Nospecto, Insight, Up Henry...

[Miss_Risky]

@Dotunk

After reading these articles, hope you'll have a rethink about depositing your money with one of these 'wonder banks,' with or without "awuf" money

http://www.proshareng.com/myproshare...es.php?id=1144

CBN Disowns *WONDER* Banks
Posted Tuesday, June 26, 2007

The Central Bank of Nigeria has dissociated itself from the activities of fund management firms, called ‘wonder banks’, saying anyone who gives his money to them, does so at his own risk.

The Director, Banking Supervision, CBN, Mr. Ignatius Imala, said even though investigations into activities of some of them showed that their core activities did not contravene the law, they were not authorised to collect deposits from the public.
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Some of these wonder banks include Nospetco, Wealth Solution and Sefteg in Lagos, and Pennywise in Ibadan.

And the second part of this report:
http://www.vanguardngr.com/articles/...427062007.html

“Any moment from now, the CBN will issue an advertorial to warn members of the public regarding the emergence of these wonder banks. Indeed, we leant about the NOSPETCO issue and a few others and we carried out investigations. We related with the legal units of the various banks and the position they communicated was that some of the activities of the companies do not appear to contravene any law. But we are aware that some years ago Umana-Umana was with us and we are surprised that some of these things are rearing their ugly head again.

[Avocado]

It's important to also stress that:

"The Director, Banking Supervision, CBN, Mr. Ignatius Imala, said even though investigations into activities of some of them showed that their core activities did not contravene the law, they were not authorised to collect deposits from the public."

So, the CBN couldn't find anything wrong with what these guys're doing, only that they were not authorised to "collect deposits" from the public; the deposit collection could be interpreted as investment. This is a wishy-washy CBN grappling on straws.

All those comments by Peterside Atedo, Ladi Balogun, and CBN's Ignatius Imala are quite clearly a display of surprising ignorance. I'm no friend of 'Wonder Banks', but what I see from this report is a helpless CBN, and incredibly jealous banking chiefs complaining about legal financial activities without providing any useful information to those they're purportedly protecting. The High Yield Investment people (whom they've chosen to call the denigrating "Wonder Banks") are eroding the banking grip on people with funds to invest; the banks are not happy, the CBN isn't either, and rather than for the CBN to introduce innovative monitoring ideas, they're talking of clamping down on them. This couldn't be the optimum solution; it favours only the banks.

It's now up to the local and state governments to put procedures in place for the collection of taxes on these high-yield activities. If the CBN couldn't find anything wrong with them, then the government out to begin collecting what's due.

.

[pesadilla]

cbn cant disown what they never owned in the first place.
i am a medium size business owner,never believed in money doubling,so i dont do hyip nor forex.those that invests in these schemes knows,understands and accepts they risks.if hyip owner are not going agaisnt they law,then the cbn must let the sleeping dog lie.everybody has the right to choose what to do with his or her money.it is a free world my bros.


lets shine our eyes while we invest

[olusolakemmy]

Originally Posted by pesadilla

cbn cant disown what they never owned in the first place.
i am a medium size business owner,never believed in money doubling,so i dont do hyip nor forex.those that invests in these schemes knows,understands and accepts they risks.if hyip owner are not going agaisnt they law,then the cbn must let the sleeping dog lie.everybody has the right to choose what to do with his or her money.it is a free world my bros.


lets shine our eyes while we invest

agreed the activities of this money doubling institution did not fall under the regulation of CBN, but remember despite our lawlessness in NIG, there are writting laws.

collecting money under false pretense effectively fall under the jurisdiction of the EFCC.
so if it did not happen now, it will soon happen, cause there are so many noise around those guys now, i will advice anyone involve to count profit and take a bow

[Geeman]

The Securities and Exchange Commission (SEC) is to collaborate with EFCC to prosecute NOSPECTO, one of the companies that sprang up recently with mouth watering interest rates on deposits placed with it by members of the public. The SEC contends that the company by collecting such money is illegally raising capital from the public. This forum extensively discussed this and other get-rich -quick schemes. It will be interesting to see how this case will end. It will be a test case for the legality of this practice which was also prevalent in the 1990s. For more information on this read: http://www.vanguardngr.com/articles/2002/cover/august07/20082007/f420082007.html[/url]

[c kenneths]

About time too.

[Stockmarket_Voyeur]

"Banks may have been ordered to suspend transactions with the various fund management firms in the country" Full article here http://www.punchng.com/Articl.aspx?t...00708286561662

[olusolakemmy]

have we ask a genuine question, are those people really into any usiness?
fuine, i see nospecto oil tanks around apapa, is it that under no circumstances, there business will always flourish that they have enough to give to their investors every onth?
please, if they want to establish a public company, they should follow the normal step, they should not use the fact that nigerian are gullible and take advantage of the public.
it is ok, for the appropriate authority to stop their business until further notice and after the activities are investigated.

[c kenneths]

The moral of all these stories is that if it sounds too good to be true, then it probably is.
And never you invest any money you cannot afford to lose.

Do we know that some people are washed out clean, I mean financially by this clamp down, and does it mean these people do not know this is bound to happen one day?

See, it doesn’t matter how long you keep doing the wrong things, always remember that it will never turn out to be the right thing. The fact that so many people benefited from these hyip's does not give it any legitimacy.

Some people will not even learn anything from this, another firm will spring up tomorrow and start loading people's cash and the crowd will succumb to open fraud, all in the name of making money.

Lets pray for fortitude for those concerned to bear the loss, and be careful, money will never stay with a carefree person, investigate, investigate, investigate!!!

[Apache]

BusinessDay... the voice of business - How not to make impressive money

[hispy99]

This is my first time of reading this thread and I am amazed that people still do not recognize ponzi scehmes when they come across one. This is not the first time that this will happen in naija, I remember UMANAH UMANAH in the early 90s and NTA actually showed the guy's "vault" where he kept people's money; milions and millions of Naira dumped in a bungalow!

People need to understand that if a business is too good to be true, then it is NOT true. Stop saying that someone else is also doing it and has made fantatistic returns. In Ponzi schemes, the first people to get in would most likely do well, it is people that get in late that run into problems. Even if you want to game the system (i.e. participate and get out quickly), how do you know you are not too late when you get in?

I seriously hope no one here got burnt (Dotunks, eriksbmw) with these scams. I don't even need to know what you are doing to know that a guaranteed 10% return a week only means TROUBLE.

These schemes will be back in another 10 years and some people will still go for it. "Those who forget the lessons of history are doomed to repeat them" - GERDA LERNER

[newton]

FYI
Industry Risk - SEC Stops Multi-Million Dollar Fictitious Currency Trading Program
The Securities and Exchange Commission has obtained a court order to stop a $27 million Ponzi scheme involving investors in the United States, Canada, and other countries.

See details in...
Risk News