It is almost twenty-four months now since the Central Bank of Nigeria governor, the director of Securities and Exchange Commission in Nigeria and many riled chief-executives of banks ganged-up to brand the then fund managers 'wonder banks' in order to whip-up public sentiment to justify their personal vendetta against the under-dogs.
A case of calling a dog a bad name in order to hang it, the fund managers were likened to the historic Umana Umana savings and loans of the 1980's.
However, let us remember that none of these fund managers actually defaulted in paying the returns to their subscribers . Rather the agents of state ,the EFCC, the police and soldiers were systematically used to frustrate their operations by sending them to extort money from the fund managers, bullying and man-handling them atimes. These rascals , instead of committing their own money by subscribing, forced these firms to cut the agreed percentage return to their clients and remit the difference to them in settlement.
They told us that they were protecting the unwary Nigerians, but have they guarantteed the safety of the money of Nigerians in those truncated schemes ? Inspite of all the disruption to their business these firms kept on going until the hooligans in power commanded the arbitrary freezing of the accounts and closure of their offices. And till today the authorities have not spared any thought for the many poor people who were given hope by these firms ,who turned their stepence into money substantial enough to be used to initiate productive economic activity. When the houseboys and housegirls of the government broke- up these fund managers in the name of sanitizing the financial environment, they also broke the morale of the many hopeless and faceless Nigerians who boldly against common sense staked their widow's mite in the hope of taking that chance to make their life better. Now for almost two years this money has been held -up by the very machinery that is supposed to assist them . The people's money is not held-up because the companies failed to pay. Does the government want to usurp that money too?!The over-fed madam of the SEC, the over-read tyrant of the CBN, the petty and cowardly bosses of involved banks and the shamed EFCC boss should be brought to trial for this mis-use of power against striving Nigerians attempting to make the most of a bad situation.
So the self-righteous say that greedy people desire fantastic returns. And I say who does not? Don't all investors ? All the banks ? Difference is they all pocket their fantastic returns. But these little known fianancial emancipators share their earnings with their subscribers fair and square.The truth seem to be that the class of the wealthy in Nigeria fear that every little person would, in not too long, be able to afford their own way and have a life. They want to forever be tin-gods in this land of plenty and opportunity.
LET THE FEDERAL GOVERNMENT INTERVENE TO RELEASE THE FUNDS OF NIGERIANS HELD-UP SINCE MAY 2007. BETTER STILL , LET THE FUND MANAGERS GO BACK TO BUSINESS UN-DISTURBED. EX-PRESIDENT OBASANJO ALLOWED THEM, WHY SHOULD IT IRK ANYBODY NOW ?