I try to stay clear of topics that zero in on particular individuals and issues that are not timeless. To clarify what I mean, I always try to write on things that will be useful for a very long time, and not issues that will become history after a while. Principles, values, encouragements, motivations, useful experiences… all these are timeless and would still prove useful on the long run. Issues like Nospecto are however time bound, we all cannot guarantee that it will last for too long. I have however been in many discussions lately about Nospecto, and I have found out that I will not be doing good service to a lot of people if I don’t help them with the information I have that can help them succeed.
If you have never heard of Nospecto before, it is an investment opportunity where you put in 450,000 naira and get 40,000 naira returns monthly, it’s also a joint venture business arrangement, where you share profits with the owners of the company at a rate which makes your share 40 out of every 450 in a month. Nospetco’s arrangement is the standard convinient arrangement for devout muslims, who because of their beliefs in not collecting interests on their money can only be comfortable with sharing profit. Nospetco has made many Nigerians rich today, Nospetco is the reason some people feel more comfortable to live their jobs, but an interesting question we all need to be asking is -”How much longer does Nospetco have to live?”. If you think it’s not a critical question, read on.
If you are investing your money in any business, you need to have answers to a few questions otherwise you will be the owner of the money but for a while.
“He that gets gear before he gets wit, is but a short time the master of it.” – Charles Spurgeon
It is wit to be able to ask the right questions, know when to move in, and know when to move out. If you ask the generation that is between 45-60 today, they’ll tell you about the finance houses of the 70/80s and how in one little sweep, millionaires became paupers. Those who do not know the past are bound to repeat it!
What is Nospetco’s business?
Nospetco is an oil and gas marketing company. It claims to be, and the claim has been researched to be true. I have been able to track what they sell, who they sell to, and who they buy from. Their major business is diesel, they are big and have many customers and their sole supplier of diesel is Zenon (the sole supplier of diesel in Nigeria). This is the legitimate aspect of their business that is known to anyone who dares to find out, it is not impossible they are into other things that are not so simple.
Is the business so profitable?
The business is marginal, but the high turnover makes it very profitable.
Why are they sharing their profit and not lending money from banks?
Their financial model is islamic, they don’t believe in interests. This is not very clear though, since they still use banks too, I’m certain scholarly islamic people will be able to shed more light on this. “Owo ele” is what they call it in yoruba. Rather than go into interests, it makes sense for them to go into profit sharing.
Is it risky?
It is high risk. Apart from the fact that you sign an agreement that when there is a strike or unrest in the nation, you will not be getting revenue for those times, what you sign with them is also not binding. If anything happens and they go out of business, you are also out of business. It is also a business that thrives on our dependence on diesel. The 40kva generator in our office runs on diesel, it’s a pain in the neck for us, this business thrives on the instability in power generation. This business also solely depends on another company as its source for its most important product, when you shake the wind, the wind will shake the forest.
What are the realities today?
Nospetco is high risk, and an investment you should make with your eyes open and your brain alert. A read about a certain Ade guy who claimed to have bought as many as 50 units and quickly reduced it to 25 when he had recovered his initial investments. For him, he can’t loose anymore, he used good strategies that are more difficult today. I also played with it before, went in and out big time. It was easier back then, today you need to keep the funds there for 6 months before you can divest. There are intelligent ways to invest. There are however some current happenings that in my humble opinion are red lights for investmenting -
1. Zenon announced a few weeks back that they will now start selling diesel to the public in diesel stations, and at much lower prices. This is a deadly blow to all their distributors, Nospetco inclusive. If they retain their current agreements with this, then it means they are into other steady things and investing might not be so bad, but you still need to find out what.
2. I heard that the Intercontinental Bank MD forbade his employees from having anything to do with the company. He say the whole deal from a different angle, the company is gradually becoming a bank without having a licence. And certainly is already competing with banks for funds. If other banks wake up to this reality, we might witness an economic coup.
What do I advise?
I advise that if you want to invest in any scheme, do so wisely. There are sure investment vehicles, balance your portfolio. Don’t let greed lure you to the gallows. Use as many invesment vehicles as possible, fixed deposits, shares, venture captial, treasury bills e.t.c. If you must put all your eggs in one basket, make sure it’s the basket you are guarding with your life.
