Nigeria wonder banks in 2007/08 - Our Daily Gist

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Tuesday, December 13, 2016

Nigeria wonder banks in 2007/08

This isn’t a comprehensive list but these were the most popular ones.
1. Nospecto Oil & Gas
2. Wealthsolution
3. Sefteg
4. Silver Trust
5. Wealthgate
6. Tresure Fund
7. Positive Movement
8. Trade Masters
9. Manpower
10. New freedom
11. Artmaster
12. Pennywise
13. Kingdom Wealth
14. Dominion Global
15. Wisdom Investment
16. Devine Success
17. WealthBuilders
18.Wealthzone
19. MegaWealth
20.TreasureLine
21. Wilamas Ventures
22. Money Field Ltd.
23. Standard Chartered Securities Ltd.
24. The Broker Ltd.
25. GoldPower Unique Services
26. Fantastic Options Ltd.
27. Toddering Enterprises
28. Spring of Wealth Ltd.
29. Xenal Solution.

 

Hundreds of depositors lost money as the operators of the wonder banks closed shop and disappeared. Some depositors in Ibadan reportedly committed suicide. Nospecto Oil & Gas was the most notorious of these wonder banks. It was owned by one Alhaji Miyaki Abubakar and his two daughters. Alhaji Miyaki Abubakar was so powerful that each time the police went to arrest him, he ran into an Emir’s palace for protection. That is how he was able to evade arrest.

In all, the sum of N22,310,381,968.84 was fleeced from over 13,000 depositors.

Most of the investors went to their respective banks to either deposit money or do other legitimate transactions but were fooled into doing business with NOSPETCO. We are talking about retired civil servants, who had put about 30 or more active service years  to develop the economy of Nigeria. Worse still, no fewer than 25 out of the 13,618 investors were certified dead. Depression, high blood pressure and suicide.

Majority of them were retirees of the Nigeria Ports Authority (NPA), Power Holding Company of Nigeria (PHCN), Nigerian Telecommunications Limited (NITEL) and the moribund Nigeria Airways. So, they simply lodged their retirement benefits with NOSPETCO, hoping to double or triple their investment in a few months. But that was where the trouble started

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