WonderBank as they have may been known, the life span of this companies are being cut short by CBN,SEC and all government bodies in the capital market.
Information gathered reveals that the office of Wealth Solution Ltd in Ojodu,Lagos State in Nigeria was closed due to the investors presumptions that the company was failing to meets its end of the contract signed by them but business in the Head Office of the company in Ibadan, the capital of Oyo-State has been going on as usual.
People now keep their fingers crossed and hope that history(UMANA UMANA,FORUM) does not repeat itself in this case while investors are saying that this are sign of a week WonderBank,so how weak can they be?
This problem is as a result of Wealth Solution Ltd decision to shift the payment for Week 19 from August 1st 2007 to August 27th 2007 but the reasons the company is giving does not hold water since it’s not the only company having problem with Central Bank of Nigeria or Securities and Exchange Commission .
The reduction of pay off by 50% is a breach of contract by Wealth Solution Ltd and this issue should be addressed by investors so as to prevent an occurrence in future.August 27 is not far away so I guess investors have to play the waiting game to ascertain if this company will keep to his words this time. This is a company using operational time frame of 4weeks(4 operational weeks =8weeks)that used 7-9weeks to make payment for Wk 18 investors.
Since the payoff has been reduced by 50%, will the operational week return back to the normal 2weeks?
The only way to know the answer to this question is to wait because Wealth Solution Ltd don’t keep to their words…..by Adeniyi AdeOnojobi
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment