Gov’t Disassociates From Wealth Builders
The government of Sierra Leone through the Central Bank of Sierra Leone last Friday 6th August issued a PUBLIC NOTICE informing the general public to refrain from doing business with the Wealth Builders Network that is currently ILLEGALLY operating as a financial institution WITH NO REQUISITE LICENCE from the central bank, and had defrauded the government of running a microfinance institution, soliciting money from the general public and claiming to invest such funds on their behalf at very high returns which they had committed an offence contrary to section 3(1) of the financial Services Act of 2001, the notice stated.
It could be recalled that when this medium first started it investigations on the activities and operations of the Wealth Builders in the country, some selfish and greedy people frowned at this press, stating that Wealth Builders has all it takes to operate as a microfinance institution in the country, and yet it is not know what will be their position with regards the notice from the central bank.
What the central bank has demonstrated is a clear manifestation that they are indeed working in the best interest of the people; it is now left with the police to act very tough by arresting them for violating one of the laws of our country.
Our readers can recall in June of this year when we started our publications on how stakeholders in the North raised concerns over the operations of those CRIMINALS known as WEALTH BUILDERS NETWORK. This press wondered how and where they made or manufactured their monies which they doubled for people after every 70 days.
According to the founder of microfinance late Muhammad Yunus of the Grameen Bank, said “microfinance is one of the most convincing and fastest growing approach to fighting POVERTY,” suggesting that, ”microfinance will one day look like the next big step ahead for development.”
In simply terms, he was referring to microfinance as a system of banking that reach people in developing countries who do not have access to formal-sector banking.
But what the WEALTH BUILDERS NETWORK had demonstrated here was by far different from the intentions of the founding members of microfinance institutions for the simple facts that their financial institution never served their main purpose as financial-service providers for the masses. They failed to mobilize both savings and documentations to operate as a financial institution.
A civil society activist, Alpha Kamara, expressed his total disappointment over government’s ineptitude by even allowing the WEALTH BUILDERS to have been in operations up to now in this country since they came.
Mr. Kamara said in some countries government immediately trap such people before doing into business proper.
Now the unanswered question from government is why have they not trapped the WEALTH BUILDERS knowing that they were operating CRIMINALLY in the country before even giving out a public notice advising citizens to desist from doing business with them?
Apart from that, governments and legislators all over the world have taken interest although the regulations they passed are not always helpful as NGO’s are allowed to issue micro-finance loan in the country, which is contrary to law.
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