The Economic and Financial Crimes Commission, EFCC, has finally arrested the Managing Director of Lets Partner With You Ltd, Chief Patrick Nwokike at his home in Enugu.
With an obvious upsurge in the emergence of dubious and questionable financial help houses, the EFCC have there hands full trying to curb these enterprises and protect gullible citizens.
After months of lying in wait, Chief Nwokike was finally arrested following over a hundred petitions from across the country over his alleged operation of a Wonder bank that has collapsed.
Petitions from a cross section of Nigerians cuts across religion, gender, ethnic, economic and social class. These petitions indicate that the company had over the past five years obtained deposits of more than N4,000,000,000 (Four Billion Naira Only) from the general public with promise of mouthwatering interests in return.
An EFCC source disclosed that the company had 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.
According to the EFCC:
“Further investigations revealed that a 10% (Ten percent) interest was for some time paid on invested capital which for no adduceable 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 of the accounts.”
Nwokike has reportedly acknowledged that depositor’s funds with his company was about N4,000,000,000 (Four Billion Naira Only), but 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.”
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Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution.