Wonder Bank Disappears With N500m Depositors Fund In Langtang North, Kanam LGAs



Yakubu Busari , Jos


No fewer than over 3,000 unsuspecting persons comprising retirees, traders and farmers in Langtang North and Kanam Local Government Areas of Plateau State, have been defrauded A wonder bank operator, named, Quality Capital Management.

Investigation revealed that the scheme owned and operated by one Mrs Stella from Lagos state had promised depositors of N100,000 and additional N50,000 at the end of 14 days, while those who deposited N150,000 would get N75,000 including gifts ranging from bags of imported rice, motorcycle at the same period

A deposit of N1 million would earn a N500,000 profit at the end of the same period while deposits above N1 million would be calculated in N1 million units plus 50 per cent interest.

The scheme berthed in Langtang North and Kanam in January 2019 and had been attracting patronage from residents of the Local Government Area since.

Lured by the initial huge returns on deposit, some of the depositors soon besieged the fake band and parted with their life savings. Others deposited their gratuities, salaries, earnings from sold produce, which ran into millions with the hope of reaping bountifully at the end of 14 days.

However, at the end of the 14 days, some depositors got paltry alerts of their money while over 3,000 others did not get anything and have since not heard from the operators of the bank in the past one month. In the meantime, the office in Langtang North and Kanam has remained shut.

The scheme started as a network marketing company on WhatsApp and in less than one month, the groups grew to about 36 all providing information on the benefits of joining the scheme and attracted a lot of people to deposit their monies with the scheme’s office in the city of Langtang.

“I have N7 million stocks with the scheme. It may not be much compared to what others have but this has destabilised my life and turned me to a mad woman with no bearing and I have lost interest in life and work,” a customer, Yilcit Lamak, said.

Another victim of the frauds confessed that he deposited over N15 million with the hope of reaping millions interest but to his greatest disappointment he cannot find the operator to retrieve his money.

Some of the depositors accused residents who are marketers of the scheme of conniving with Mrs Stella to fleece them of their money by promoting the scheme through door to door marketing, which persuaded them to believe that the scheme was genuine and has since gone into hiding.

Police Command spokesperson, Topev said reports had been made by some depositors of the scheme and investigation is on going to unravel what the scheme is about and what actually happened to the depositors funds.”

A group, Economic Freedom Fighters (EFF) stated that, prominent stakeholders in Langtang North are also victims of wonder bank operator. It warned the general not to patronize such unrealistic bank. “No any company in Nigeria can generate such returns and pay back their customers of such unrealistic profit, said the EFF, “It is impossible”.

Despite repeated warning by the Central Bank of NIgeria, CBN and the Nigeria Deposit Insurance Corporation, NDIC on the dangers of investing in wonder banks, Nigerians still keep patronising them. In fact, the CBN recently ordered banks to submit the account details of 28 so called fund managers and finance companies also known as wonder banks