Sunday, August 5, 2007


This is a 1million naira question that most people will be willing to pay for due to the gains they must have gathered through this wonder, to them it’s a Poverty Elevation Program(PEV) since this WonderBanks helped to raise there financial standard but for most Nigerian they have caused sorrow,more sorrow than joy.
It becomes questionable how they can give returns and payoff to investors to the tunes of Millions of Naira but also bear in men that it’s generally believed that EFCC has reviewed there Accounts and it has been given a clean bill. If this is truly the case, then they are not HYIP or MLM which is comforting to know, that’s if the EFCC have actually done their work. There is nothing more infuriating than a Breach of Contract which has become a norm for this Fund Managers but due to the illegitimacy of there transaction, their customers more or less have no choice since CBN,SEC and all concerned authorities have advised against such.
So the question is that, if they are doing legitimate business and making so much returns, why have they refused to make public to customers their Financial Report?, after all, they are investors. If the legality of their business has been proved then it becomes comforting to investors that their capital is secured and returns guaranteed which translates to consistency of returns.
If this is established then the only question unanswered, is their lack of right to collect investors money when they are not properly registered by SEC as a Fund Manager.
There is always room for re-organization,so get registered through appropriate channels as a Micro Finance OR Discount House OR view all the options available to function properly under the law. They should be aware that their investor base will increase, if they are properly registered as Fund Managers, that’s if truly they don’t have intention of Folding Up as in this case, it will become more difficult for them to do such. The question I am put to the Managing Directors of the Acclaimed WonderBanks….How can they become Legit?

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