It grieves my heart when I read some responses from some people (saheed for instance) suggesting that people should forget about their investment in Nospetco and move on. As somebody had rightly mentioned in the past, its either such a person did not work for that money he/she invested in the joint venture or he/she is simply an agent of Maiyaki.

Either way people get their moneys through diverse means and for such people who invested their sweat in this business, I implore us to keep hoping that we will get back this money, by God's grace. It may take some time and of course many unfortunate may happen to so many along the way but this money will still come out.

The facts are not far fetched, this is not a case of liquidation, as it occurs in banks. It is simply a case of account freezing, for whatever reason(s) and this case is still in court. Suffice to say here that court cases anywhere in the world moves at snail speed, especially business cases; but at the end this money WILL be unfrozen.

Did you see a visible means out of this whole mess? For how long will it take the Appeal Court to pass their verdict? Well for me I have started putting my hope somewhere else and I don't have it in mind that I still have some money somewhere again. Nospecto has become a thing of the past, the earlier you believe this the better you get a rest of mind and find something better doing. 3 years has passed now and there is no way out. My people don't let us continue to fool ourselves our money in gone in the drain. Period.

Saheed.

But wetin the grammar teach us! Are we gettin our money back and when possibly can we.

Though the article is somehow assuring and convincing that sometin is been done, unlike what some pessimist have opined, but the koko is that our dough is not lost.

I just hope that we'll unite and fight the fight to the last,get our hard earned money and put the devil and his agents in our midst to shame.

(Culled from Proshare.com)

Wonder Bank: Nospetco investors blame SEC, CBN on their woes

Peter OBIORA, Proshare NI, April 10, 2009 at 05:59 GMT

Investors into Nospetco Oil and Gas Limited (Nospetco) are blaming the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on their woes of not recouping their money in the failed Wonder Bank saga.

The investors are of the view that the Regulatory Authorities should come to dialogue with the Management of Nospetco to see how the issue of refunding depositors fund should be resolved.

�If you look at the whole situation, investors into Nospetco did not cry to SEC or CBN that Nospetco is doing business illegally with them or have swindled their funds� one of the investors said.

They affirmed that Nospecto have been doing business successfully with members of its investing community; when suddenly SEC and CBN clamped down on the company.

�When they stopped the business of Nospecto, they did not do anything, the public did not complain to SEC that Nospecto is defrauding them� they affirmed.

The Investors accused the CBN of freezing the accounts of these Wonder Banks in order to protect the commercial Banks. �They took this action; for fear that these Wonder Banks might takeover business from the Commercial Banks� they said.

They further affirmed that over the years, they have been investing in Nospecto; the company has not failed in its obligations; asserting that the commercial Banks also connived with the CBN to clampdown on the Wonder Banks.

Proshare NI contacted Lanre Oloyi, Head, Media of SEC to give an update as regards the matter.

Oloyi confirmed that the matter is before the Inter-Agency Committee set up by the Commission to look into it.

�The Committee is meeting and collating relevant documents to assess the status of those who invested in these Wonder Banks� he said.

�How much was recovered from operators of this scheme; some of them have gone underground� Oloyi said.

As earlier reported, on November 22 2007, SEC took 37 Wonder Banks before the Investment and Securities Tribunal (IST), advising it to authorise the closure of the offices of these companies; because they did not obtain the necessary licences to operate either as Fund or Investment Managers in the Capital Market.

SEC in this action, also joined the CBN, 17 commercial banks and one discount house as respondents to the suit but, withdrew the cases against Megawealth Limited, Divine Success International Limited and Treasureline Interlink Limited. However, the three cases were struck out by the IST for want of evidence.

Also as earlier reported, Wealth Zone Limited and Nospetco challenged the Tribunal�s jurisdiction to entertain the suit against them, this could not be decided.

IST stayed proceedings in the two cases pending the outcome of appeals they had lodged against an interlocutory ruling on its jurisdiction at the Court of Appeal.

Abu Musa, a staff of Nospetco confirmed this to Proshare NI in Lagos Nigeria. �We are waiting for the Court of Appeal to decide this case; so that we can go back to business� Musa said.

This is coming on the heels of SEC in October 2008 assuring depositors of Wonder Banks that they would get a refund of their deposits soon.

The 28 listed Wonder Banks affected by the clampdown include Fortune Access Interlinks Network, Pennywise Investment Limited, Cyber International Limited, Gold Power Unique Services Limited, Gorutrans Nigeria Company Limited, Interglobal Investment Limited, Money Field Limited, New Freedom Diversified Investment Limited, Open Gate Multipurpose Investors Limited, Orion Express Global Services Limited, and Art Master & Co. Limited.

