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Aggrieved investors protest against trapping of N23.7b in CBN


CBN building

The aggrieved investors of Nospetco Oil & Gas Limited popularly known as ‘wonder bank’, whose over N23.7 billion funds are currently trapped at the Central Bank of Nigeria () has protested the delay in delivering judgment over the case at the Supreme Court.

The group, which took their protest to the Television Continental (TVC) office in Lagos, pleaded with the apex court and all authorities concerned for expedition of their case so that the funds can quickly be released.

The investors led by their President, Prince Emmanuel Matiluko said they are victims of a scam allegedly perpetrated by Nospetco Oil & Gas Ltd, which was later declared as a Wonder Bank.


In 2007, the Securities & Exchange Commission (SEC) stopped the operation of NOSPETCO Oil & Gas Ltd for being illegal, froze its various bank accounts and deposited the investors’ money with the Central Bank of Nigeria in trust for the thousands of investors.

According to the protesters, some of them could not join the protest due to old age and various illnesses.

They said more than 90 per cent of their members are retirees and over 65 years old. Some are 80 years. “You see the few number that are here. It is not because they are not willing to come, the truth is that some don’t have the resources, while others are not healthy to stand this kind of rigour,” one of them declared.

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