Microfinance scam: 30,000 Noble Dream clients to protest

About 30,000 customers who have lost their investments with Noble Dream Microfinance in the Ashanti Region are up in arms against management of the company.

They indicated that they would use every means to retrieve their investments, disclosing their intention to demonstrate and petition government to come to their aid.

Adehye99.1FM’s Owoahene Addae Mununkum recounted that a 38-year-old man committed suicide at Aprabong over the crisis after he lost money belonging to his church, which he had invested with Noble Dream.

Hundreds of the customers stormed the offices of the firm at Effiduase in the Sekyere East District of the region on Monday September 26 to demand a refund.

Some of the distraught victims who spoke to the reporter indicated that they nearly lost their lives due to shock after they heard that “officials of the microfinance firm had bolted with their money”.

Richard Donkor, the spokesperson of the victims, said they would soon “organise a press conference, present petitions and embark on a series of demonstrations to press home their demands”.

He described owners and staff of Noble Dream as “unscrupulous business charlatans who have deceived them”.

Mr Donkor, who is the District Information Officer for the Sekyere East Assembly, said he invested over GHS4,000 of the Assembly’s welfare fund with the intention to gain some interest for the benefit of the assembly members.

But that dream has been dashed.

A other client, Kwabena Israel, a pastor at the Faith Redemption Chapel, explained that his wife became ill and almost lost her life after they had about GHS100, 000 of their investments lost.

Mr Israel explained that the money was proceeds from the sale of his family’s cocoa farm. The money was entrusted into his care and he decided to invest with the firm.

“I used to listen to Angel FM and the way the adverts were run, we thought it was a good initiative to invest with them. My wife nearly died … after we heard that the company and their workers had bolted with the money. The pressure my family has piled on me [has been massive]. One member of my family called from abroad and the unprintable things he said to me were very unfortunate,” he lamented.

Another disgruntled customer, Maame Akos, also explained that she got information that officials of the firm would be meeting the customers on Saturday, September 24. When she got to the venue at Agona, she met more than 2,000 people who had also gathered, with some indicating that they arrived as early as 1am.

She said officials of Noble Dream failed to turn up, a conduct she deemed infuriating given she had stopped all she was doing only to go and waste her time there.

She said she was evicted from her home because her money was locked up at Noble Dream and could not pay her rent when the time was due.