Wonder bank of Ebonyi

•We can't withdraw our money –Depositors

•We don't owe anybody –Manager

By HENRY UMAHI (kinghenrysun@yahoo.com)

Cash Flow ABI (American Biographical Institute) Network Limited berthed in Uburu, Ohaozara Local Government Area of Ebonyi State about two years ago. It came with a promise to change the fortune of its customers through investment opportunities.

According to Rev Charles Egbo, ICT manager of the outfit, "Cash Flow ABI Network Ltd is a company that has come to salvage the less privileged people in our country. We help the less privileged by making investments for them."

He stressed that the network had many packages in online business, building investment, robot investment, car investment, and soft loan facility.

Indeed, when the organization came into Uburu, which is the homestead of the national chairman of the All Nigeria Peoples Party (ANPP) and former governor of Abia State, Dr Ogbonnaya Onu and Deputy Governor of Ebonyi State, Engr Dave Umahi, they gave mouthwatering incentives to their clients. It was gathered that a woman who had a taste of the cash flow bought and donated a car to a first generation church in the community.

And as the cash flowed, those who embraced the scheme early in the day began to spread the good news. They told those who cared to listen that salvation had come in terms of financial freedom and prosperity. To convince any doubting Thomas, they flaunted the gains they had made within a few months through the masters of wealth creation.

So the good news continued to spread, as more and more people keyed into the scheme. Those who had deposits in regular banks went and closed their accounts and threw all their savings into the till of Cash Flow. Those who didn't have money of their own went as far as taking loans from traders' associations with running interests. Educated, semi-educated and illiterate peasants, all went for easy wealth and invested handsomely. In fact, anyone who did not take up the investment opportunities offered by Cash Flow was seen as not being smart or wise even as the 'investors' boasted of what they would do with money in the community. According to Egbo, about 1,800 invested about N152 million in the place.

However, it was gathered that the investment portfolio could be more than N500m.

Different tune    

The tune, however, assumed a different hue about five months ago when the clients could not make withdrawals from their investments. They were allegedly told that the CEO of Cash Flow, Engr Philemon Gora, had issues with different institutions including the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC). The staffers allegedly told the investors that regular bankers who were jealous of the accomplishments of Cash Flow within a short period instigated the arrest and detention of the CEO, a man with a Midas touch whose milk of kindness flowed freely from Kaduna to Ebonyi State.

Offering insight into what transpired, Mr Agodi Ezeoke, a scholar and novelist, said: "What I know about Cash Flow is that it is all about money doubling.  It is a kind of money doubling business, which is being transacted by one Hausa man.  I was consulted to come and invest but because of the way things are going in the country, the corrupt practices of some fraudulent men who extort money from people who are ignorant of their business, I refused to invest.

"They organized seminars at Chimanelo Guest Inn which is close to my house and whenever a seminar held there, I saw people trooping to the place.  But along the line, most of them began to grumble that they couldn't realize the money they invested, that the man had made away with their deposits.  I asked them what actually happened, they said that they had a problem; that the man did not meet the requirement of the Central Bank of Nigeria (CBN).  Since that time, it has affected the economy and wellbeing of the people involved. Some of them could not get the money to pay their children's school fees.  Some could no longer carry out their business transactions.  This has adversely affected the people.  If I had invested my money in Cash Flow, it would have been a great setback. I have a friend, Emmanuel Obasi, who invested there.  He has come to me to complain.  Even his elder, an SSS officer and chief detail to a state governor, called me and asked if it was true that those who invested in Cash Flow had not recouped their investment, I told him all I know about Cash Flow".

Tales of investors

Sunday Sun went to Uburu on December 12, 2012 to speak to the distraught investors and management of Cash Flow on the situation of things at the moment. Interestingly, while the Cash Flow readily told their own side of the story through the ICT manager, Rev Egbo, the other side kept mute. Investigations revealed that while our contact was mobilizing the investors for the visit, agents allegedly went about town discouraging them from narrating what transpired. In fact, making them talk was akin to squeezing water out of stone.

