The Economic and Financial Crimes Commission, EFCC, in Enugu,
yesterday arrested the Managing Director of an Enugu-based ‘wonder
bank’ named ‘Lets Partner With You Ltd’, Chief Patrick Shanchi Nwokike,
at his residence in Enugu State.
A press statement from the office of EFCC in Enugu said his arrest
was necessitated by petitions from many Nigerians cutting across
religious, gender, ethnic, economic and social status.
EFCC said reports gathered indicated that his company, since the
past five years obtained over N4 billion deposits from members of the
public with promise of paying huge interest in return.
EFCC said their investigations so far revealed that the company
has no license to solicit and manage funds for the public and was not
registered with Securities and Exchange Commission, (SEC) or the
Nigeria Deposit Insurance Company (NDIC).
According to EFCC, further investigations revealed that the 10 per
cent interest the company reached in agreement with its depositors was
only paid for a while before further payment of in-terest stopped
automatically. With the development, all efforts by depositors to
withdraw their original deposit and have the contract terminated
proved abortive.
The commission said that many of the complainants alleged that the
operators of the scheme es-pecially, the Managing Director, Chief
Nwokike, lives a flamboyant lifestyle and acquired several personal
assets and uses their deposits for philanthropy.
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