ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, January 21, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Alaba market used to illustrate the story.

Alaba market used to illustrate the story.

How “Wonder Bank” swindled me –Nigerian

byMohammed Lere
May 20, 2014
2 min read

“The agent told me that I will get back an additional 50 per cent of any deposit I made with the bank, within 21 days.”

A complainant, Matthew Chukwu, on Tuesday told a Federal High Court in Lagos that a “Wonder Bank” Operator, Fortune Etaba, defrauded him of over N2 million on the pretext of doubling the amount.

Mr. Chukwu, who is also a witness, was testifying at the resumed trial of Mr. Etaba, the Managing Director of the bank, charged with N9.8 billion fraud.

Led in evidence by the Prosecutor, Effiong Auquo, the witness told the court that he came in contact with the accused in 2009.

He said an agent to the accused, one Amos, had approached him at the Alaba International Market, on Nov. 28, 2009, with an offer of business promotion.

The witness said that the agent had told him that he was from a bank, Establishment House Ltd, adding that they were out to help facilitate the growth of businesses in Nigeria.

He told the court that the agent informed him that the company had branches in Denmark, Germany, Japan and Qatar and that they had come to better the lives of businessmen in Nigeria.

“The agent told me that I will get back an additional 50 per cent of any deposit I made with the bank, within 21 days.

“On Nov. 30, 2009, I followed him to his office for confirmation and I met the accused, Etaba, who confirmed to me that the offer was real.

RelatedNews

Court remands dealers charged with inscribing fake SON mark on adulterated engine oil

Anchor University Deputy VC kidnapped

How funds were diverted under ex-NAF chief’s watch — Witness

NPFL (LIVE UPDATES): MFM, Rangers battle in Lagos

“Immediately, I went back and got the sum of N1.5 million which I paid into the bank and subsequently, brought an additional N828,000.

“I even invited my friends to come and enjoy the offer with me.”

Mr. Chukwu said that several other businessmen also invested their money in the establishment with the hope of getting double the amount invested within 21 days.

Dangote adbanner 728x90_2 (1)

He said that on December 12, 2009, the accused hosted an end-of-year party for their clients, in which he reiterated the benefits of the offer and assured them that they would get back their rewards.

He said that was the last he heard from the accused and his bank.

The witness said that when his deposit was supposed to have matured, he went to the bank, but was told that due to a bank audit at that time, they were unable to pay customers.

Mr. Chukwu said that he made repeated visits to the bank alongside other complainants but they were never paid their entitlements up till date.

He said that a complaint was then lodged at the Ajangbadi Police Station and the case was transferred to the state CID Panti.

After listening to the evidence of the witness, the judge, Ibrahim Buba, adjourned the case to May 22 for continuation of trial.

ADVERTISEMENT

The accused was re-arraigned on January 21 on amended charges and he had pleaded not guilty.

The judge had granted him bail in the sum of N500 million with two sureties in like sum.

Mr. Buba also ordered the accused to deposit his travelling documents with the court’s registry, with an undertaking not to travel outside Lagos during the pendency of the case.

In the charge, the accused was said to have committed the offence between June 2009 and December 2009.

The prosecutor had told the court that the accused fraudulently obtained huge sums of money, totaling N9.8 billion from several individuals, especially businessmen at the Alaba International Market, Ojo, Lagos.

He said that the accused had represented to the businessmen that they would get back an addition of 50 per cent of their deposits after 21 days.

According to the prosecutor, the accused neither repaid the deposited sums nor the 50 per cent interest promised on individual deposits.

He said that the offence contravened the provisions of Sections 1 (1) (a), 8, and 2 of the Advanced Fee Fraud and other Fraud Related Offences Act, 2004.

The accused was yet to perfect his bail terms.

(NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (4)
premiumtimes



PT Mag Campaign AD

Previous Post

APC constitutes 15-member committee for National Convention

Next Post

Chibok School girls: #BringBackOurGirls protesters accuse NTA, FRCN of inadequate coverage

Mohammed Lere

Mohammed Lere

More News

Governor, Seyi Makinde of Oyo State [PHOTO CREDIT: Seyi Makinde on LinkedIn]

Insecurity: Unlike Akeredolu, Makinde drums support for herders

January 21, 2021
Gov. Fintiri

Nigerian governor confronts pension officials with corruption allegations

January 21, 2021
The arrested suspects

Kidnapping: Police parade widow among suspects ‘terrorising’ Zamfara, Kano

January 21, 2021
Joe Biden [PHOTO: @JoeBiden]

Biden reverses Trump’s travel ban on Nigeria, Yemen, Eritrea, others

January 21, 2021
Nigerian Economy

Despite COVID, Nigeria’s quarterly FDI reached two-year high in 2020

January 21, 2021
Nelson Mandela

Mandela’s foundation rocked by corruption scandal

January 21, 2021
Next Post
Chibok Schoolgirls: Nigeria deploys ‘two special battalions’ for search – Okupe

Chibok School girls: #BringBackOurGirls protesters accuse NTA, FRCN of inadequate coverage

Aminu Tambuwal

Aisha Falode's son: Tambuwal tasks UAE to find alleged killers

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.