SOAKED IN CRIME: NASTY GENESIS OF HOW VICTOR OGIEMWONYI LIFE OF FRAUD STARTED AND SCAMMED NIGERIANS OF N10 BILLION WITH HIS PARTNERSHIP INVESTMENT COMPANY – PART 3

Secret Reporters

When his older brother at Western Boys High School, Benin-City died in 1971, the 16 year-old Victor Ogiemwonyi who was in Form 3 at Eghosa Boys Grammer School Benin, made a vow not only to lead his household to the promise-land, but also to bring along all flatterers and cheerleaders.

And his first job was to manage briefly in 1975, his uncle’s petrol station at Mission Road  by Dawson Street, opposite the ancestral home of Chief Gauis Obaseki of Benin. He was shortly helped to Wilberforce University, Ohio USA in January 1976 but the paucity of funds forced him to relocate to Texas Southern Univ. Houston where school fees were far cheaper and the big city job opportunities were far higher. He graduated in 1979 in Accountancy and capped it up in 1981 with an MBA.

We have obtained his school transcripts and noted that the said financial whizkid was not exactly the intelligent student except in the final courses in Accounting. Our curiosity led us to investigate his unusual good performance in these latter Accounting courses; only to find out he was a close pal to the Accounting lecturer of those courses. No wonder his records in ICAN shows he woefully flunked ICAN professional examinations many times in Nigeria -Mr Lecturer was not anywhere to help him scale through. But he did scale through National Youth Service Corp -NYSC -as nobody ever really flunks the NYSC. He also scaled through the Industrial Training Fund (ITF) Lagos interview by whiskers where he actually started his working career.

And with the help of a Mr Aluyi, the Personnel Manager of Alibert Furnitures, Lagos, Victor opened a Cafeteria there with his cousin. That supplemented his meagre income at ITF. By the grace of his influential wife, a banker with an MBA too, he was sneaked into NAL Merchant Bank, Lagos in 1986 where he became exposed to Finance and Investments. He warmed up to the Banking Boys of the time in Lagos. And reaching the mountain top and into the skies became his new ambition.

Thus, by the middle of 1990, the plans to form Partnership Investments was being finalized at the office of Mr Osakwe Agbontaen, his printer pal at Onipan, Lagos as well as other joints of the Boys (Alan Omorogbe, Emman Aluyi, Kingsley Oghogho, Ernest Edonmwonya, Prince Eweka, Ernest Osagie etc) in Lagos and Benin-City. Finally, Partnership Investment was incorporated in 1991 and by February 1993, it has been registered by the Nigerian Securities Exchange Commission to perform Issuing House as well as Broker/Dealer functions of the Nigerian Stock Exchange. This was the noble beginning of Partnership Investment.

All was fair and good. By February 1998, Partnership opened a branch office in Benin-city at 1, Gulf Course Road signaling the real beginning of inglorious trend of questionable operations and reckless expenditures of funds.

The questionable operational activities and expenditures included un-authorized sales of shares, non-remittance of proceeds of sales of shares, with-holding of dividends and other benefits, failure/refusal to liquidate investments into special schemes floated. The Schemes founded to perpetuate the fraud include Managed Investment Deposit Account  (MIDAS), Partnership Opportunity Fund (POPFUND), Partnership Securities Deposit Account (PSDA), Partnership Capital Management Ltd, Micro-Credit Schemes and others. Even the Securities Brokerage Account (SBA), the main activity of Partnership was fraught with irregularities.

Partnership that became a member of the Nigerian Stock Exchange in 1995, expanded too rapidly especially with its low calibre of inefficient managers. From only ten employees in 1991, its personnel rose to over 100 in less than 20 years of its specilized close-circuit financial activities. Offices were extended not only to Benin, but also to Abuja and Port Harcourt.

Partnership became too large to be controlled by its largely untrained and unprofessional staff. It became a liquid venture awashed with constant inflow of short-term funds of depositors and investors which management was investing on long-term economic assets and personal aggrandizement. Partnership made tons of money in co-managing the raising of new equity of N1.5 billion for New Nigerian Bank in 2001. It was also the Chief Consultant to Edo State  Micro-Credit Scheme; an avenue from where Partnership subsidiary SBDC Mico-Finance Company sprang to life. Mr Ogiemwonyi had more than good patronage from Edo State Government of Governor Igbinedion. These were the good days before the bubble burst.