Mrs. Florence Chukwu, a retiree, reluctantly disclosed that she invested N120,000 but was yet to see the fruit of her labour.  Lamenting, she said that she went to Abakaliki, the state capital, and withdrew the money she had saved for the rainy day and lodged it with Cash Flow. About six months after, she is yet to get the principal or interest. As someone quipped, "it seems that her money has entered voice mail".

Mrs. Irene Ada Akpo, a school principal, told Sunday Sun that she invested millions of naira in the scheme. But in her own case, she was lucky to get her interest before the bubble burst.

Hear her: "I learnt about Cash Flow last year.  I was a bit reluctant at the initial stage but when I discovered that some people that started were getting their interest on monthly basis, I joined in December 2011 with the sum of N500,000.  I got my interest up till June 2012 before the CEO introduced what he called 'promo'. By that promo, if someone puts a certain sum, the interest would be 50 percent.  So, some of us even borrowed money to join.  I personally put in N1.6million. But the following month when we were supposed to get our interest, nothing was forthcoming.  We later learnt that the EFCC was interrogating him.  They said about eight or nine of his accounts were closed and that we should be patient.  Then, he came to Uburu and had a seminar at Chimnelo Hotel.  Many of us attended.  In fact, the hall was filled to capacity.  He narrated his ordeal in the EFCC; how they asked him to open a micro-finance bank and that he struggled to open it.  He gave us some papers he called modalities for payment.  He told us that the EFCC said that he should pay us our capital but that he was willing to add the interest.  He said that was the reason he refused to pay his clients their capital only. Most of us believed him.  They gave everybody a document tagged modalities for payment; some of us borrowed money again to pay into one account called Gadonkay GLC or something like that.  I personally borrowed N50,000 and paid it in so that my money will come out.  But up till this moment (December 13), I have not seen anything".

"My appeal to Cash Flow administrator is to let us have our capital, if we cannot not get our interests."

Mrs. Precious Odi narrated her experience thus: "Cash Flow people came to Uburu and said that they were giving interest to people who invested with them.  So, I deposited my money last year. We also put money in a special package (promo) with a promise to add more money. But up till now, we have not received anything.  When we told them that we wanted to collect our money, they said that they were having problems with SEC, EFCC and CBN.  Since then, we have not seen any positive answers from them.  I gave them almost N600,000.  They asked us to pay more money into another account to facilitate the payment and I paid N50,000 into the account.  I also used N1,000 to open an account as they requested. But up till now, I've not collected my money."

Odi said that since she started her transaction with Cash Flow in February 2012, she has not collected a dime.  According to her, it was when she wanted to collect her money in August that they started saying that they were having problems with different agencies.

"To worsen my case, I borrowed the money I deposited with Cash Flow from someone and I'm paying interest on it up till now.  So, each time I collected my salary, I use it to service my debt, leaving me with nothing," Odi lamented.

Ugo Okolie, a teacher at Community High School, Uburu said: "I started with Cash Flow in July 2012.  I used N5,000 to open an account as instructed and paid N70,000 into the account number given to me.  They promised that interest would be paid to me monthly depending on their calculation.  But up till now, nothing has been given to me. Although I told them that I would not come till November, but the last time I went there I didn't get any good response from them. They only promised that something would be done.

"They said that we should pay additional sum of N20,000 or N50,000 depending on the amount deposited with them.  They said that after making the payment, you would just go and pick your money.  But up till this moment, nothing has been done.  So, we are worried.  I'm personally worried because we are vacating tomorrow (December 14) and when I leave, I may not come back to Uburu till next year.  For now, we don't have a definite answer from them."

Similarly, Mrs.Orienta, a teacher said: "I joined Cash Flow on November 14, 2011 with the sum of N10,000.  On July 26, 2012, I paid another N50,000 for the promo package.  When they computed everything, they told me that they would give me about N169,000.  But up till now, they have not given me anything.  We also made other payments regarding documentations and opening of account in Abakaliki as instructed, but they are yet to pay us.  We are tired of indefinite promises."

Victor Nnenna Ene, also a teacher said: "I joined Cash Flow in July this year with an initial of N20,000.  Later, I opened a promo account withN50,000. Two months after, we heard another news that the Cash Flow scheme was closing.  Then, the owner came and told us that we should open another account with which they would pay us all our money.  But we have not heard anything tangible from them."