Are there more profitable investment options?
Yes! They do equal and some more returns with their unique appended risks as well. The unfortunate thing is that like Nospetco (no website, funny looking stressful office – I hear the office is better and has AC now), they also do not have websites and the information I have on them is limited. One is Hazonwao (I have the MD’s number, they are into more stable things) another is Wealthzone (I’ll get his number soon, I have his email address).
I hope someone finds this useful.
@ Ayo from London, Happy New Year to you my brother. I hope this year brings you peace joy and prosperity.
In reference to your post, you say we have been praying since last year – well maybe we need to pray harder as I believe this now calls for a miracle from above – I am certainly believing God for a miracle!
Yes it’s important that we deal with earthly matters ourselves but believe me most times a little help from Baba God goes a looong way – It’s happened to me time and time again so I’m talking from experience here. Trust me God is interested in earthly matters too – you just need to put Him in the picture.
As to financial misappropriations in our beloved country Nigeria – how true but meen I’m not really ready to wait till the irregularities in the Nigerian Legal/Judicial System are ironed out as I’d like my money back pretty soonish! I doubt if Obama is interested in NOSPETCO but if you have his personal number then give it a try and let’s all know what he thinks – You might want to also include Gordon Brown in the conversation while you’re at it. The American’s are light years ahead of us in terms of bringing fraudsters to justice but I’m pretty certain they have more pressing issues to tackle – the current recession would be one of them.
Happy to join forces with you and anyone else who is willing to escalate the issue by taking out legal action. I also happen to be based abroad so distance might be a problem but I’m willing…
As to us Nigerians being “wimps and cowards” for praying. This is a bold statement Ayo. Does this mean that you are a bold hero for not praying??
And finally…. You suggest that we “leave God alone as he has more urgent business like people dying in Palestine, Israel…” Just so you know God is in the business of multi-tasking and is more than capable of dealing with numerous things at the same time, with the same level of “urgency” so don’t worry about him being busy – He’s never too busy for us.
Brothers and sisters as Ayo suggests, escalating the issue through the courts certainly sounds like a good idea – this can be done alongside increased prayer. I’m sure you have gathered by now, that I believe that God can turn things around through prayer. I’m also pretty sure there are some people out there who would have the same views as me! If you have any suggestions as to how to set the ball rolling through the courts let us know. But above all – Keep praying because prayer changes things.
Let’s start the blog again as I’d be interested in your comments….
Happy New Year Everyone!
Ayo from London, I understand how u feel @ d moment -
afterall itz bn about 18mths since all this oppressive
propaganda started.
But we must always try to understand the genesis of this
situation, so our anger doesn’t make us lose focus.
Nospetco, unlike Madoff, was never a wonder bank; it
was an oil & gas JV partnership biz whoz biz
operations were visible in our o&g downstream sector
and in which mainly middle n low class nigerians
invested their monies in.
D major crime it commited was its management failing to
get SEC registration. And this is d platform on which
its competitors/persecutors have bn attacking it by
grouping it with thoz other companies and giving it
dat bad name (wonder bank) so as to hang it. A case in
point is that of Treasureline/Interlink who had SEC registratn but were
still bn attackd by d greedy/crazy forces behind this
propaganda. Thankfully, the IST/court has gotten dem
bullies of its case.
Having said these, itz a shame dat no one in power appears
interested in taking
notice to help intervene so Nospetco’s case
is resolved out of court – you know how bad it is in 9ja
dem politicians dont usually care. So much for all d talk
abt supporting local content in d 9ja o&g sector…….!!
Also till date no one can prove Nospetco JV was a wonder
bank or Ponzi scheme in anyway!!
So we are left with waitiing for judgement 4rm IST/court.
And as you know in 9ja judicial processes are usually
unreasonably slow and very expensive.
Besides, nospetco’s acct. still remains frozen on paper
(pls. correct me if not so?). So a necessary question
will be are the banks holding their accts. using the money
for their own biz or has it bn returned to the CBN vault?
