Wonder bank chiefs jailed seven years in Delta

A DELTA State High Court sitting in Warri on Wednesday sentenced the Chief Executive Officer and President of a Wonder Bank, Mustard Seed Micro-finance, Pastor Glory O. Abrerefa and his Vice, Vincent Okpogho to seven years imprisonment each for conspiracy and stealing of over N25 million being deposit by some investors.
Delivering his Judgment, Justice Frank O. Ohwo of High Court 2 Warri, said this should serve as deterrent to other wonder bank chiefs in the country who delight in taking Nigerians for granted as this is the first time any wonder bank chief would be going to jail since their emergence in the 1990s.
Abrerefa and his vice would be serving a total of 17 years in jail having being convicted earlier by a Federal High Court, Asaba, presided over by Justice Buba  for running an illegal finance business on January 1, 2013.
Justice Ohwo said having sweet-talked their clients into investing so much money in their business with a promise of wonderful interest, they fail to refund both capital and interest to the depositors at the agreed expiration date and gave “a hopeless explanation” for failing to make the necessary refunds on demand and described Pastor Abrerefa and his co-travellers as “hopeless liars”.
Three investors, Chief Awani, Maleghemi and Fregene had petitioned the Mustard Seed and its President over failure by the wonder bank to meet its obligations to them and also absconding from their known office address in Warri until the Pastor was arrested at Ajah in Lagos while trying to escape arrest and his deputy Vincent was arrested at a church in Effurun.
At the heat of the crisis between 2008 and 2009, Pastor Abrerefa issued dud checks to the two of the petitioners knowing full well that he does not have the cash backing for the amounts issued.
He was also pointed out a storey building to one of the petitioners as his property to be sold to him knowing that the property is a subject of litigation.
Justice Ohwo stated that he was not impressed by the argument of the defence counsel, Mr. Ogbodu, saying that money was stolen and the ownership of the stolen money is not in doubt and the issuance of the dud checks was intended to defraud the investors.
“They are hereby sentenced to a total of seven years imprisonment which would commence whenever they finish their 10 years prison terms as ordered by the federal High Court, Asaba. This judgment should serve as deterrent to other wonder banks chiefs in the country”, Justice Ohwo stated.
Speaking after the judgment, counsel to the EFCC that prosecuted the matter, G.K Latona said the accused persons still have criminal charges against them at another High Court in Udu area of Delta State, saying “they still have other offences to contend with” .
Counsel to the convicted persons, Mr. Ogbodu pleaded for mercy, saying that they are family men with numerous persons to cater for.
He said he was not aware that his clients were already serving a 10 years jail terms before now, noting that he thought that they were only being held in prison custody because of the current case that they were convicted for.