Tension, anxiety as Ponzi schemes resurface in Bayelsa

There is so much hunger in Bayelsa State especially in Yenagoa, the state capital and the reason is not farfetched. Most of the monies that supposed to circulate in the state were trapped in Ponzi projects called cooperative societies which were subtly used to defraud innocent and naïve Bayelsans. Some of them are honey pays, Omas, the recent one Lamech Cooperative among others but in the entire bomb was Baraza Multipurpose Cooperative Society owned by a Bayelsan.

Of course, these supposed cooperatives that made the investors believe that they were doing forex trading paid to some extent with a whooping return on investment of 25% like Baraza while Omas Cooperative allegedly paid as high as 35%. Today, everybody is licking their wounds in the state because the amount of money people lost in these Ponzi Schemes can better be imagined ironically both the educated and the uneducated including market women, students in fact even journalists fell victim to this including some politicians that are in and out of the state For Baraza Multipurpose Cooperative Society, which was established around 2019, the mission statement reads that “We are a confluence of prosperity.

We are dedicated to improving the lives of our members through financial empowerment, housing schemes, scholarship schemes etc. We are here to achieve your dream!” “Baraza Multipurpose Cooperative Society is an organisation that is made up of people who have come together to contribute their resources and engaged in trading, production or sale of goods and/or services for the common benefit of its members.

“Our vision is to eradicate poverty beyond borders and to be the most effective cooperative society through service delivery and other benefits, bringing value to members and communities by providing superior service, caring and protecting the total assets of members through professionalism, diligence, integrity, corporate governance and quality service.

“We offer membership accessibility only, housing scheme. We give you the opportunity to own a house of your choice at half the market value today. As a member, make deposit of half the price of your preferred house and we will get you the house after the months.

“Your child can have the opportunity for a four years scholarship to study anywhere in the world. You simply have to deposit one year tuition fee, three months before the firstyear installment and have the remaining three years paid free at the appropriate time. “We give you the opportunity to own a brand new car of your choice at half the market value today.

As a member, you simply have to make a deposit of half the price of your preferred car and we will then get you your car after 3 months. “Our standard simple surplus rate is up to 15 per cent return of your contribution. With the simple surplus, you can withdraw your surplus monthly with your principal contribution still intact which can be withdrawn at the end of your agreed duration with the cooperative. Also our compound surplus is up to 15 per cent.

“Take advantage of our exclusive agricultural scheme. You are required to deposit half or the total sum of your agricultural estimate after three months. “Equity loan requires the member to bring 1/3 of his/her desired loan and the total sum will be given after three months. “This requires a member to have a running contribution of one year. The member is then required to pay back the loan in 6months – one year as applicable. Note that the loan is Interest Free.

“Two way economy class ticket on emirates with six nights at Radisson Blu in Dubai waterfront five star hotel, daily buffet breakfast and many more. “Pay 50 per cent upfront for published trips and enjoy 100 per cent benefits. Please kindly remit 50% payment of Baraza Multipurpose Cooperative Society Limited 2035519878 into First Bank account on or before 25th February, 2021 and send your passport bio-data page to travel@barazaofficial.com.

“Tourist attractions, desert dunes safari with Arabian style dinner, cultural experience exclusive all-white yacht cruise with lunch and soft drinks, adventurous experience at wild water park and see Dubai City with an English-speaking tour guide and many more. “With all these juicy offers as seen at the Baraza’s website, people fell head on to the trick and boom they invested.

Information had it that many politicians in the current prosperity government invested including the one that invested money meant for publicity, gets return and paid after getting his profit.” But these guys were lured into the business considering the fact the owner of the cooperative (Baraza multipurpose cooperative society) Meibe Bribena was hobnobbing with the prosperity government. Of course, he has been portrayed in a good light by his contemporaries as he was said to be a spiritually inclined man of God, whose scope of knowledge covers a broad spectrum of human endeavours. He was also described as an accomplished father, a prolific Political figure, multi-faceted businessman with a genius mind made up of several compartments, each section being unique.

In fact within the short period he ran the cooperative, he was given honourary award for sports development by the Bayelsa State Governor, Douye Diri, on behalf of the Nigeria Wrestling Federation (NWF), according to them in recognition of his efforts at reducing poverty in Bayelsa through Baraza Multipurpose Cooperative Society support for sports and youth development.