All said, I concur 100% with Devoe that we should
continue in prayer to
God to take control and resolve this issue. Meanwhile,
we also have to keep looking for ways to solve or help
Nospetco solve this problem, who knowz the LORD can use
one or some of us.
make una 4get una money da one don go. Na 9ger we dey now. d money don too big 4 dem to release.
didoooooooooo
@ didoooooooooo,
how u wan make we 4get our investment principal finally? When most, if not all, of us didn’t steal d money but earned it legagally thru lots sweat n sacrifice! Abeg dat defeatist/pessimistic attitude no b am at all!!! Posterity will judge us as a weak n uncoordinated grp of investors.
@ all,
As much as we ve got our monies in there, we shouldn’t forget dat Alhaji’s money, JV facilities n entire JV biz idea has been seriously affected too. And that’s why i think he’s fighting hard @ d courts to save his biz. Honestly, if u ask me I want my money back asap however on the otherhand i understand why Alhaji has opted to try n save his business from dem greedy forces.
anyways, i spoke to Alhaji, earlier this week on 08023257811. He said he’s now seeking to b heard at d appeal court after a favourable judgement wasn’t given by the court recently. Now i’m not sure if d person was actually Alhaji, but one can confirm by goin to d appeal court to confirm if Nospetco has applied to file a case. Hopefully data protectn wouldn’t stop us from to gettin info @ d appeal court.
Pple, like musketeers, lets kp thinkin of an amicable way to advice Nospetco on how to resolve this issue soon in d best possible manner – all for one and one for all!
the appeal court tshould tamper justice with mercy, so that poor, pensioneers, widows, school children will leave. afterall it was done in the case of Yara Adua, because of the interest of corporate Nigeria so that it would not disingerate or fall into civil war. They should have mercy. Period.
ot sure but I came accross the document on the link below concerning these fund managers. Click on the link
http://www.cenbank.org/out/circulars/bsd/2008/circular%20on%20wonder%20bank3.pdf
Hello people!
No news for a while now… Any updates?
Hello, I spoke to Alh Maiyaki recently he told me the were waiting for the hearing at the fed court of appeal any time from now all they want was our prayers.
Hi Peeps,
Where does this infor lead us to, my advice to anybody who wants to pray/fast is to direct the prayer towards other areas of endeavours & not waste your time praying for NOSP.
Pray for your business, careeer, family, anything but not NOSPETCO.
Alhaji Mayaki is not just insincere but very rude, arrogant who does not think of you or your so called principal.
Hello People,
Trust life is going on without the money trapped in Nospetco. Please does anyone have anything latest on the case at the appeal court? All we can do at this stage is to continue to hope and believe God to give us a breakthrough.With life there is hope.Let us keep hope alive.
I have never commented on ths issue all this while. Not because I don’t have much money with NOSPETCO; I tend to believe that this arrogant MAYAIKI is actually having arrangement with both SEC and CBN not to release our money so he can continue with the business while they give us impression that the money is trapped by these bodies. God knows best. This comment might seem not fair but just my thought. Nothing is impossible in Nigeria — Our great Country.
Wow, this whole NOSPETCO thing is a real test of our patience. We can’t give up people! Be encouraged as weeping might last for the night but Joy comes in the morning.
Does anyone have any new news? Any updates will be highly appreciated.
God bless
LISTEN: there is no money frozen by CBN or SECC, they have shared the money amongst themselves and thats the end of the story. Can anyone on here now confidently tell me that Nospecto was not a Ponzi scheme? Nospecto was a ponzi scheme and there is no way that they can afford to pay all of you even if the so called funds are released.
We need to all learn from this and move on, greed can be a very terrible thing sometimes, any educated person should have question how they were able to pay that amount in dividends, but greed clouded all our eyes.
Does anybodi have any contact info on NOSPECTO? We can’t jus allow our fund to go like dat.
bros d thanks for the information. what kind of investment can one do that will yield great dividends by everymonth end?please i will like to know.
@OMOZELE, Invest in Nospetco, they need funds to settle people like us
pls what are u saying, is there any hope at all?
pls what is the current reliable situation on nospetco issue, is it true that they r in appeal court? are we really getting our money? and finally, pls let their officials communicate to us ( the beneficiaries) on the situation they should not just keep us at suspence for God sake.
patience is the answer, lets not dabble in to things care freely. it a matter of time. i hope to come up with something on this soonest. keep us posted, Uncle DEE
I will advise that you sue the shit out of these people, including Deolu for that matter and stop foooling around. You were bound to lose your money anyways. So sorry. This is really tragic.
