Enugu-based Failed Wonder Bank (Let’s Partner With You) MD Gets N2Million Bail
Managing Director of an Enugu-based Wonder Bank popularly known as Let’s Partner With You Ltd has been granted bail.
Justice Dugbo Oghoghorie of the Federal High Court sitting in Enugu on Tuesday granted the owner of “Lets Partner With You”, Patrick Nwokike, his wife and Director, Rosemary Nwokike N2 million bail, each.
Justice Oghoghorie adjourned the matter till March 6, 2017 for trial.
The two accused persons are a couple that ran a micro-finance bank known as “Let’s Partner with You.’’
The indicted couple had received in excess of N6 billion from depositors and their customers on agreement of paying them 30 percent interest on their capital.
Trouble started for them when the bank was unable to pay their customers the interest earlier agreed on.
Let’s partner With You Ltd also refused to pay back monies invested in the bank by customers and investors.
This then led to customers petitioning the Economic and Financial Crimes Commission, EFCC.
Wonder Bank Operator Gets Shocking N2million Bail
The owners and operators of the wonder bank were apprehended and arraigned on a four-count charge of conspiracy, stealing, conversion and illegal operation of a bank without license.
The prosecutor, Mr, Harrison Ibekwute told the court that the accused had in 2013, 2014, 2015 and 2016 issued advertisement inviting the public to deposit money with the bank without authorization.
He also noted that the wonder bank had been operating without a valid license.
Ibekwute said the offenses committed by the accused contravened the Bank and Other Financial Institutions Act, Law of the Federation.
MD of Let’s Partner With You Ltd, Mr. Nwokike had reportedly acknowledged that depositor’s funds with his company was about N4,000,000,000 (Four Billion Naira Only).
Although he denied operating both money lending and investment business as alleged by the petitioners.