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Thursday, 6 October 2016

Photo: EFCC arrest company MD over N4billion fraud

Following over a hundred petitions from across the country on the operations of an alleged Wonder bank and its nefarious activities, the EFCC on Thursday October 6, arrested the Managing Director of “Lets Partner With You Ltd”, Chief. Patrick Shanchi Nwokike at his residence in Enugu, Enugu state.

Petitions from a cross section of Nigerians and cutting across religious, gender, ethnic, economic and social class indicate that the company had over the past five years solicited and obtained deposits of more than N4,000,000,000 ( Four Billion Naira Only) from the general public with promise of mouth watering interest in return.

According to investigations conducted by the Commission, the company has no license to solicit and manage funds for the public nor was it registered with Securities and Exchange Commission, SEC, or the Nigeria Deposit Insurance Company, NDIC.

Further investigations revealed that a 10% (Ten percent) interest was for some time paid on invested capital which for no justifiable reason, was suddenly stopped and all efforts by depositors to have at least the capital of their investments returned nor terminate their investments proved abortive.

Many of the complainants alleged that the operators of the scheme especially, Chief Nwokike not only live very flamboyant lifestyles but acquired several personal assets as well as using their deposits for philanthropic enterprise. The company was also found to have over six accounts in about four banks with the CEO of “Lets Partner With You Ltd” and his wife being the only signatories to the accounts.

In his statement, Nwokike who acknowledged that depositor’s funds with his company was about N4,000,000,000( Four Billion Naira Only) , denied operating both money lending and investment business as alleged by the petitioners.
He stated that his company is into partnership business which receives money from interested partners who desires interest from their money after it might have been infused into businesses especially that of small scale traders.

Nwokike argued that the present problem facing his company is as a result of the general economic downturn in the country; an argument punctured by his depositors who said his company started defaulting even before the present economic woes.
Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution.

32 comments:

Davido's driver said...

4B is a lot of money

Eddy Ogbunambala said...

Good

Uju Phil said...

Na waoh...

CHERYL (aka FROM GLORY to GLORY) said...

Im cup don full. Na God catch am!

Long Live LIB

vinna saviour said...

Hian coy MD u don fall our hand o

Odibe Blessing said...

HMmmmmmm 4what?????

livingstone chibuike said...

Na so dem dey dupe people...let him face d consequences

Victoria Oddiri said...

Hmmmm na wonder bank deu reign now oh.




#Somebody must to love me tonyt!!

Juliet Iwuno said...

Ngwanu go answer your warrant. Linda take note!

Saphire Muna said...

People like this plenty for here.. One is crusader insurance company and other small small money collectors, they will collect your money and run away.. Nigerians should shine their eyes... Bank your money in a well known bank and forget abt all this osusu and ajorh, they can always disappoint
















............. Liber maniac..........

Jamila Shaibu said...

Good for him




Post my comment

chinelo okafor said...

Lack of Licence or Fraud??

christie benjamin said...

Oga but why nah?

Bashir Danlami said...

Now any tom,dick and harry will hide under recession to defraud people

Esther Dangana said...

EFCC should invite all the depositors to flock him, before sending him to jail.

okechukwu nnoduechi said...

THIEF







AUNTY LINDA 👩

Chidyz said...

This man na Ogbologbo...


#GrachiDynasty

ELVIS EMEKA said...

He should have done the right thing by getting the business registered. Nigerians re too greedy Abeg. Obviously, depositors are aware it's a risky and shoddy venture,yet, they chose to deposit because of interest? Our people no dey use the word interest play.

Eleojo Blessing said...

Hmmmm...see gobe

NaijaDeltaBabe said...

Chai! Wat recession?!


...merited happiness

Anonymous said...

His cup don finally full,He brought in laborers from South Africa to build and furnish his house worth millions of naira but still sleeps in ascot.

HRH EKEH ( King of all Kingdoms) said...

Greedy lots... Why else will people invest in such a scheme?

Anonymous said...

We only hope the issue will not be whittled down with time ,he should be made to pay the depositors every dime he collected from them,because that is the only way to secure social justice to families he has wrecked.

Anonymous said...

Calm down people ... When things go wrong the person is to be blamed. All along he was paying nobody enquired about the business if there is license or not. Let's see things the other way round.

Anonymous said...

Nigerians will Neva learn. Wen dey tell u to bring a specific amount of money U will get interest,and u accept. Wat do u expect? Or u re told to bring in somebody else to make his own deposit and fast person brings in anoda dat u will get interest from d peoples deposit. Wat do u expect? Where is d money or interest coming from? Networking!!!! Abeg its time for naijas to wakeup biko. #TheQueenInZion

dee boi said...

I pity all d greedy pple wey wan turn 1000naira to 1million naira overnight... dee

Anonymous said...

this is why Islam forbid RIBA(interest)in any business ventures because is hell to have solicit for interest for no just cause. what have they done to invest for interest. this is good for them.they will never learn from history.

evy claret said...

4 billion naira?

Eva Da Diva...

Anonymous said...

Interest is ok because you gave your money to someone to do business and when the profit comes, both of you will share it as interest. There is nothing wrong with interest but do it with a reputable bank that is registered that's all.

Anonymous said...

Igbo people una no dey tire for bad things? Why cant you use your brain to do something meaningful that will glorify God? Tufiakwa!

Anonymous said...

See the way they humiliated him to hold a placard with name and the crime he committed written on it. Them go don beat am break him neck. And he looks responsible. Shame on you Omo Igbo

Designer Nation said...

MMM take note

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