JOT
It is pathethic that we all fell into this dish that was well dug by these men. I have a strong conviction that the ‘trapped’ funds have been shared since and benefeciaries doing other businesses while the rest of the ‘investors’ are crying.
Well have only learnt the hard way, not to be greedy.
My people, weep no more. Only miracle can make us realize anything from the ‘trapped’ monies.
Guy how far now? abi we don forget our money. Pls any update
I spoke with Alh. Maiyaki this morning and he confirmed to me that t the case is still in Federal Court of Appeal. That as soon as the case is decided, we shall move on from there.
Consequently, I implore all investors in the NOSPECTO Joint Venture to be more resolute in prayer now that the best judgement is delivered when next the case comes up for hearing.
God will see us through!
Mazi. Oji
@ Mazi Oji,
when will the case be heard at the appeal court, you forgot to tell us the date so we can be more specific.
to all,
we have waited this long and we didnt die, we will overcome this phase and be victorious at last. delay does not mean denial.
Mazi Orji,
Pls can u avail us the phone number of Alh. Maiyaki?
Chuka,
Alh. Maiyaki – MD/CEO of Nospecto can be reached on 08023257811. Pls lets know the outcome as soon as you get in touch with him.
The almighty God should touch the heart of Maiyaki so that he can redeem his name and his generation for any death of an investor due to frustration will bring him and his generation more reproach so he must come out in the open to clear the anxiety of the people that have trusted in his scheme.The EFCC and CBN are all aware of this issue but i have never even seen it in the paper or heard it in the news.But why!!!!!!!!!!!!!! Many people feel like shading their blood on this mans head.Sir who ever you are and where ever you maybe pls come out and clear yourself.Give us the case ref:One Nigeria.
Mazi Orji pls where you also affected
Mazi Orji i called the number and somebody answered to tell me the case is in the court of appeal so we have no other option than to hope and wait,God help me.
Your brother is affected by 1 slot oooooooooo. But that one slot is just like a billion to me. It is not really easy.
Hello guys, from the most recent posting on the NOSPETCO issue i can safely say that we are all loosing hope of ever getting our hard earned doe back, however, I think this posting might create the needed boost to keep all hope alive. Recall that earlier this year, I cant remember the month precisely, CBN intervened by requesting ALL shareholders of NOSPETCO to declare their holdings and forward same to it! It is almost a year now and there has been no feedback at all from the Apex bank. Now here is my point: 1. That we have a new CBN Governor who is quite concerned about investors fund 2. That there exist an opprtunity for investors of NOSPETCO to detail the ordeal and injustices inflicted for the past two (2) years to the CBN and demand quick justice and resolution of the case 3. That we were made to believe that NOSPETCO accounts in most of its banks were all frozen after the initiation of court cases 4. That investors monies be immediately refunded in order to alleviate the conditions that the masses are facing! The EFCC should also be copied as this involves financial crimes, frozen accounts and unaccounted funds. Guys, so how do we champion this????
Gbenga, this is quite a welcome suggestion. an we all bombard CBN with emails. Let different investors send mails to CBN. The address I got from the CBN website for general enquiry is info @ cenbank.org .
Possibly, we can use the forum to remind the CBN governor about the NOSPTECTO issue.
please Alhji pay my money pls good bless you safe your name
Alh, Maiyaki, I greet you in the name of God Almigthy. It is exactly 3 years we stopped hearing from you.The situation has not been very easy especially those of us who only recieved one & half months of return on investments[ROI] before the lost in communication. I understand that the case is still in the court, it is my prayer that God will give you the grace to overcome & very soon too. My second prayer is that as soon as God answers the prayer, please remember us to pay us our dues/rigths/benefits. God bless you in Jesus name…A-MEN.
Fellow Investors, the solution to our joint problem is in the hand of God. Lets keep calling on Him to help Alh. Maiyaki & us on our respective needs. Thanks & God bless.
