Buea Business Tycoon, Pa Menyoli In Court For Fleecing Millions From Client

Business

By Andrew Nsoseka

Security Finance Corporation, SEFFACORP, PLC of Dr. Charles Nammeh Menyoli has been dragged to court by one of its former clients, Felix Ebella Tome, Managing Director and Proprietor of Ebella Enterprise, swindling millions of FCFA.

It is alleged that SEFFACORP engaged in some irregular banking activities that resulted in the defrauding of Ebella Enterprise.

Some documents of the court case against SEFFACORP titled “Evidences”, alleged fraudulent transactions carried out by SEFFACORP for the length of time Ebella Enterprise worked with them, have been presented as evidence.

After detailing out the litany of the said transactions, the complainant, Ebella Enterprise concludes its claim by asserting that their contract with the defendants, SEFFACORP, was centred on an agreement that SEFFACORP will “exercise diligence in the management of the plaintiffs account and protect it from fraudulent transactions”.

Felix Ebella Tome who is an ex-banker himself, told The Post that SEFFACORP, whom he had confidence in, was “grossly negligent and fraudulent” in the management of EBELLA Enterprise’ account.

“They recorded double debits on same cheques. They charged interest rates over and above the amount stipulated by in the COBAC regulations.”

He further accused SEFFACORP of carrying out unregistered transactions on Ebella Enterprise’s accounts, and that such transactions were discovered because they were not evidenced by any cheque, serial number or voucher, as required of banks.

After detailing the said activities said to be mired in fraud, Ebella Enterprise summed up and is claiming over FCFA 40 million in damages from SEFFACORP.

How Fraud Was Uncovered

In an Interview with the proprietor of Ebella Enterprise, Felix Ebella, he told The Post that in October of 2011, he received a notice from SEFFEACORP stating that he had an overdue payment to make in the bank.

The letter from SEFFEACORP read; “Our books indicate a payment of 8,900,269 (eight million nine hundred thousand two hundred and sixty-nine) FCFA, due on 30/4/2010 has not been received. We urge you to make good on this payment without delay, in order to maintain your credit rating with our institution…”

Ebella told The Post that the notice came after he had settled all his debts owed SEFFACORP and that he was surprised when he was served with the notice.

“I cleared all my loans with SEFFACORP in 2011,” he said.

He narrated that it was after the claim of FCFA 8 million was made, that he went to the judicial police and the case unfolded and both sides were asked to seek the expertise of financial experts to go over the said transactions and identify loopholes that brought about the disagreement between SEFFACORP and its client.

In the course of going over the books, the experts instead bumped into irregular transactions which showed that that SEFFACORP had engaged in some unclear activities that lead to Ebella losing a lot of money.

The issue was then taken to court where a judgement was given in Ebella Enterprise’ favour and served to Charles Menyoli (Court Judgement No. HCF008/WOS/2012). Since SEFFACORP had been dissolved, its owner and representative, who was served the judgement, took a legal stand that Menyoli is a different person from SEFFACORP.

Counsel for Ebella Enterprise, Barrister Francis Agbor Oben, and his client are now praying the court to lift the veil of incorporation of SEFFACORP and its owner, so that a court judgement which was made in favour of the defrauded client can be honoured and Ebella Enterprise paid money illegally swindled from its accounts. Since Charles Menyoli was the Chairman of the SEFFACORP’s Board of Directors, and also its Majority shareholder, Ebella Enterprise’s counsel is praying the court to unveil him to shoulder responsibility for the deeds of his institution.

Menyoli started backing out of the process when they discovered that they were the ones to pay their client some money. In a series of moves, he turned around and hired the bailiff working for Ebella Enterprise, Thomas Makia Eni, who joined forces with Menyoli and engaged in acts that were detrimental to Ebella Enterprise.

The proprietor of Ebella Enterprise regretted that the action of SEFFACORP has cost him much, first starting with issues relating to SEFFACORP’s claimed FCFA 8 million where he was exhausted and collapsed and had a stroke at the judicial police office in Buea. He regrets that he has had to live on drugs since then, and that his first marriage crumbled because of the damage caused by SEFFACORP and its owner Nammeh Menyoli.

The case to lift up the veil of incorporation of SEFFACORP so that its Chairman and majority shareholder can shoulder the blame will be heard at the High Court of Fako in the days ahead.

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