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Plateau Assembly investigates activities of wonder banks

18 October 2012, 09:09

Plateau - The Plateau State House of Assembly has ordered for an investigation into activities of wonder banks operating in the state.

John Dabwan, made the declaration after intensive deliberations on Wednesday in a motion brought before the House by member representing Bokkos constituency, Mr. Titus Alams.

``Our people have been duped by some of those financial investment firms to the extent that some died, some ran mad and some rendered poor as a result of their nefarious activities.

``We must investigate how they came into Plateau to transact such a dubious business that had brought grief and pain to our people, `` Dabwan, Speaker of the House declared during the house’s plenary session in Jos

Alams had raised an alarm over the activities of the wonder banks some of which disappeared after looting unsuspecting innocent investors.

``The painful thing is that most of the victims of these wonder banks are the common people.

``As a House, we must do something to save our people from such fraudulent financial houses before more of our people are killed or rendered kobo-less by their nefarious activities.``

Consequently, Dabwan directed the House Committee on Finance to rise to the challenge and investigate the activities of such wonder banks.

``We expect you to find out who gave them the permission to come into the state with such fraudulent business and the damage they have brought to the state.

``Your mandate should entail finding out the level of involvement of Central Bank of Nigeria (CBN) and Corporate Affairs Commission (CAC) and who are the people behind the business.''

The News Agency of Nigeria (NAN) reports that the House, which did not give the committee a time frame, mandated it to submit its report ``as soon as possible``.

NAN reports that some of the wonder banks, which could not meet the outrageous percentage interest to their investors, went under ground with the entire investments allegedly running into billions of naira.


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