EFCC Arrest Patrick Nwokike, MD of ‘Lets Partner With You Ltd’ Over N4bn Fraud
- EFCC collects documents from Let’s Partner Investors
- Let’s Partner Boss released by EFCC, no money recovered from him
- Let’s Partner With You Investors To Stage a Mass Protest in Enugu
(EFCC Arrest Patrick Nwokike MD Lets Partner With You Ltd)
Petitions from Nigerians across religious, gender, ethnic, economic and social strata 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 the Securities and Exchange Commission, SEC or the Nigeria Deposit Insurance Corporation, NDIC.
Further investigations revealed that the company had, for some time, paid a 10% (ten percent) interest on invested capital but suddenly stopped and all efforts by depositors to have at least their initial investments returned were futile.
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 found to have over six accounts in about four banks with the chief executive 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 was into partnership business, which receives money from interested partners who desire interest over a period of time.
Investigation into the alleged fraud continues.
Source: EFCC Media & Publicity (6th October, 2016)
Let Partner With You Limited claim to be a financial consultancy company that collects money from partners and loan it out to small scale business persons, taxi drivers or keke drivers at a higher interest rate. The partners are supposedly paid 10% interest of there investment every month and should you wish to withdraw your investment, the partner is meant to notify the company two months before time but if the said partner is in urgent need of the investment, s/he forfeits 20% of the investment and is paid off immediately.
However, this 10% interest was further reduced to 9.5% after the company claim to be remiting 5% of investors interest to either SEC or NDIC in order to be granted license as a deposit company.
Chief Patrick also partnered with a Digital Television Company known as Montage Cable Network and all investors with an investment of more than sixty theousand Naira only (N60,000) have Three Thousand Five Hundred Naira only (N3,500) deducted from their monthly interest.
According to a reliable source, the company stopped paying its investors as at February 2016. He also noted that worse of it all is the flambouyant lifestyle of Chief Patrick Nwokike whom is from Awka in Anambra State. “He spends our money on occasions he is invited or not.” said the source.
We also learnt that Chief Patrick Nwokike is the Patron of PMAN (Performing Musicians Association of Nigeria). He also lavish money on any musician that comes his way and to some he has giving car gifts earning him the titles “oji moto eme ogo” (A person that gives car as a gift).
The flambouyant Chief moves on convoy with securities from the Nigeria Police Force.
Rumours have it that Chief Patrick is not on EFCC net as he was only placed on house arrest by one of the judges handling a petition against him few months bank before the court went on recess. Sources claim he sneak out at night in a popular joint around New Haven/Independent Layout Enugu to drink and meet with friends.
Some of the investors that was interviewed by The Total Entrepreneurs that have gone to EFCC to petition the Chief came out discouraged. Some claim to have been asked by men of the operatives why they are coming to report the man now when they have finished enjoying some benefits from him. Same with an investor that went to file a case with human rights. They claim the man have the EFCC, Police, human right and any other relevant stakeholder in his pocket.
It is rather a good news seeing that the financial crime institution has taken a step towards prosecuting the fraudster but Nigerians would love the investigation to be an open one.
Many wonder banks are still coming up and many Nigerians are falling for them as they always promise mouth watering returns on investment and since the country is not conducive enough for business, this individuals are left with no option than to invest their hard earned monies and pension into such schemes.
Updated on 3rd November, 2016 (EFCC collects documents from Let’s Partner Investors)
EFCC collecting photocopy of agreement letters, receipt and termination letter of Lets Partner With You Ltd contributors for payment after recovering Billions of Naira in an account managed by the Mr Patrick and the wife.
It has also been confirmed that Mr Patrick Nwokike is actually detained at the Enugu office of EFCC with the wife and some relations.
Updated on 18th November, 2016 (Let’s Partner Boss released by EFCC, no money recovered from him)
Latest information from reputable sources has it that EFCC released the CEO of Let’s Partner With You, his wife and some family members held in their custody.
Explanation over the release was that the case is now in court and that he was been granted bail. Who charged him to court, the charges instituted against him or the court this case is on-going is still a mirage.
The most annoying and painful part is that individuals that invested in his company see him around town with heavy security personnel guarding.
Secondly, there was rumours that EFCC recovered some money from Patrick Nwokike but the EFCC boss in Enugu has refuted this claim in an interview he granted some of the investors. He said “No money has been recovered from Chief Patrick Nwokike, investigations are still ongoing on where your monies are”
Many investors believe Patrick connived with EFCC to arrest him, then charge him to court with a bailable offence after which he would be granted bail and the court process frustrated while he goes about his normal life.
Updated on 10th February, 2017 (Let’s Partner With You Investors To Stage a Mass Protest in Enugu)
On the 28th of February, 2017, all the investors of ‘Let’s Partner With You Ltd’ who have there investment trapped in the scheme will be staging a protest against the company in Enugu, Nigeria according to a confidential source.
The take off point will be stadium and from there, the group will match to Okpara Square and then Enugu State House of Assembly.