Has anyone seen and read the so called for input and approval framework for the new Nospetco structure? As they promised in the chairman's letter that it will be presented to investors and will be implemented by 2nd January, 2008.

Has anyone seen it pls?

This is for the information of everyone.

CENTRAL BANK OF NIGERIA

Public Notice.

The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of some persons (individuals and members of the public under the guise of subscription to venture partnership arrangements with a promise to subscribers of sharing profits with owners of the company at mouth watering interest rates of up to for example =N=40,000.00 (or 8.8%) for =450,000.00 per month or other agreed periods.

The CBN is concerned about this worrisome development reminiscent of the past 'Umanah-Umanah ' scheme which masqueraded as wonder bank. Consequently, the CBN wishes to reiterate that only licensed banks, mortgage finance institutions and micro finance banks) are authorized to take deposits from the public while discount and finance houses are allowed to borrow from the public and pay interest through their money market products.

in view of the above, members of the public are advised to be wary of this kind of financial arrangement as anyone who subscribes to such scheme does so, at his/her own risk.

Furthermore, any bank which provides a vehicle for such fund mobilization should ensure that it does not breach the provisions of the know your customer (KYC) guidelines issued by CBN.

Source:
Financial Standard, Monday, July 9, 2007, page 45.