@Saheed,
Cheer Optimism is what this period requires from everyone of us. It may be difficult for us all to come together due mainly to our different work and life schedules, but one thing we should continue to do is sensitizing the entire populace of this country about our plights in the hands of those in authority. Perhaps one day, our voice would get to the hearing of someone with the fear of God and justice will be done.

Do you guys know that, even though there was a freeze to the account of Nospetco, some people (high and mighty) are still being able to get their investment back; even as we speak?

Nigeria we hail thee....

Okay, lets all wait for our money, and it's not that I am not optimistic but when you wait for something longer than you expected you start to have a low spirit.

I hope we get our money back because the money would make a lot of difference in my life.

@fluffy.
I luv your spirit and your confidence.People like you are incurable optimist.You kept my hope alive.Keep it up,your hope will not be dashed.it is well even if we're in the well.

@ fluffy
u ve said it rightly, i dont know for others but i will surely get my money back. court case in nigeria takes long. but judgement will still be delivered. just a matter of time

@ Saheed et al
How can our money be lost!!!.I've never imagined that in my head.....it's never crossed my mind.Of course its taking too long............but the funds can't be lost.The funds are still intact in the frozen accounts,we just don't have access to it.Its not palatable,but i've seen court cases drag on for a while...........but eventually Judgement must be given.In our case whatever judgement is given is good for us...........If Nospy is asked to continue biz,we'll get our money back.........If they are liquidated,we,ll still get our money back.THIS IS SURE.The only thing we don't know is WHEN.....but i know its in this lifetime and soon too.I've made up my mind to be STRONG,UNRELENTING,UNWAVERING,TURNING EITHER TO THE RIGHT OR TO THE LEFT......MY EYE IS FIXED ON MY MONEY AND ITS CUSTODIAN...............AND I'LL SURE GET IT BACK

I have to let you know that I work very hard for my money but what do you say in a country that doesn't value it citizens. 3 years had passed and there is no way out of this whole mess. Life has it ups and downs and when you fall into the down side of life, I guess you have to take it the way it comes and move on with your life. Or what do you want to do?????????????????????????????.

It grieves my heart when I read some responses from some people (saheed for instance) suggesting that people should forget about their investment in Nospetco and move on. As somebody had rightly mentioned in the past, its either such a person did not work for that money he/she invested in the joint venture or he/she is simply an agent of Maiyaki.

Either way people get their moneys through diverse means and for such people who invested their sweat in this business, I implore us to keep hoping that we will get back this money, by God's grace. It may take some time and of course many unfortunate may happen to so many along the way but this money will still come out.

The facts are not far fetched, this is not a case of liquidation, as it occurs in banks. It is simply a case of account freezing, for whatever reason(s) and this case is still in court. Suffice to say here that court cases anywhere in the world moves at snail speed, especially business cases; but at the end this money WILL be unfrozen.

Did you see a visible means out of this whole mess? For how long will it take the Appeal Court to pass their verdict? Well for me I have started putting my hope somewhere else and I don't have it in mind that I still have some money somewhere again. Nospecto has become a thing of the past, the earlier you believe this the better you get a rest of mind and find something better doing. 3 years has passed now and there is no way out. My people don't let us continue to fool ourselves our money in gone in the drain. Period.

Saheed.

But wetin the grammar teach us! Are we gettin our money back and when possibly can we.

Though the article is somehow assuring and convincing that sometin is been done, unlike what some pessimist have opined, but the koko is that our dough is not lost.

I just hope that we'll unite and fight the fight to the last,get our hard earned money and put the devil and his agents in our midst to shame.

(Culled from Proshare.com)

Wonder Bank: Nospetco investors blame SEC, CBN on their woes

Peter OBIORA, Proshare NI, April 10, 2009 at 05:59 GMT

Investors into Nospetco Oil and Gas Limited (Nospetco) are blaming the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on their woes of not recouping their money in the failed Wonder Bank saga.

The investors are of the view that the Regulatory Authorities should come to dialogue with the Management of Nospetco to see how the issue of refunding depositors fund should be resolved.

�If you look at the whole situation, investors into Nospetco did not cry to SEC or CBN that Nospetco is doing business illegally with them or have swindled their funds� one of the investors said.

They affirmed that Nospecto have been doing business successfully with members of its investing community; when suddenly SEC and CBN clamped down on the company.

�When they stopped the business of Nospecto, they did not do anything, the public did not complain to SEC that Nospecto is defrauding them� they affirmed.

The Investors accused the CBN of freezing the accounts of these Wonder Banks in order to protect the commercial Banks. �They took this action; for fear that these Wonder Banks might takeover business from the Commercial Banks� they said.

They further affirmed that over the years, they have been investing in Nospecto; the company has not failed in its obligations; asserting that the commercial Banks also connived with the CBN to clampdown on the Wonder Banks.

Proshare NI contacted Lanre Oloyi, Head, Media of SEC to give an update as regards the matter.

Oloyi confirmed that the matter is before the Inter-Agency Committee set up by the Commission to look into it.

�The Committee is meeting and collating relevant documents to assess the status of those who invested in these Wonder Banks� he said.

�How much was recovered from operators of this scheme; some of them have gone underground� Oloyi said.

As earlier reported, on November 22 2007, SEC took 37 Wonder Banks before the Investment and Securities Tribunal (IST), advising it to authorise the closure of the offices of these companies; because they did not obtain the necessary licences to operate either as Fund or Investment Managers in the Capital Market.

SEC in this action, also joined the CBN, 17 commercial banks and one discount house as respondents to the suit but, withdrew the cases against Megawealth Limited, Divine Success International Limited and Treasureline Interlink Limited. However, the three cases were struck out by the IST for want of evidence.

Also as earlier reported, Wealth Zone Limited and Nospetco challenged the Tribunal�s jurisdiction to entertain the suit against them, this could not be decided.

IST stayed proceedings in the two cases pending the outcome of appeals they had lodged against an interlocutory ruling on its jurisdiction at the Court of Appeal.

Abu Musa, a staff of Nospetco confirmed this to Proshare NI in Lagos Nigeria. �We are waiting for the Court of Appeal to decide this case; so that we can go back to business� Musa said.

This is coming on the heels of SEC in October 2008 assuring depositors of Wonder Banks that they would get a refund of their deposits soon.

The 28 listed Wonder Banks affected by the clampdown include Fortune Access Interlinks Network, Pennywise Investment Limited, Cyber International Limited, Gold Power Unique Services Limited, Gorutrans Nigeria Company Limited, Interglobal Investment Limited, Money Field Limited, New Freedom Diversified Investment Limited, Open Gate Multipurpose Investors Limited, Orion Express Global Services Limited, and Art Master & Co. Limited.

Others are Wealth Solution Limited, Wealth Transfer and Logistic Limited, Wilson O. Wilson (Doing business in the name and style of Wilamas Ventures), Wisdom Investments Nigeria Limited, and Nospetco Oil and Gas Limited.

Positive Move International Nigeria Limited, Precious Golden Profile, Real and Cool Wealth International Limited, Shola Olanrewaju Ayinke (Sefteg Nigeria Company), Silvertrust Global Investment, Successpoint International Investment Limited, Torid Investment Limited Treasured Fund Assets Limited Vikel Petroleum Limited.

Also on the list are Wealth Concepts Global Ltd, Wealthgage Multibiz International Limited and Wealth Interlink Agency Limited.