EFCC arrests MD of Enugu Wonder Bank,’’ Lets Partner with you limited’’ for N4 Billion Fraud

www.odogwublog.com reports that tension is brewing in Enugu as the  Economic and Financial Crimes Commission, EFCC, in Enugu, this evening  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 Enugu state.


A press statement from the office of EFCC in Enugu said his arrest was necessitated by  petitions from many  Nigerians cut across religious, gender, ethnic, economic and social status.



EFCC said reports  gathered indicated that his  company since  the past five years  obtained over  four billion[N4,000,000,000]  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  ten percent  interest the company reached in agreement with it's depositors was only paid for a while before  further payment of interest stopped automatically. With the development,all efforts  by depositors to withdraw  their original  deposit and have the contract terminated proved abortive.


EFCC said that many of the complainants alleged that the operators of the scheme especially, the Managing director,Chief Nwokike,  lives  a flamboyant lifestyle and  acquired several personal assets and uses  their deposits for philanthropy.



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 reaction, Nwokike admitted that depositor’s funds with his company is up to the amount of  Four Billion Naira ,  but denied operating both money lending  and investment business as alleged by the petitioners.


He stated that his company is into partnership business which receives money from interested partners who desires interest from their money after it might have been infused into businesses especially that of small scale traders.

Nwokike told EFCC that his company default in paying the usual interest to depositors, is as a result of the  present economic downturn in the country.
EFCC said they are continuing with investigations    to ascertain the extent of the company’s operations,  the possibility of  recovering depositors  funds and possible prosecution.