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Investing in the Wealth Builders Network

Investing in the Wealth Builders Network

The Government of Sierra Leone earlier this week released a press statement on the operations of a company that was officially registered with the Government through the Office of the Registrar General in Freetown.

From records, the Wealth Builders Network (WBN) has been in existence in this country shortly after coming into office of the Ernest Bai Koroma’s APC Government in September 2007 and by 2008 it had gone through its registration formalities as a legal entity with a mandate to engage in micro- financing for middle level entrepreneurs or private business people across the country.

Apparently, Sierra Leone is a country where her citizens eagerly wait for the slightest opportunity to make quick profit without much sweat. Hence, going by the name, wealth builders, our compatriots saw these new investors as their likely source of amassing quick but cheap wealth.

They bypassed the traditional banking institutions in the country and went directly for the phony wealth builders, little knowing that the company did not actually intend in the first place to build upon their meager resources and transform their lives but to exploit them and leave them penniless.

That was how the Wealth Builders came in and lured innocent people into putting their last penny into the company without due regard to security of their monies.

Such is the sad irony of business transaction with the Wealth Builders’ Network!

But all this development took place against the background that in his inaugural speech in 2007 where he said he will transform this country into a business empire, President Ernest Bai Koroma was actually opening the floodgate for all shady business transactions to flourish, little realizing the implication of his pronouncement.

Today, all shady characters are engaged in business activities of the sort, in most cases at the expense of their unsuspecting victims.

We are convinced that the press statement came in the wake of the angry but peaceful demonstration of many of the victims of the rogue company at the precinct of State House on Monday this week.

In the press release, dated Tuesday 28th June 2011, the position of government on the matter remains vague. It is not clear on whose side government stands. The statement did not state if government was going to ensure that the affected people recover their monies even if without interest.

This is our concern as a medium. As the release stated, most of these people had invested their last cents in the company’s crooked project.

As a responsible government, therefore, we urge that government does something tangible for its citizens. A mere press statement does not make sense or add any meaning to the plight of the affected, and the list cuts across the length and breadth of the country.

It is true that the President in his honest desire wanted to transform Sierra Leone into a business place, but doing business with rogues such as Wealth Builders Network could be counter-productive, more so when the company had the support of our own brothers and sister to fleece their compatriots.

In any case, let the Government do something now, and the quicker the better!

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