EFCC Recovered Over N4 Billion From ‘Let’s Partner With You’ (LPWY) Limited – following the recent arrest of the Managing Director of “Lets Partner With You Ltd”, Chief. Patrick Shanchi Nwokike at his residence in Enugu, Enugu state by the Economic And Financial Crime Commission EFCC, Petitions from a cross section of Nigerians and cutting across religious, gender, ethnic, economic and social class 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 interest in return.
Let’s Partner With You Updates – the latest information at present situation was that the Economic And Financial Crime Commission EFCC Enugu Branch have stopped the collection of petitions from the public masses as of 31st October 2016 until further notice. This was made by the Director Manager of EFCC when he visited the nearby Enugu Branch EFCC where most of the petitions is being complained to. He said that out of N12 billion of funds claimed to be owned by the public masses, about N4 billion has been recovered and all effort is being carried out to recover the rest of the funds.
Let’s Partner With You Updates – EFCC Recovered Over N4 Billon from ‘Let’s Partner With You’ (LPWY) Limited
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 Securities and Exchange Commission, SEC, or the Nigeria Deposit Insurance Company, NDIC.
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 also found to have over six accounts in about four banks with the CEO 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 is into partnership business which receives money from interested partners who desires interest from their money after it might have been infused into businesses especially that of small scale traders.
Nwokike argued that the present problem facing his company is as a result of the general economic downturn in the country; an argument punctured by his depositors who said his company started defaulting even before the present economic woes.
Investigation is still on-going to ascertain the extent of the company’s operations, its culpability, likely recovery of funds and possible prosecution.