There are many daily newspapers with letter column. So let us all write to these newspapers for publication. By the time, that on daily basis we have 4 or 5 of them carrying the Maiyaki/Nospetco issues, anything can happen. Because Maiyaki's / Nospetco's reputation might be in state of soiling, even the CBN and others may do something. There are other Radio Phone-in programmes that can be contacted. I tried one of them. But the presenter said that covering that area is difficult. The woman whose write-up on Nospectco/Wonder Bank posted on this website can also be of help. Her NGO is against injustice and corruption. We need her help. Above all we need GOD's help, and HE will help us

In fact this incident is beyond man's imagination. The only thing to do now is silence prayer. However, prayer goes with action. Let us conclude on what to do: Newspaper publication or getting lawyer(s) to stand for us in this complex issue.

what next or why the silence

Does the voice of the common man count in situation like this in Nigeria? Well, maybe in some years to come. He can only help himself by allowing events to unfold itself. Its so sad that he find himself in such situation all in a bid to put food on his table. Nevertheless, there could still be light at the end of the turnel but all he can do is to hope.

someone talked about the newspaper ads and ppl refused to take part, then the whole hing rests on maiyaki then, what other choice do we have

hi guys. i spoke with alh. maiyaki some few days ago as per any development and all he could tell me was that his lawyer has gone to abuja to pick a date for the case at the appeal court. so here we are again! if care is not taken, this matter will drag till eternity as it is this man has no plans to pay back this monies invested with his NOSPETCO company. this our siddon dey look approach will not help our course. may God help us all!

Nice writ-up there by Jadesola Ogunbanjo. I mean the one posted by adeade.

Apart from placing an advert in the papers, it occurred to me after reading that article that that is one sure way of getting the attention of the powers that be on this NOSPETCO's issue. Those of us who can write articles should do so and send them to newspaper houses. Those who cannot write articles should send letters. I believe almost all the newspapers in Nigeria publish letters from readers. The more people write, the better.

I however have some doubts that the microfinance bank mentioned in that article is owned by Mr Oyekale. From its inception, I have known the owner and the chairman of Treasures Microfinance Bank to be Dr Tunde Ayeye. And he is someone I know very well. You may google Tunde Ayeye or Treasures Microfinance Bank to confirm this.

I think we should be doubly sure of the information we are including in our articles or letters, otherwise it could the 'weight' of our allegations.

That was a good write up. So where do we go from here? I believe the stage is getting set for our own mass-action.

Of CBN, wonder banks and subscribers
By Jadesola Ogunbanjo

I wish to bring to the urgent attention of the Central Bank and other regulatory agencies, the non-refund of capital invested in the various» wonder banks» all over the country since June, 2007, when the bubble burst.

The CEOs, of these wonder banks went underground because they could no longer fulfill their contractual agreements with their subscribers, particularly when the Central Bank placed 'Lien' on their bank accounts nationwide.

However, a form of succour came to the subscribers with the advertisement in the Guardian Newspaper of Tuesday, 12 February, 2008.All subscribers were advised to go to designated places to submit their receipts of claim. After the close of the exercise, and to the chagrin of these subscribers, the whole exercise turned out a fruitless effort because nobody received a kobo.This situation is worrisome largely because people had thought that with the intervention of the apex bank, depositors would be able to recoup their capital from these faceless managers of an illegal business.

Initially, the whole business transactions looked very attractive, alluring and promising to the gullible public.

Early subscribers started receiving millions of naira as their pay off, according to how much was invested. With certainty of profit accurable to subscribers, they were able to purchase those things they could not in the last 10 years: cars, landed properties etc. This encouraged new subscribers to look for money at all cost to invest. While some borrowed from their banks, others got substantial amounts of money from their cooperative societies. They invested heavily so that they could become «mandarin millionaires.» However, by June 2007, while the apex bank and other regulatory bodies were dragging their feet on the matter, the bubble burst. They swooped on these banks, declared their operation illegal and subsequently placed 'Lien' on their bank accounts. This singular action of the apex bank has led many subscribers to their early graves.

