ODAHIEKWU OGUNDE, Yenagoa
Tension is brewing in Yenagoa, Bayelsa State capital, as investors and customers of the Baraza Multipurpose Cooperative Society plan mass protests in the state over unpaid returns on their investments.
The BMCS has been enmeshed in controversy over its inability to fulfil its obligations to investors and members of the cooperative society.
Many Bayelsans and residents including businessmen, government officials and even transporters have paid billions of naira into what many now regard as a ‘ponzi’ scheme.
The planned protest by the customers was made worse when a Nembe High Court sitting in Yenagoa restrained the firm, its Chief Executive Officer, Pastor Miebi Bribena, from withdrawing money from the banks operated by the cooperative.
Justice Lucky Boufini gave the order in a motion on notice brought before the court by Barrister Fitzgerald Olorogun.
The other defendants are First City Monument Bank Plc, First Bank Plc , Access Bank Plc and Union Bank Plc.
According to court documents obtained by our correspondent, the matter has been adjourned until September 9, 2012 for further proceedings and hearing of the motion on notice.
The Chief Executive Officer Miebi Bribena alleged that some staff of the cooperative compromised its systems by defrauding the organisation of over N300m.
He added that the organisation was carrying out a forensic audit to enable the organisation to pay a backlog of unpaid surpluses to the investors and members.
It is observed that the implications of the current development is that the hope of the investors getting back their funds is hanging in the balance.
The order of the court has to be vacated before any transaction can be made by the Baraza Cooperative Society and its management.
Reacting to the development, the Bayelsa State government has warned those aggrieved members planing to stage a protest at Government House gate to desist from such activity as government is never a part of the Baraza society.
A statement signed by the Commissioner for Information, Ayibaina Duba, said any protest targeted at the state government in respect of the cooperative is ill-advised, misdirected and must not be carried out.
He said: “It has come to the notice of the Bayelsa State Government that some aggrieved members of Baraza Multipurpose Cooperative Society Limited are planning to stage a protest to Government House, Yenagoa on issues bothering on their investments with the cooperative.
“Members of Baraza Multipurpose Cooperative Society Limited are to note that the Cooperative Society is a private concern.
“Government is neither a party nor a witness to the Cooperative’s activities and contract with its members.
“Therefore, any protest targeted at the state government in respect of the cooperative is ill-advised, misdirected and must not be carried out.
“Rather than straining the public peace, aggrieved investors and the management of Baraza Multipurpose Cooperative Society Limited are advised to explore peaceful means of resolving their issues.
“Furthermore, government urges Bayelsans and residents to shun any act that could compromise the public order and security in the state.”