Nospetco Latest Update

If the news about Nospetco filtering round that they have won their case against the Federal Government is true then respite would soon be coming to a lot of Nigerians who invested their hard earn fund into the company.

The chairman has released another letter which yours truly is yet to get a hold on, and would post as soon as I get a copy. But below are some of the highlights of the latest letter according to one Mr. Olayinka who made this known in his post on Nospecto in Dipo Tepede.Poet blog recently.

“Olayinka Says:
January 25th, 2008 at 2:49 pm

Guys,

Nospetco is out with another letter. The letter explained the challenges that have been faced by Nospetco in the last couple of months. The following issues raised in the letter however are worthy of note:

The following Addendum to the MOU on the JVP is being proposed:

1. Rate of returns for the JVP is being proposed at 25% per annum with effect from January 2008.

2. As a result of the crisis faced by Nospetco from May till Dec., Nospetco is appealing to all investors to allow a negotiation take place to determine what is to be paid…i.e Nospetco cannot pay 40% return during these period (May to Dec 2007)

3. This is about non payment of monthly returns…”Payment of capital and returns will be on a redeeming pattern. Every month, returns on outstanding investment will be calculated and added to the subsisting capital. Any amount redeemed is assumed to be part of the subsisting capital and returns as at the date of redemption. A partner cannot redeem than four(4) times in a year.”

4. The mode of redemption shall be as follows:
(a) up to one million naira within 30days(b) above one million to ten million Naira within 45days(c) above ten million within 60days.

5. According to the letter the valuedclients.net website is still functional and the addendum to the MOU will be placed there.

I am sorry that I am unable to attach the letter at the moment. I was just in the Broadstreet neighbourhood for another transaction, so I just decided to pay Nospetco a visit to. I think the news might also be on Silverbird television news latter on today because their crew was there. As at when I got there, there were like between 3,000-5,000 people there.

I guess there must have been some kind of information that was circulated earlier. I was just lucky to be there. I guess each one of us will have to look carefully at items 3 and 4 above and try to make sense out of it.

Note that what I have here is just a summary. I don’t have answers to all the questions that might be going through peoples heads for now. I have just written this to at least provide some information for information sake…