The Management of Baraza Multipurpose Cooperative Society has called on members who are willing to terminate their investment to visit the corporate headquarters at otiotio junction, Mbiama/Yenagoa road, with effect from Monday, 19th April,2021 for proper documentation, termination and payment of their invested capital.
NAIJA LIVE TV quoted a statement from the Management after a zoom meeting presided over by the CEO Mr Miebi Bribena on Saturday, appealed to investors to give him and his team 90days to trade and make more profits to pay it’s investors.
Many investors took to the porpular social media site (Facebook) to condemn the decision by the Baraza Management to halt payment for another 90days.
Part of the statement read in part;
“Sequel to the repeated embarrassment and sponsored media attacks on the Management of Baraza, the Board of trustees and Management of BARAZA Multipurpse cooperative Society has resolved and is by this notice calling on willing members to come to our corporate headquarters at otiotio junction, Mbiama/Yenagoa road, with effect from Monday, 19th April,2021 for proper documentation termination and payment.”
“In this wise, members with one hundred thousand Naira (100,000) contribution in the cooperative should come to the office for proper documentation and payment.”
“Accordingly members in this category should avail themselves of the opportunity”
“We look forward to serving our members better even in this present predicament which we believe will be surmounted in the passage of time”
NAIJA LIVE TV recalled that Investors in the Cooperative were pressing the panic button, following delay in the payment of their Return on Investment (ROI) and the introduction of new policies by the management of the outfit after the March 2021 zoom meeting.
The Cooperative Society was established a little over a year ago by a prominent architect turned pastor and politician, Miebi Bribena, with the aim of improving the lives of people and reducing poverty.
Under its fold are three schemes which covers; scholarship, financial, empowerment, housing, car ownership, agriculture and credit thrift.
Although it is operated as a Cooperative Society with the management trading with investors capital in the Forex market, most people still believe that it is more of a ponzi scheme, especially because of the high rate of ROI.
Since it began in 2020 in Yenagoa the Bayelsa State capital, Baraza pays 25 and 15 percent monthly profit to its investors, depending on the status of investment, a development that attracted more membership of the Cooperative Society and has made people to establish/expand their businesses, own cars, houses and even travel abroad for leisure.
SEE REACTIONS FROM SOME INVESTORS….
@Perekeme Fidelis Perekeme wrote: “I know few things about Baraza and I won’t rest. You can’t use my money to buy a mansion for your wife in Ghana 4 months ago and tell me that you can’t pay me? No way. Our monies are not meant to Open Salon for your girlfriend’s”
@Ayuba Adu Jacob wrote: “A lot of Persons died because of Omana Bank. As a little child growing up here in Yenagoa I heard tales from relatives who we’re staying at Port Harcourt and how Omana bank delt with them”
@Ebi Alhaji Isedirikonghen Wrote; “Your Disturbance are affecting my concentration on trading that i even considered moving the corporative headquarters out of the state”
@Dickson Didi Opuene wrote; “On the Baraza issue, I am trying to hold my cool because of personal relationship but is becoming annoying”
The Cooperative is said to have about 40,000 registered members across the state.
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