N4b fraud: EFCC arraigns ‘let’s partner with you’ MD, wife

The Economic and Financial Crimes Commission (EFCC), has arraigned the managing director of a wonder bank, ‘Let’s Partner with You,’ Mr. Patrick Shanchi Nwokike, alongside his wife, Rosemary before Justice Dugbo Aghoghorie of the Federal High Court sitting in Enugu, Enugu State.

A statement by EFCC’s Head, Media and Publicity, Wilson Uwujaren, said they were arraigned last week Thursday on a 10-count charge for acts bordering on Advanced Fee Fraud and for operating banking business without valid License.

The offence runs contrary to the provisions of Section 8 (a) of the Advance Fee Fraud and other fraud related offences Act, 2006 and punishable under Section 1(3) of the same Act. It also breaches Section 2(1) of the Banks and Other Financial Institutions Act.

Nwokike and his wife’s journey to the dock followed series of petitions from many Nigerians alleging that their company, ‘Let’s Partner with You,’ had, over the past five years, solicited and obtained deposits of more than N4billion from the general public with promises of mouth-watering interest in return.

Investigation carried out by the anti-graft agency revealed that the company had no license to solicit and manage funds for the public nor was it registered with the Securities and Exchange Commission, SEC, or the Nigeria Deposit Insurance Corporation (NDIC).

‘Let’s Partner with You’ was found to have over six accounts in about four banks with Nwokike and his wife being the only signatories to the accounts.

Further investigations revealed that the company had, for some time, paid a 10 percent interest on invested capital but suddenly stopped and efforts by depositors to have at least their initial investments were futile.

When the charge was read to them, the defendants pleaded not guilty.

In view of their plea, counsel to EFCC, Marshall Umukoro Onome, prayed the court to remand the accused persons and fix a date for trial.

Mr. Peter Eze and A. I. Ani, (SAN), representing the first and second defendants respectively, urged the court to admit their clients to bail, which was vehemently opposed by Onome.

Justice Oghoghorie, however, granted the defendants bail in the sum of N5million each with two sureties in like sum. One of the sureties must be civil servant not below grade level 12 and resident in Enugu state. He/she must produce letter of first appointment and letter of last promotion. The second surety must be a land owner and shall produce his Certificate of Occupancy (C of O).

The case has been adjourned to June 27, 2017 for trail.