Following over a hundred petitions from across the country on the operations of an alleged Wonder bank and its nefarious activities, the EFCC on Thursday September 6, 2016 arrested the Managing Director of “Lets Partner With You Ltd”, Chief. Patrick Shanchi Nwokike at his residence in Enugu, Enugu state.

Petitions from a cross section of Nigerians and cutting across religious, gender, ethnic, economic and social class indicate that the company had over the past five years solicited and obtained deposits of more than N4,000,000,000 ( Four Billion Naira Only) from the general public with promise of mouth watering interest in return.

According to investigations conducted by the Commission, the company has no license to solicit and manage funds for the public nor was it registered with Securities and Exchange Commission, SEC, or the Nigeria Deposit Insurance Company, NDIC.
Further investigations revealed that a 10% (Ten percent) interest was for some time paid on invested capital which for no justifiable reason, was suddenly stopped and all efforts by depositors to have at least the capital of their investments returned nor terminate their investments proved abortive.
Many of the complainants alleged that the operators of the scheme especially, Chief Nwokike not only live very flamboyant lifestyles but acquired several personal assets as well as using their deposits for philanthropic enterprise.
The company was also found to have over six accounts in about four banks with the CEO of “Lets Partner With You Ltd” and his wife being the only signatories to the accounts.

In his statement, Nwokike who acknowledged that depositor’s funds with his company was about N4,000,000,000( Four Billion Naira Only) , denied operating both money lending and investment business as alleged by the petitioners.

He stated that his company is into partnership business which receives money from interested partners who desires interest from their money after it might have been infused into businesses especially that of small scale traders.

Nwokike argued that the present problem facing his company is as a result of the general economic downturn in the country; an argument punctured by his depositors who said his company started defaulting even before the present economic woes.
Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution.
http://politicsngr.com/efcc-arrest-patrick-nwokikemd-lets-partner-n4-billion-fraud/

cc: lalasticlala, mynd44

Person dey just dey use eye/ear read/hear figures

Nawa

I just gave someone now a 150k to transfer into a university in contonu I hope he delivers am already having funny feelings in my stomach

George22016:
I just gave someone now a 150k to transfer into a university in contonu I hope he delivers am already having funny feelings in my stomach

In this recession,OYO is ur name..

delzbaba:
In this recession,OYO is ur name..

what is your point exactly?

George22016:


what is your point exactly?

my point is the person you gave that money to might have urgent financial needs,you no go blame am sha..

George22016:
I just gave someone now a 150k to transfer into a university in contonu I hope he delivers am already having funny feelings in my stomach

The lord is ur muscle o

Saraki had just been freed of corruption charges....and it only shows dat dis administration is only for propaganda....they r only interested in putin corruption charges in d news to score cheap points

ENUGU – Federal High Court sitting in Enugu has discharged and acquitted the Managing Director/CEO of Lets Partner With You Ltd, Patrick Shanchi Nwokike over alleged fraud.

Nwokike was absolved of the 18 count charge which borders on offences contrary to and punishable under the Advanced Fee Fraud and Other Related Offences Act, 2006.

Delivering judgement, Justice Rosemary Dugbo-Oghoghorie ordered that the properties of the Defendants forfeited in the interim by the order of court made on December 15, 2016 be returned to the Defendants.

Justice Dugbo-Oghoghorie also ordered that the thirty-five million naira (N35,000,000) deposited with the Federal High Court in a fixed interest yielding account be released to the Defendants forthwith and that the Defendants’ business documents and books in possession of the Economic and Financial Crimes Commission (EFCC) belonging to the Defendants be returned to the Defendants.

Also in the ruling, Justice Dugbo-Oghoghorie noted that the court did not conclude the judgement without referring to the litany of civil suits filed against the Defendants at the Enugu State High Court, some which are still pending.

Justice Dugbo-Oghoghorie said, “From the foregoing, it is the findings of this Honourable Court as stated in this judgement that the evidence adduced by the Prosecution did not prove the ingredients of the offence for which the Defendants are charged to warrant their conviction, so I hold.”

“Having held that the Prosecution did not discharge the burden of proof placed on it by the law to prove the guilt of the Defendants, this Honourable Court makes the following order:

“The Defendants are hereby discharged and acquitted on Count (2) to Count Eighteen (18) of the Amended Counts charge preferred against them, having earlier struck out Count One (1).”

It could be recalled that in February 2021, Justice Dugbo-Oghoghorie discharged and acquitted Nwokike and his wife, Mrs Rosemary Ifeoma NwokiIke of allegations of operating an illegal wonder bank.

Dugbo-Oghoghorie in a 143-paged judgment held that the Economic and Financial Crimes Commission (EFCC) failed woefully to prove its case against the couple and their firm, Let’s Partner With You.

According to the Judge, in criminal proceedings, the burden lay on the prosecution to prove its case beyond all reasonable doubt as against beyond every shadow of doubt.

The judge, resolved all the issues on a four-count charge preferred against the defendants by the EFCC in favour of the defendants.

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It is so unfortunate that investors have lost their hard earned money in a useless scheme. I remember so people sold their landed property to invest in this scheme. Tommorow he will rebrand the business and come out with another format.