Mrs. Lucy Umahi, council staff, was also involved. Hear her story: "I attended a seminar organized by Cash Flow at Chimanelo Guest Inn where the CEO explained how the scheme works.  After the seminar in August, I went to the office and registered with N50,000. A month after, I went to their office and gave them N200 for a receipt as requested and they gave me an interest of N10,000, making my money to be N60,000.  The following month, I went there again and they said that my balance had risen to N72,000.  By the third month, they said that my balance was N86,000.  But from there, everything turned upside down.  They said that we should open an account and make another payment into a certain account. They said if I did not want to pay N20,000 to facilitate the release of my money, I could borrow the money from them so that when making the payment, they would remove N5,000 interest (25%).   I said that was okay by me and I used N500 to obtain a form for their loan. I used N1,000 to open an account in the microfinance bank where they said they would pay in the money for us.  But since then, we have not seen anything.  If you go to their office, they will tell you all kinds of stories.  We don't know when we will be paid."

Mr Onu Agodichi Emmanuel's case is much more pathetic. An applicant who recently completed his National Youth Service, lost all his life savings. "On April 14 year, I went to the office of Cash Flow at Ekeaja in Uburu and they told me that they collect deposit from people and pay interests on such deposits.  They said, for instance, someone puts N100,000 in a fixed deposit account for one year and he would be paid over N400,000 on maturity.  So, I paid in N100,000 and they gave me a receipt to the effect that it would mature on April 7, 2013.  On July 14, I paid in the sum of N50,000 for this online business, which they said would yield 20 percent every 30 days.  Afterwards, they held a seminar for clients and the CEO said they were offering 50 percent bonus on all deposits. He added that after 35 days, the depositor would be earning between 30 percent and 40 percent but refused to state any specific amount.  I made N50,000 deposit for bonanza or what they called robot.  I was also made to pay N20,000, which according to them would  be used to activate the account through which I would be paid. So I opened an account with Monarch Micro Finance Bank, in Abakaliki as instructed."

He, however, added that he is yet to get a dime from all his investments with Cash Flow.  "All that his staffers say is that they are having problems with EFCC and CBN.  Since then, we've not heard anything from them."

For Hon. Thomas U. Chukwu, a farmer, his involvement with Cash Flow is like a bad dream, which he hopes to wake up from. Said he: "There was a day I heard about Cash Flow and I went there in August.  They were running a promo and they said that if I made any deposit, I would earn some interest.  So, I went to our association and obtained a loan of N1million and gave it to Cash Flow.  They told me that I would get back my money after two months.  I made the deposit in August and up till now (December 13), I'm yet to receive anything.

"The CEO came sometime ago and addressed us.  He told us that those with deposit worth up to N1million would be rewarded with accumulated interests of over N1million. He told me to pay N50,000 into his account with Diamond Bank.  He called it counter fund, saying it would facilitate repayment of my deposit.  He also told me to go to a Micro Finance Bank in Abakaliki and open an account with N1,000.  He said that once we comply with these, they would commence payment to all depositors within a space of one week.

"After waiting till October without receiving my money, I went to Cash Flow office to inquire what was happening.  There, they told me that the CEO was being held by the EFCC because of some reports against him.  After sometime, they said he had been released, rearrested and released.  What they are saying is that they want to write a report to CBN so that they can start paying us".

He further said: "I do not know what to do about the money I borrowed and the interest accruing on it.  Government should help me to recover the money.  There was a time I needed some money and I went to them to give me N500,000 but they asked me to come back a week later. When I went back there a week later, they told me that their boss was being detained.  Hunger is killing me and my household.  If they can give me N900,000 and take the rest, I don't care".

Abandoned offices

When we visited the office of Cash Flow at Ekeaja Uburu, the place was deserted. In fact, it was in ruins. Also, Chimanelo Guest Inn, where seminars were held was under lock and key.

Appeal

Concerned with the plight of the victims, the traditional prime minister of Enu- Uburu, Sylvester Ene Odi has appealed to the authorities to step into the matter as a matter of urgency. "We don't want ant problem in our community, so they should resolve the issue fast."

A source at the Ebonyi State police command indicated that the matter had not been reported.