Mr. Patrick Nwokike and his wife, Rosemary Nwokike have been arraigned before a federal High Court sitting in Enugu. The two accused persons were said to have been running an unlicensed saving and loans agency.
In a scheme similar to that of the famed Mavrodi Mondial Money (MMM), they both as as directors of a wonder bank that collected over N6 billion from different members of the public which they promised to pay 30% interest monthly. However, after they could not source enough additional funds, they could neither pay the interest nor the principal sum deposited.
This was brought to EFCC’s notice and they were arrested The couple have now been arraigned on a four count charge of conspiracy, stealing, conversion and illegal operation of a bank without license. These offences, according to the prosecutor, contravened Bank and Other Financial Institution Act, Law of the Federation.
However, upon appeal by the defense counsel, the presiding Judge, Justice Dugbo Oghoghorie granted the accused persons a N2 million bail each and two sureties in like sum, who must be a Civil Servant of not less than Grade Level 12, reside and own a landed property within the court’s jurisdiction.
Hearing on the trial was adjourned until March 6, 2017.