Others are Wealth Solution Limited, Wealth Transfer and Logistic Limited, Wilson O. Wilson (Doing business in the name and style of Wilamas Ventures), Wisdom Investments Nigeria Limited, and Nospetco Oil and Gas Limited.

Positive Move International Nigeria Limited, Precious Golden Profile, Real and Cool Wealth International Limited, Shola Olanrewaju Ayinke (Sefteg Nigeria Company), Silvertrust Global Investment, Successpoint International Investment Limited, Torid Investment Limited Treasured Fund Assets Limited Vikel Petroleum Limited.

Also on the list are Wealth Concepts Global Ltd, Wealthgage Multibiz International Limited and Wealth Interlink Agency Limited.

New hope is coming very soon about Nospetco,let us pray and move in order to get all our money back. pls if u know Soludo let us put pressure on him to effect the realse of our money before he leaves office

@Mikolo, et al..
It is not as if one is relenting or has been settled.
If i do such, the spirit of others who are suffering will never let me rest, especially the helpless old pensioneers.
I still intend to carry along with the newspaper publication, but at these hard times, i don't have to bother anyone about the financing. I made up my mind to foot the bill, and i will still do so, God willing. That is why i've been quiet all along.
However, i talked to the chairman of the Investors' committee on Tuesday, what he told me was that they have petitioned the National assembly on the matter, and they are waiting to be called for hearing. He however appealed that if there is anyone among us that has any contact in the assembly that can help to hasten things up, such person can get in contact with him.
His phone No is 08067199668.
The hope is still very much alive, and by God's grace we will get there.

Cheers guys.

At this point i want to say good day to everyone that has been keeping hope alive on nospee issues,but with the recent happenings and latest contributions on this issue, few things came into my mind;
(1) WHERE ARE OUR ACTIVISTS- The poeple that talk on this issue and we listen (our Gani Fawehinmis,Femi Falanas, etc) have relented on their efforts,we seem not to hear from them anymore, this to me is a serious issue and has raised some questions in my mind; have they been intimidated in any way? have they decamped? have they recieved some under ground settlement and asked to shut up? are they fed up with the attitude of the house on the puplications stuff?????????????????????? these questions keep coming into my mind but whatever happens let thse pple know that they stand for the helpless masses and their names will never be forgotten on this straugle (Mandela)
(2)ARE THEY PAID- The recent contributors on these nospee issue seem to me as if they have been paid to sort of make pple forget their hard earned money if not ask me how can someone forget 50m just like that, i dont think it is possible.
Well, in it all i have not come here to put blame on anybody in this mess,but at this time i want to solicit and sensitise everyone (the Omu Iyaduns...) not to relent on this issue,ther is need for us to make constructive noise and unite our efforts together weeping may endure till night joy will surely come in the morning, there is always a light at end of the turnel,no matter how long the night might seem to be there must be breaking of another dawn.Let everyone know that if we quit at this moment,then all our past efforts will be in vain and the Maiyakis will rejoice that they won,remember it is not over untill it is over,lets forget about our differences and unite «sticks in a bundle are unbreakable».

where is OMU- IYADUN? Please we want to hear from you.

@alex,
when did u talk to maiyaki and what did he say thats makes you conclude nospetco money is gone, well if truly you ve over 50m trapped, then its surely nt ur money or stolen money, cos i wouldnt know if any one with such amt will be talking like you, the problem is most ppl on this site are just hia and they are not ready to make any moves concerning on this issue, the newspaper publication would have been a very gud case to vent our opinion. i ve lots of million in nospetco too, and though ve moved on, im sstill clinging on the hope that there is money freezed in different bank accounts. and the federal govt is still pursing cases against them. there is a news on the monday guardian.
pls let revisit the newspaper publication issue instead of whining like a cub

@lamide,
well said lamide. i av over =N=50M trapped in dis ponzi scheme. i was of d hope dat der ws going to be a light at d end of d tunnel b4 now but now i dont think so anymore cos few days ago dat i spoke with Maiyaki, it all done on me dat it was all a game: A VERY SAD ENDING FOR ALL D INVESTORS WITH NOSPETCO, BUT A HAPPY ENDING FOR ALHAJI MAIYAKI AND HIS COHORTS IN NOSOETCO. d truth must b told now and those who av ears, let them listen, ders no MONEY anywhere to b returned to us by Maiyaki's Nospetco. i am licking my wounds already and i pray i survive dis mess i gullibly got my self into. I THINK ITS A CASE FORECLOSED ALREADY! OH GOD! INTERVENE FOR THE POWERLESS AND SAVE US FROM DIS MERCILESS PPLE AND HOPELESS COUNTRY!!!!!!!!!!