand the suspect's release.

There is nothing illegal about arresting a suspect.
A lawyer should know better.

Exactly!
>

hedonido:
So investigations are still ongoing and you're parading her with this useless criminalising billboard in the name of mugshot.

I don't even know why people agree to carry that thing and pose for photos. I swear una go kill me instead rather than to carry that nonsense pose for camera.

Taking the mugshot of a suspect is a normal part of an investigation.
Yes, she can be paraded while investigations are ongoing.

With this report she have not defrauded but with this arrest her customers will now cry cos she won't be able to run the business again. I suspect the arrest was caused by jealousy by other microfinance bank around her which cannot find how she runs it and succeed.

Angelfrost:
If they could read, and had the semblance of intelligence, wouldn't we have a better leader and country by now??!...

Most of them merely check the name to ascertain tribal affiliation, then proceed to their usual childish, idiotic, and pointless ethnic bashing.

favour32:

Thumb up chief!
Nairaland is an online platform you find the most technically illiterates in contemporary issues.
Some of them are PhD holders just to comment unrelatedly or unintelligently.

There’s no “technical” (or other) illiteracy in most of the comments...
She was EXPRESSLY arrested for providing financial services without a proper license.
>

Success1020:


I read this 10x, just trying to know why she was arrested. What is the job of EFCC again? I didn't see where she committed any fraud. Why parade her when all these are allegations? Why not do your investigation like FBI before arresting and parading her? If her offense is simply a case of malfeseance or negligence; not having the appropriate license from SEC to raise and invest public funds, does that warrant this? Most Nigerians don't even know why we have SEC. Lady, lawyer up. Or pm me, my law firm can handle this pro bono.

I decided to point this out because some of us can't read, and will start shouting "rot in jail" like the one below me.

If they could read, and had the semblance of intelligence, wouldn't we have a better leader and country by now??!...

Most of them merely check the name to ascertain tribal affiliation, then proceed to their usual childish, idiotic, and pointless ethnic bashing.

Ikpeazukerosene:


So long as there are greedy people, they would always be victims of scams like this.

na so.

dheaven:
With this report she have not defrauded but with this arrest her customers will now cry cos she won't be able to run the business again. I suspect the arrest was caused by jealousy by other microfinance bank around her which cannot find how she runs it and succeed.

She shouldn’t be “running the [unlicensed] business” in the first instance...
You and I can’t simply go open a “bank” in our garage and start taking deposits from the public.
>

I shake my head for this country sha .... Check this out .. When EFCC arrests 49 people in Kaduna and recovers millions of naira money . There you will see that no names are mentioned oo. .then in two days time you will now see that EFCC arrest 5 or 6 in Enugu or port Harcourt and they will display their identities and their mug shots for the whole world all to see that they are working ... Then again after like two days EFCC will come out again and say they arrested 59 yahoo yahoo in kwara state .. They will not display pictures or names ooo .. Then just wait a bit the next day the same efcc will arrest 7 yahoo yahoo boys in owerri zone and there will parade them with names and mug shots .. Those it mean the yahoo yahoo in the north are ghosts . While those in the east are real humans .. This country is a shit hole and a mess. Buhari and his Muslim Fulani .. I dont blame you guys at all . I blame the two face figure on our left hand side ...

What statutory license is that? The question is did she scam people? Efcc only have teeth when it’s not politicians especially those close to power.

Success1020:


Here they go again, I don't want to insult you this morning. Show me where she committed a fraud?

She committed a fraudulent act cos she registered it as an NGO but run it as a ponzi scheme, secondly, the discount should be 70% but made it 50%. Are you still looking for where she committed fraud? Read the whole story again, this time, slowly so that you can understand it.

gud day, pls i seriously need a job, i am a graduate of accounting (hnd) 07037799108

jaxxy:
What statutory license is that? The question is did she scam people? Efcc only have teeth when it’s not politicians especially those close to power.

She registered as a NON-PROFIT NGO and is providing financial services...
That’s like one registering a school and then start running a hospital instead.
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