A principal witness and operative of the Economic and Financial Crimes Commission (EFCC), Shuab Umar Modibbo, has revealed that the operators of a popular wonder bank operating from Enugu known as Let’s Partner With You Nig Ltd, Patrick Shanchi Nwokike, his wife, Rosemary, and their company operated an illegal financial institution.

The revelation was made on Thursday at the resumed hearing of the case against the trio before Justice Dugbo R. O. Oghoghorie of the Federal High Court, Enugu, Enugu State.

Modibbo was led into evidence by prosecution counsel, Marshal Umukoro Onome.

Modibbo stated: “My Lord, evidence obtained during our investigations via responses from relevant regulatory authorities such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and Security and Exchange Commission (SEC) all indicated that the company, Lets Partner With You Nigeria Ltd., was not licensed to operate as a financial institution.

“Even though he was registered with the Corporate Affairs Commission (CAC) his financial transactions and operations with the public was that of a bank.”

Modibbo further disclosed that investigation indicated that Nwokike actually operated a pyramid scheme where depositor’s funds are recycled to pay initial depositors from current ones; a case of ‘robbing Peter to pay Paul’.

The case has been adjourned to December 6, 2017 for continuation of trial.

Nwokike and his co defendants were first arraigned on April 6, 2017 on a 10-count charge bordering on obtaining money by false pretence running into several billions of naira. The alleged offense is contrary to section 8 (a) of the Advance Fee Fraud and Other Related Offenses Act, 2006 and punishable under section 1(3) of the same Act.

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