Any current news concerning NOSPETCO yet? When is the court hearing? Any verdict yet? May God help us to recover our investments in one bit…………Amen!
dear sirs
hi,how are you.
would you help me to settle the money which my customers owed our factory in china?do you get the EFCC e-mail or tel no. for the cheif.or the big lawer?because of the big amount,it have usd1.8million dollars which they owed,so i hope you would try to help us.i can give you 25% commission if settle.i have all the file in china.pls contact me if you are interested in that case.
my e-mail:echolaccnig@yahoo.com
hope to hear from you soon
Only time will tell if our money is trapped perpetually of not. Patience is what we humans don’t have, like a contributor said in some other site, this is a test of our patience.
And they said Sanusi is doing propaganda
And they said Nospetco O&G was a wonderbank, hounding them until they were closed down. A coy that was distributing wealth (apologies to B. Obama), empowering ordinary Nigerians to benefit from the O&G industry
And d then CBN governor was busy pontificating , trying to confuse us with a whole load of rubbish
And CBN, SEC, NSE and EFCC were there looking the other side, claiming to b chasing shadows in the dark
And Some bankers and stockbrokers were there making noise about the eventual mirage they claimed was an economic boom, as stock prices soared.
Now, all nigerians (whether in d diaspora or @ home) are the victims today!! Just about everyone has been affected by – seized funds, severely devalued shares, many unserviced loans, frozen funds in overseas accounts, Shutdown factories, thousand of job losses to name a few. And this adds to the myriad of problems already plaguing our nation.
Just read the article below. Note this is just one case, we all know there are other banks in similar situation.
UK Court Freezes Akingbola’s N9bn Assets
http://www.thisdayonline.com/nview.php?id=178361
By Emele Onu with agency report, 07.15.2010
Intercontinental Bank Plc yesterday won a United Kingdom court order freezing 83 million pounds ($127 million), about N19 billion, in assets held by former Vice-Chairman and chief executive officer of the bank Chief Erastus Akingbola.
According to Bloomberg News, the bank also got permission from a judge to add new claims to the case, alleging that Akingbola wrongfully directed it to buy its own shares, resulting in a loss.
The bank won the global-freeze order in January in a lawsuit accusing Akingbola of using the bank’s money to buy apartments in London and enrich entities he controlled.
The money was “misappropriated by the defendant and is due to the claimant,” the bank said in court papers, adding that Akingbola used the money in “breach of fiduciary duty.”
Companies outside Britain frequently use London courts to secure global freezes, including Glitnir Bank’s freeze this year on assets of former Baugur Group’s Chairman Jon Asgeir Johannesson.
Akingbola’s lawyer, Ed Crosse of Osborne Clarke in London , declined to comment.
But, the former CEO’s defence papers filed on March 19 said the alleged transactions were either valid or were mischaracterised in the lawsuit.
Akingbola said in the papers that “those claims are false, and have been made by the bank without any sincere belief that they are true.”
Bloomberg reported that the former Intercontinental Bank chief has only been able to pay half of his legal fees of about 1 million pounds. The judge gave Akingbola permission to sell $850,000 home in Ghana or two apartments in London worth a total of about one million pounds to begin paying the remaining costs.
Under the freeze order, Akingbola was supposed to be able to pay for his defence using an HSBC Holdings Plc trustee account on the Island of Guernsey in the English Channel.
The bank declined to release the funds after it was approached by Nigeria, possibly triggering another legal dispute, Akingbola’s lawyer said in court.
Lawyer to Intercontinental Bank, Segun Osuntokun of Berwin Leighton Paisner LLP in London, declined to comment.
Akingbola served as the Intercontinental Bank’s chief executive from 1989 until August last year when he was ousted by the Central Bank of Nigeria (CBN) over the huge non-performing loans of the bank and other infractions.
Following the August 14, 2009 release of the joint examination results on 10 banks that was carried out by CBN and the Nigerian Deposit Insurance Corporation (NDIC), Intercon-tinental Bank was found in “grave financial situation” alongside four other banks – Union Bank, AfriBank, Oceanic Bank and FinBank.
The CBN sacked the executive management of the five banks, having indicted them for the mismanagement of the assets of the banks.
Akingbola evaded arrest by the Economic and Financial Crimes Commission (EFCC) and physical prosecution at the law court by escaping abroad.
However, he was charged in absentia with 28-count offences of financial misappropriation, money laundering, financial malpractices, corrupt practices and other related offences at the Federal High Court, Lagos.
