Oct 7, 2016 – Enugu Wonder Bank MD, Chief. Patrick Shanchi Nwokike Arrested For Duping Depositors Of N4 Billion Investments
Patrick Nwokike, “Lets Partner With You Ltd” MD Arrested For Duping Depositors Of N4B Investments
The EFCC on Thursday said it has arrested the Managing Director of Enugu’s Wonder Bank “Lets Partner With You Ltd” Chief. Patrick Shanchi Nwokike. Depositors are said to have lost over N4 billion of their investments.
A statement issued by the EFCC in Enugu said Chief Nwokike was arrested following over a hundred petitions, from across the country, on the operations of “an alleged Wonder bank and its nefarious activities.
“Petitions from a cross section of Nigeria and cutting across religious, gender, ethnic, economic and social class indicate that the company had over the past five years solicited and obtained deposits of more than N4,000,000,000 from the general public with promise of mouth watering interest in return.”
The Commission said its investigations revealed that the company has no license to solicit and manage funds for the public, neither was it registered with Securities and Exchange Commission (SEC) or the Nigeria Deposit Insurance Company, (NDIC).
“Further investigations revealed that a 10 percent interest was for some time paid on invested capital which for no 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.”
In his statement, Nwokike reportedly acknowledged that depositor’s funds with his company was about N4,000,000,000, but denied operating both money lending and investment business as alleged by the petitioners.