Wonder Bank Owner Disappears With N27bn Customers’ Savings In Cross River


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No less than 13,000 customers of a wonder bank, Micheno Multipurpose Cooperative Society (MMCS) in Cross River State, have been duped of their money running into N27 billion.

According to Vanguard, the wonder bank commenced operations in June 2018 and encouraged people to deposit money to get profits of up to double their investments in 40 days.

While those that deposited N100,000 were told to expect N150,000 in 40 days, depositors of N150,000 were told to expect N300,000 in the same period.

Also, depositors of N1 million were expecting N2 million and so on.

However, at the end of the 40-day window, the operator of the scheme identified as one Michael Eke reportedly vanished into thin air.

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Although some of the depositors were said to have received meagre sums out of their deposits, majority got nothing and were shocked to find that the usually busy Calabar office of the company was shut and has remained so for a month.

A distraught depositor, Edna Nzegu was quoted as saying, “I have N33 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 mad woman with no bearing and I have lost interest in life and work.”

The Cross River State Command said it has commenced investigations to unravel the truth behind the matter.

“Investigation is ongoing to unravel what the scheme is about and what actually happened to the depositors funds,” the State Police Public Relations Officer, Ms Irne Ugbo, was quoted as saying.

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