The Central Bank of Nigeria through its Financial Institute Supervisory Dept. (OFISD) started co-ordinating a joint examination on the activities of Partnership. And the Securities Economic Commission also launched an official investigation (SEC/ENF/INIV/CMOF/4284/16) into Partnership activities. The investigation culminated on a three-page publication in the NATION newspaper of Friday, May 20, 2017 titled ”Memorandum of Facts” where over 66 facts of their investigations were itemized.

The story continues…

BANK TREASON AND FELONY: STERLING BANK BEGS SECRET REPORTERS TO PROTEST AGAINST PRESIDENT BUHARI FOR MAKING MONEY LAUNDERING HARD FOR THEM

Secret Reporters

Following series of expose on many fraudulent activities of Nigeria struggling Sterling Bank, the financial institution management has finally vented out their frustration.

Secret Reporters ran a report few days ago, authoritatively reporting the retirement of the bank’s richest female staff, Ms Juliet Mowarin, who singlehandedly in one swoop laundered N2 billion for Fmr. Gov. Emmanuel Uduaghan in less than twenty four hours in connivance with the bank.

In line with professional ethics before getting the story published, the bank replied hours after it was eventually published, denying the resignation. According to the Chief Audit Executive of the bank, Mr Abiodun Aderojun, “the Bank made an internal announcement (as usual) to communicate the retirement of Ms Julie Mowarin after attaining the mandatory retirement age”.

We had reported that Mowarin left the bank following so much heat on her by the Economic and Financial Crimes Commission (EFCC) following series of petitions against her and the bank for laundering money for politicians.

In a poorly written reply to us, the bank management responded that it’s “strange/erroneous for anybody to conjure such a baseless and devilish reason for her exit from the Bank”

Apparently frustrated by so many scandals by this medium on them, they urged us to leave the corrupt financial sector like them, to carry on their fraudulent activities as well as money laundering activities and focus on “exposing the politicians that are making life unbearable for you and me”

Angered by President Muhammadu Buhari clamping down on their Managing Director, Yemi Adeola who shared in Alison Diezani Madueke election funds, the bank urged this news website to campaign against Buhari and “join effort with groups like “Our Mumu Don Do” led by Charles Oputa”.

Contrary to the bank’s response that Mowarin retired based on retirement age, we can report authoritatively that the bank lied between the lips, as information available to us revealed that there is no known retirement age in Nigeria banking system. Mowarin is still very young to work in the banking sector for the next ten years.

Moreover, information gathered by us states that Mowarin came in from Equitorial Trust Bank (ETB) to form Sterling Bank, alongside four others, and new contracts of employment were signed in 2012 thus nullifying every working years she had in ETB.

This makes her just five years in Sterling Bank and won’t even be thinking of retirement in ten years to come.

AFTER HELPING STERLING BANK LAUNDER BILLIONS, BANK TOP SHOT JULIET MOWARIN RESIGNS ON MANAGEMENT ADVICE AND PLANS TO ABSCOND TO USA DUE TO EFCC MANHUNT ON HER

Secret Reporters

The last may not have been heard of the many corrupt financial practices of Sterling Bank and its management as well as their desperate bid to cover up their traces, this medium has learnt.

Known to be financially down and likely to sink anytime, sources within the bank alleged that the only thing keeping the notorious bank afloat is money laundered for top politicians and businessmen by them.

Juliet Mowarin who was unarguably the biggest girl in the bank has thrown in her resignation letter on advice by the bank, Secret Reporters gathered.

According to very familiar sources, Julie as she’s fondly called resigned from the bank last month. While in the bank and with connivance from the top, she was allegedly the queen of laundering for a top Delta State politician, which has earned her many petitions on the table of the Economic and Financial Crimes Commission (EFCC) who have been on her trail.

In one of the bank nefarious activities, they allegedly aided her to move N2 billion from one account to another in less than 24 hours. Until her resignation, she was the regional manager, working in Main Market, Warri Branch.

From the proceeds of crime made in Sterling Bank, she owns a hanging duplex which is first in Nigeria, as well as multibillion properties splashed all over the country. While she reigned in the bank, she allegedly got cover from the management to travel to the US on frivolous excuses of leave allowances just to make her evade the EFCC who had invited her severally to appear before the commission. The bank however coverup that she’s on leave, as exposing her will be detrimental to the bank.

A known source confided in Secret Reporters that just like Diezani Alison-Madueke, Julie will soon abscond to the US to avoid her probe which will lead to may heads rolling in the bank. “They are currently making move to grant her permanent residency there using the bank”, the source alleged.

Our mail sent to the bank on this matter was not responded to as at press time, while their external media officer Ayodele Aminu who allegedly blackmail journalists that are not ready yo kill stories for his clients did not pick our correspondent calls.