Attorney-General of the Federation and Minister of Justice Mohammed Bello Adoke had last week forwarded an extradition request to the British Home Secretary to arrest and extradite Akingbola to Nigeria to face trial.
The request was consequent upon a request from EFCC.
The UK Home Office didn’t immediately have a comment on Nigeria’s extradition req-uest, Bloomberg said.
Adoke had explained that the request was made pursuant to the Extradition Act (Desig-nation of Part 2 Territories) Order 2003 (SI2003 No.3334) of UK .
The request was supported with an affidavit deposed to by a Deputy Superintendent of Police with EFCC, Ibeakaku Nkechi Rita, and a certification signed by Senior State Counsel of the Federal Ministry of Justice, Ahmed T. Almakura.
The AGF had prayed the Home Secretary to grant the request in the interest of justice, adding that “Nigeria will be grateful to the central authorities of the United Kingdom if the extradition request is granted in the interest of justice.”
Reacting to the extradition request, Akingbola’s Public Affairs Counsel, Charles Nwajagu, said the move to extradite the former Intercontinental boss was not new.
He said: “The submission was made to the British Home Secretary last year. But when the UK government reviewed the case, they decided not to go ahead with it because the claims could not be substantiated.”
Justice Tijani Abubakar of the Federal High Court in Lagos had last December ordered the freezing of the accounts of Akingbola for total offences amounting to the tune of N346billion and £10million.
Also ordered to be frozen by the court pending the final determination of the 28-count charge filed against him were the accounts belonging to Akingbola’s wife, his companies and those of his agents.
The anti-graft commission had sought among other things, the hearing of the originating motion within the shortest possible time to prevent Akingbola from dissipating the assets.
Intercontinental Bank PLC had obtained similar injunction from the High Court of Justice, Queen’s Bench Division, Commercial Court, London dated December 24, 2009, freezing Akingbola’s assets worldwide up to the tune of £10.5million.
That prohibition included the following assets in particular: the £8,540,134.58 and £1,300,000.00 which were transferred to Fuglers Solicitors; any money held in an account of Fuglers Solicitors; the property on 26 Chester Terrace, London, NW1 4NB; the property on 65 Grove End Road, London, NW8 9NH; and the property on 8 Connaught Street, London, W2 2AH.
COMMENTS (http://www.thisdayonline.com/ncomments.php?id=178361#add)
Rabiu Tata Fagge
07.15.2010 18:03
And some clowns called the \’renaissance professionals\’ still think Sanusi was wrong. All this nonsense was happening while – 1. Soludo was busy confusing egoistic OBJ with fake indices of how consolidation saved the day.
2. The clown at SEC was \’snoring\’
3. Nuhu\’s EFCC was focused on hounding political opponents
4. The captain at NSE was \’choking\’ herself with proceeds derived from partaking in the spoils.
5. The empty barrel El-rufai was similarly shouting about the success of the new economic team. Rubbish!
We need a new leadership recruitment mechanism that will attract the right materials into government so that issue-based leadership will take centre-stage and all these charlatans will be flushed out or consigned to the dustbin of history. This country is greater than inept vision less leaders and crooks in high places.
Obi from onitsha
07.15.2010 17:52
A known born again. Director of a lots of christian org.spirit filled ,church provider of fund. By there fruits, we shall know them.
paquito bites
07.15.2010 16:29
When we have the next round of fathom bankers with the Midas touch,it will do to look a bit further than the eye can see.the perfidious nature of bankers the world over must surely tell us the level of crookedness in this sector.it is a pity that all this funds did not find its way to the manufacturing sector of the economy to create jobs.one supposes that that would have the last thing on the minds of these crooks.all that adulation and sycophancy and it ends up like this.
would our country learn,i don\’t think so.
Dominic Chikeka
07.15.2010 16:22
Britain will do everything to avoid extraditing Akingbola until the entire money becomes legitimized in the British Economic Spectrum like Umaru Dikko.Cry my beloved countrymen and do not comply with any extradition request from Britain in future.
ayes awojinrin
07.15.2010 15:59
\’The judge gave Akingbola permission to sell #850.000.home in Ghana or two property in London worth a total of about #1million to pay the court cost\’ The judge is acting in the national interest of Great Britain of United kingdom. IN both sides this country is the beneficiary.The Cost of Fair Justice Is Too Colossal For Poor Countries To Bear. Fair justice is beyond the poor.
