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.
suckers are born everyday, how can you expect a 30% interest payment monthly?
Xanthos. just like the other person wrote..”My MMM Story: Experience Of Someone Who ‘Invested’ in MMM”. Just read maybe you might understand better.
MMM is not a “wonder bank” like the criminal minded house of reps members portrays it to be. My annoyance is what have they got to do wit MMM? Is it the recession they are to tackle, to distract the public in order to steal or Is it they see it as not registered that they are looking for tax to loot or what? The so-called legislatures they have “license” to steal and loot our funds beacuse they manuevered their way into politics and into government with deliberate intent to steal. Now they are at the mercy of Nigerians. Have Nigerians complained to anyone that there money is stolen by the “wonder bank”? Well EFCC has time. If they are idle and want to arrest MMM as a wonder bank then they should get ready to arrest over 1.6m Nigerians and the Nigerian banks MDs. Are they afraid that Nigerians will live out of poverty in d nearest future? Let me remind you.. Soon the banks will be no more and crypto currency will take over. Im sorry for this country. Ill know if they will tell every crypto currency in the abroad to register. Same way EFCC will be sent out to arrest owners of crypto currencies. I suggest they (house of rep /EFCC) invest their time in arresting criminals alike (legislatures) and fraudsters in the NSE. They won’t because they are part of them!
..Jobless Legislatures and law enforcement agency. Is this a sort of distraction by the House of Reps to loot money in the system to send Zombie to investigate MMM.? Wonders shall never end. SO how will MMM reduce inflation in the country or bring about end to recession? This shows that they sit there in the House with their empty heads doing nothin only thinking of what to steal. Not that they are even creative to establish businesses and create jobs for the youths. They say they want to protect Nigerians, meanwhile they derive pleasure in looting nigerians. i pity this country. Go on and waste your time. South African President has approved of MMM and Nigerias will continue to do MMM wherever they find it. EFCC can spend their better time investigating MMM rather than investigating APC and criminals who call themselves politicians