These was among other awards he got within the period that the cooperative lasted like Bayelsa peacemakers award according to organizers in recognition of his contributions to the growth of state economy and mankind among others. During the time the return on investment was running, however, some beneficiaries happily testified that Baraza cooperative was indeed a life changing machine for them and the entire world. According to testimonies obtained from their website, a beneficiary wrote: “For years now, I have been struggling how to pay my school fees/accommodation but now am happy. “All thanks to Baraza who made me a proud salary earner without a job.

May God continue to grade and protect Baraza multipurpose cooperative society.” Another beneficiary, Apkila Sokari wrote: “Personally Baraza has really helped me and my entirely family. When I joined March last year, I made sure I carried everyone in my family along. Now there is financial freedom especially for my aged parents (pensioners). We really appreciate you sir.” Chioma Odum-Philips wrote: “God bless Architect Pastor Miebi Bribena for this life transforming opportunity given to the common man at Baraza multipurpose cooperative society. I am a living proof that your company matches word with action.” Yet another person, Ugorji Victor, wrote: “What a wonderful way of empowering our people. Baraza is reliable, effective and very prompt in payment. I say kudos to you guys. These were among others that benefited from the Ponzi scheme.”

But all of a sudden, things started falling apart as reports filtered in that Baraza was having difficulty paying her customers but her media managers managed the information very well and people didn’t get to know on time especially market women that invested. Many were still contributing while the scheme was seriously crumbling. Ironically they were still collecting money from people as it was gathered that all the monies were supposedly paid into Bribena’s account. Of course messages obtained from the website of the cooperative like “dear members, we are deeply saddened by how our organisation’s current challenges have caused you hardship. “Your displeasure is understandable especially owing to the fact that scheduled expectations for some members may have been altered.

“The present situation we are managing is truly an unforeseen circumstance. Nevertheless, management takes absolute respon-sibility to remedy the situation. “Our attention has been called to questions about why we are asking members of the Baraza multipurpose cooperative society Ltd who want to terminate their contributions to visit our offices nationwide for proper documentation, termination and payment rather than just paying the funds directly into their account numbers since we have the data of all “Sequel to the repeated embarrassment and sponsored media attacks on the management of Baraza, the board of trustees and management of Baraza multipurpose cooperative society Limited have resolved and is by this notice calling on willing members to visit our corporate headquarters at Otiotio junction, Mbiama/Yenagoa road and other branches nationwide where they have contributions. This is supposed cooperative that have more than 40,000 investors with money into billions of naira. And finally, it crashed and people started running helter skelter while Miebi Bribena is nowhere to be found.

With that persons living with disabilities who also invested in cooperative took to the street and stormed the headquarters of Baraza demanding for the refund of their monies invested in the cooperative society. They came in crutches and wheelchairs barricading the Mbiama-Yenagoa road for several hours while the able bodied ones who gained entrance to the office carted away office equipment from the office. Leader of the PWLDs, Taritimi Warriam disclosed that he personally invested N11 million in the failed scheme. He said: “On the first of February, 2021, was when I invested the money but up till now I have not seen a dime from Baraza. “After coming to this place on Monday around (August), they asked me to assemble my disable people that we will be treated specially, which I did but up till today (Friday) we have not seen anything.

“But to my greatest surprise Baraza called me yesterday saying that we should calm down and that he is processing a new platform but nothing yet has happened and we are occupying here until our money is paid. “Forget when they tell you people are looting, there is nothing here that is worth what we have invested. I invested N11 million and I was supposed to get 25 per cent of that amount every month but I have not got a dime and so are other persons here.” Another PWLD, Titity Tariowei, who said he invested N400,000 in both simple and compound interest since November last year, said he was paid for only three months but he was yet to get a kobo from the Baraza for over six months. But another investor wrote on his facebook page “Today, let me address the ponzi scheme operators, their agents and investors. Investor! So you lost N500,000 and want to commit suicide? Don’t try it.

Don’t you know that others lost N35m in honeypays, N35million in Baraza and N35m in online Trading and are still smiling. You too can make it. Just take it that God removed the money from your hands so that you will not fall into evil in future. Leave the operators and their agents for God to judge.” An insider at Baraza had revealed to our correspondent that: “EFCC sealed off his office and also sealed off all the cooperatives society offices in Bayelsa. “I cannot say precisely where he is now but some people said he is in Ghana because his family is in Ghana.”