Gabriel Anate
07.15.2010 15:30
It is pityful to see how monies that can make monumental changes in the lives of ordinary nigerians is being siphoned. More saddening is the fact that the only ones we get to hear are those who have fallen out of favour with the current ruling class. Nigeria seems to be one big rot. But we, the young generation will experience change and nigeria will rise a gain. God is on our side and all wrong doers WILL be brought to book. Mark my words!!
ADE THOMAS
07.15.2010 15:00
The revelations so far about various frauds perpetrated by Akingbola and his cohorts is just a tip of the iceberg compared to the monumental foreign exchange frauds he perpetrated through Intercontinental Bank,the defunct Gateway Bank,Equity Bank and Global Bank.
All these banks were at one time or the other found guilty of foreign exchange round tripping and money laundering.Strange enough,neither the EFCC nor the CBN has endeavour to tell the whole truth about these monumental frauds.
There are documentary evidence of these frauds and I can make them available on request.
SALIHU RASHEED FUNSHO
07.15.2010 15:00
Haba!How could a single man maneuver his ways and acquired by looting such huge amount in fact, this is a menace to societal psychology. My friend told me of a Nigerian girl with a brighter future her parents can not afford 17,000.00 school fees already society has deprived her future.this madness must stop before this country becomes scary.
mayeloye,london
07.15.2010 14:58
The international community has to rise up to safe nigerians from these wicked privileged few in our midst.They have no mind or sympathy for the down trodden masses.
abbyx chicago
07.15.2010 14:28
what a DISGRACE! Aakingbola used to be a referenced professional – at a time in the past, he was the president of Chartered Institute of Bankers of Nigeria, top member of holy ghost crusade and decorated chief from almost all part of Nigeria. N19 billion…£10.8 million – what on earth did he need this stolen fund for? why would he steal money he doesn\’t need? He even engage a solicitor for £1m or N250 million to defend him…GOD help Nigeria
Nasir
07.15.2010 13:14
This is the more reason why it still marvels me when some sections of Nigerian populace believe that Sanusi Bank reform is a Northern Agenda. Are these former bank CEO not thieves? Where did he get all these money from? Thank God this Order is obtained from the Queen\’s land. If this it had been obtained in Nigeria maybe the critics would have faulted it.
Please let me know the latest information regarding the court case. When do I get my money back?
please any lastest regarding Nospecto?.Guys forget about Akingbola and the Loots, lets face our own challenge in respect to our little money.
Still undecided what you’re attempting to say but I do get a bit little bit of it I think. Thanks.
SEC DG, Arunma Oteh FOURTEEN investors of Nospetco Oil and Gas Limited, also known as
“Wonder Bank”, have dragged the Securities and Exchange Commission …
(SEC), Central Bank of Nigeria (CBN) and the company to the Investment and Securities
Tribunal (IST) in Lagos.
At the hearing of the suit two days ago, the tribunal awarded cost of N100, 000 against
Nospetco Oil and Gas for failing to respond to the originating processes, forty days after
it was served by the applicant’s counsel, Mr. Debo Adeleke. Adeleke told the court that he
served all the respondents on September 7, 2010, adding that forty days of service were
enough for them to respond. He, therefore, prayed the court to award cost of N500, 000
against the third respondent for delaying the court processes.
Adeleke stated that the reason for the setting up of the Investment and Securities Tribunal
was to fast-track disputes arising from investments, adding that his clients have a lot of
respect for the court. That, he said, informed their decision not to take the matter to the
regular courts. He informed the court that many of his clients had died of frustration
arising from the said investment, while others had been impoverished because they invested
their hard-earned money and were in dire need of justice. He said that the deliberate and
undue delays would frustrate the purpose of the Tribunal in the first place and the interest
of his clients.
But counsel to the third defendant (Nospetco), Mr. A.B Bamidele admitted that while he
sympathised with the applicants over the delay, the issue was beyond sentiments and argued
that he had just been briefed by his client on the matter. Bamidele, therefore, prayed the
court to award a cost of N5, 000 only for the delay, stating that the N500, 000 cost being
sought by the applicant’s counsel was outrageous, excessive and unacceptable.
