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YENAGOA – A Nembe High Court Presided over by Hon. Justice L. M. Boufini in Yenagoa the Bayelsa State capital has granted an order freezing four bank account operated by the Management of Baraza Multipurpose Coorperative Society over failing to pay contributions made by investors.

The order also forbidden Baraza from any financial dealings on accounts maintained in those banks pending the hearing and final determination of the substantive suit so filed at the behest of Barr. F.B. Olorogun, one of the members and contributors”

NAIJA LIVE TV gathered that Barr. F.B. Olorogun, one of the members and contributors has approach the State High Court to stop any payment from the Bank accounts after using every peaceful means of retrieving his money which he contributed for Baraza who has reportedly “CRASHED” since March

In his Statement of Claims sighted by NAIJA LIVE TV on Friday, the claimant, Barr. F.B. Olorogun, claimed that he made a Ten Million Naira (N10,000,000,00) Simple interest of Six Months contributions with file no.13388 on the 10th of November 2020 to expire on the 10th May 2021 with a total Return on Investment amount of N2,500,000,00 but didn’t receive any payment till date despite several meetings on how he can retrieve his money from Baraza.

He further stated that, On the 24th of November 2020, he made another contribution of of Six Million Naira (N6,000,000,00) Simple interest of Six Months with file no.13388. which also expired since 24th of May 2021 with a total Return on Investment amount of N1,500,000,00

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In total, he claimed to have invested Sixteen Million Naira (N16,000,000,00) with Baraza Multipurpose Coorperative Society.

The Affected Bank include, Union Bank Plc, Acces Bank Ltd, FCMB and First Bank Nig. Ltd. Respectfully.

Meanwhile, the Chief Executive officer of Baraza Multipurpose Coorperative Society, Mr. Miebi Bribena has reacted to the court order stoping the Banks from any transaction.

In his Words thusly;
“Since the experience of delayed payments in our operations to members owing to challenges thrown at us, you will recall that we, as a responsible corporate entity, had drawn up a schedule to meet our just and due obligations in these trying times to our members.”

“Specifically, our schedule of payment took into consideration, first timers who had not received a dime and others who were relatively new in the operations and attendant benefits of the Cooperative Society.”

“Till date, following our schedule of payments, we have paid a total number of close to 400 First Timer contributors so far with a further intention to commence the other payments of members in the month of July, 2021 until our attention was drawn to a court order granted on the 29th day of July, 2021. There are about 3000 First Timer Contributors Nationwide.”

“It is indeed our avowed plan to stick to the schedule of payments outlined for members and contributors based on availability of funds, return on profits and financial guidelines at this trying period.”

“Be that as it may, and contrary to our repeated pleas or entreaties to our members to avoid throwing any spanner into the works on ground but to wait patiently and prayerfully to abide to the outcome of our efforts at sincerely addressing all accrued and outstanding, my attention has been drawn by one of our bankers to an Order of Court granted by Hon. Justice L. M. Boufini of the Nembe High Court, sitting in Yenagoa , Bayelsa State, served on the 30th day of July 2021 forbidding the named banks and my humble self , including the Baraza Multipurpose Cooperative Society from any financial dealings on accounts maintained in those banks , pending the hearing and final determination of the substantive suit so filed at the behest of Barrister by F.B. Olorogun ( one of our members and contributors).”

“Whilst we consider this development unfortunate and as a clog in the wheel of progress and a halt to our operations, we cannot but obey the Orders of the Court. We have accordingly briefed our Solicitors to take appropriate steps upon being served with the court processes any moment from now and shall keep members abreast of developments.”

“The matter, we are told, is fixed for the 6th day of September, 2021 for hearing.”

“The further implication of this court action and Order is that even funds to be repatriated and deposited in these accounts can no longer be accessed for onwards distribution to members.”

“As you well know, it cannot be, and is never, the desire of our Cooperative Society to halt any form of payment having resumed operations in this direction but as things are, we are constrained to continue with the process in the circumstance.”

“We accordingly appeal to you all to bear with us whilst we take every step to respond to the Orders of Court and the substantive action in court and have same dismissed.”

SEE FULL DETAILS OF COURT ORDER

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