The Economic and Financial Crimes Commission, EFCC, on Thursday, April 6, 2016, arraigned Patrick Shanchi Nwokike, Managing Director of a wonder bank, ‘Let’s Partner With You’ alongside his wife, Rosemary Ifeoma Nwokike, before Justice Dugbo Aghoghorie of the Federal High Court sitting in Enugu, Enugu State on a 10-count charge bordering on Advanced Fee Fraud and carrying out 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 Nigerians across religious, gender, ethnic, economic and social strata 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 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% (ten percent) interest on invested capital but suddenly stopped and efforts by depositors to have at least their initial investments were futile.