Counsel to the second respondent, (the CBN), Ms. Loretta Onyenyeonwu admitted receiving the
processes and expressed their willingness to commence hearing, while the first defendant
(SEC) was not represented.
Giving its ruling, the chairman of the seven-man panel, Salihu Usman expressed displeasure
that Nospetco was unable to file their papers long after they were served, adding that such
attitude was a deliberate delay of court process.
The judge said that it was not the business of the court to know when counsels were briefed,
but that the burden rests on counsels to advise their clients appropriately about court
processes. He, therefore, awarded the cost of N100, 000 against the third defendant and
ordered them to get their response ready by the next adjourned date.
The applicants had dragged the respondents to the IST praying the tribunal to declare that
the refusal of the first respondent, (Securities and Exchange Commission) to direct the
second respondent (the Central Bank of Nigeria) to release the salvaged fund to the
applicants on demand was contrary to its statutory duty. He said that it was its duty to
protect the interest of the applicants in line with section 13 (i) and (k) of Investments
and Securities Act 2007.
They were also seeking a declaration that the continued refusal of the second defendant to
release the money in its custody to the applicants despite the repeated demand and numerous
representations amounted to insensitivity to the plights of the applicants, legally
indefensible and morally wrong among others.
In addition, the applicants asked for an order of the court compelling the first and second
defendants to release without further delay all the amount of money frozen from the accounts
of the “Wonder Bank” which is in their custody to them (the applicants) for immediate
disbursement among themselves as well as N2 million cost of instituting and prosecuting the
case among others.
The above extract show there is a good development towards the realisation of getting our funds back very soon. Lets pray harder for better outcome of this development.
CBN, SEC and the court. Do you guys know that a lot of people who invested in NOSPETCO are dieing on frustration day by day? Please release this money to investors and let them make meaningful use of this pay. imagine a set of people using other people money to do business in the name of frozen aact. since 2007, investors have been crying for their money. 450,000 naira is not a joke. please Sanusi remove people from poverty.
Ernie-
We hv got to do more collectively than we’re currently, if want our principal back soon.
You know dis is Naija ( or Nigeria as dey want us to call) and pple in position of leadership dont really care. Unfortunately, also we hv not fought hard enough as investors, pple are shy to comeout and associate with a coy that has mis-labelled for selfish and oppressiv reasons.
If we really want our money back, we must all step forward and demand that our case be heard in the court and also make the government, CBN, and SEC know how people have been dying and suffering since 2007.
The book of James teaches imbibing prayers and works to solve issues. I think we’ve doing mostly the former. It’s time we rise collectively and ask for our hard-earned dough!!! If not thoz heartless lot won’t bother themselves a bit about people dying, etc.
We just have to put pressure (not violently, but smartly using our collective wits) so all parties will take court cases serious so this matter ll be resolved 4 good.
I want to know abount the court case. When is it ends? So that we can know the position of our investment.
Please let me know when they will start paying their interest coz…i invested a lot in this Company..
I have viewed all the comments made by the affected investors. I did not know, when the court case would come to an end? I wish you will endevour to find out from MAIYAKI the situation report of what is happening? Do we forget about our Investment? I thank you for giving us the opportunity to express our consern in this regard.
A law firm in kano is collecting evidence of payments with nospetco and 1k in the name of collecting back our funds
. How genuine is this, let’s don’t fall into another fraud.
Please my own concern is about one JOHN a staff of Nospetco, this guy is too arrogant, somebody gave me his number that i should call him to confirm about the rumor that they have started collecting investor information for refund could you imagine how this animal spoke to me rudely on phone, infact the idiot did not have manner at all. Please he should be warned or else I will make people to descend on him because an hungry man is an angry man.
I read from the Nigerian Daily Guardian of January 27th page 56, where a caveat was made on NOSPECO, about the court case. However the representatives of the investors as they claimed asked all others investors to come along with, evidences of receipt of payment,to old NITEL office at PWD, Ikeja for verification after which you are to pay an administrative fees of 5,000 to 10,000 depending on the nos of slots you have. The verification excercise would end by friday 11th February, 2011. They even made people to understand that the next case was adjorened to 15th of March 2011 at 7B, Samuel Manuwa street, via 1004 flats, Victoria Island Lagos, by 10:00am. Please has anyone have any other relating information to the way forward?.