Wednesday, August 15, 2007


This is to inform the general public and more importantly subscribers of Penny Wise Spill-Over Cooperative Investment scheme that the management of the company has approved the immediate suspension of the operations of the scheme and the dissolution of its Board of Directors. The dissolution of the board is imperative in order to accommodate more professionals in the running of the company.
The suspension of Spill-Over scheme becomes inevitable due to the following reasons:
1 Government’t unfavorable disposition toward the scheme
2 Refusal by Some Banks to accept deposit from our subscribers
3 Central Bank of Nigeria’s disclaimer of the scheme
4 Unlawful arrest and kidnap of our operatives
5 Fake entries and other fraudulent practices of some subscribers and agents
6 Unruly behavior of some agents and subscribers, causing inconducive atmosphere for profitable trading
7 Frequent eruption of violence which is so worrisome to the management
8 Misconception of the scheme by some subscribers; and
9 Resultant general loss of the real intent of the scheme
As the Spill-Over Cooperative Investment Scheme goes to bed, we congratulate thousands who have benefited; their testimonies (which we solicited for) will go a long way in this trying period. It is however disheartening that the company will not be able to meet the expectation of many others who came into the scheme lately.
We are sorry for raising your hope, which we do not intend to dash. But as everybody can see, the atmosphere could no longer permit the scheme to continue.As a company set up with an intention to contribute to poverty eradication in our society and with men of proven character and integrity, which we could not afford to soil in our bid to contribute to the development of our community, the board of Penny-Wise has honorably resolved to refund the initial deposit (100%) of those who entered in weeks 13, 14 and 15.
We regret any inconvenience this might cause.It should be noted that in the light of the foregoing that the company is through with financial obligations to subscribers who registered from week 1(One) through 12 (Twelve).To make the refund exercise hitch-free, the company has employed the services of a consultancy firm to carry out the verification of claims. Therefore, subscribers and agents who have any job in weeks 13, 14, and 15 are hereby requested to make themselves available at our Mokola, Ibadan, office with proofs of their claims from Monday, August 20, 2007. They shall be attended to between 9.00am and 4.00pm, Monday through Friday.
To avoid the crowd (which our office is usually characterized with) the verification exercise shall run for 45days, so everybody should be rest assured of clearance. Security operatives and other relevant government agencies have been properly briefed and shall be part of the verification and the refund exercise.Once again we appeal for calm and understanding. We wish all our subscribers and agents well in their future financial endeavours and pray that there shall be no loss.For enquiries, suggestions and advice the GSM Lines 08073156871; 08063865582 shall be on 24 hours (Text message only).
Our e-mail contact is: There shall also be regular information on our website; and in the media.


Anonymous said...

Interesting stories. Is it possible to find a wonder bank that would pay according to the first agreement

ayo fayose said...

It is easier for a camel to pass through the eye of a neddle than for you to find a Wonder Bank that will be consistent in its agreement.They are all rated as high yield investment programs.