Those who could receive the shock with equanimity accepted what befell them as their fate. They nurse the hope that one day, the lien placed on the accounts of these banks will be lifted while the operators of these banks would return their capital. Can we describe this as a forlorn hope? Or as a «Parousia,» the second coming of our Lord Jesus Christ? It is unfortunate to note that while a few wonder banks kept adequate records of their business transactions, many did not, for example Pennywise at Ibadan. Those who subscribed in Pennywise did not think of the idiomatic expression of the name. «Pennywise pound foolish».

This company was mistakenly classified as one of the wonder banks. The lien placed on its accounts by the Central Bank had led to the grounding of the business of this company. I learnt that many of their trucks plying the nooks and crannies of Nigeria and even the Cameroons have been grounded in their yard.

In this situation, where does the Central Bank want NOSPETCO to find money to pay its numerous subscribers, which it had been doing in the last eight years without fail?

In my own understanding of a wonder bank, NOSPETCO is not one of them. The difference is glaringly clear. While the wonder banks had nothing to transact like buying and selling goods/services to the public, NOSPETCO has been dealing for oil/gas since eight years now. It is through the magnanimity and kind-heartedness of the Chief Executive that he called on the public to buy shares in his company by way of subscription and be collecting NX monthly.

The Central Bank and other regulatory bodies should play the role of a big brother in the recovery exercise. Central Bank/regulatory bodies should hold series of crucial meetings with Chief Executive Officers of wonder banks on modes of return of capital to subscribers.

It should make sure that every subscriber collects his/her own capital from his/her wonder bank and should warn all managers of wonder banks to be very careful in the process of payment or else many of them will find themselves in prison yards.

It was rumoured that NOSPETCO and a few other companies had taken the Central Bank to court for determination of their claim that they are not wonder banks. The matter is still in court. The court handling the case should quickly dispose of the matter so that NOSPETCO would be able to bounce back to business.

The Central Bank and other regulatory bodies will be found guilty and culpable if the CEOs, of these wonder banks fail to pay subscribers their capital. A few CEOs of these banks have surreptitiously converted their illegal business to microfinance banks. A classic example is the one established by one Mr. Oyekale. He was the former CEO of the wonder bank tagged «Treasure Line,» at Adamasingba area in Ibadan. He has quietly moved to Lagos under a different name, «Treasures Micro Finance Bank,» situated at No.1, Bakare Street, Ojodu, Berger Bus Stop, Ojodu, Lagos.

In a society that has a constitution, whose leaders affirm the protection of life/property and respects the right of many, should Mr. Oyekale be allowed to set up a micro-fiance bank anywhere in Nigeria without first paying back what he collected from the gullible public? At least, whichever body is approving the microfinance banks, should be familiar with the pedigree of their founders. Can the Central Bank and other regulatory bodies claim ignorance of the existence of his micro-fiance bank?

It will be in the interest of peace and tranquility of the country that the Central Bank and regulatory bodies help millions of subscribers to reclaim their capital. Anything short of this expectation, may lead the subscribers taking the law into their own hands in different forms.

If the CEO of wonder banks think that they can hide under some legal gymnastics that often characterize cases in courts, they are mistaken because those who staked heavy amounts of money will never forget the trauma they went through in their attempt to recover their capital.

Ogunbanjo (MFR) is CEO, Committee of Concerned Citizens against Corruption(08076337091).

hi everyone, am new in this blog but have been following event here especially on NOSPETCO. There is a write up in the TRIBUNE of yesterday 16/2/09 on nospetco and other wander banks which sounds like the newspaper publication plan the house is about to embark on.
In my opinion, i feel a petition to the EFCC and NATIONAL ASSEMBLY will just jump start action on this nospetco issue.