Tension in Bayelsa as Baraza Customers Plan Massive Protest over Unpaid Investments

Olusegun Samuel

There is a growing tension in Yenagoa, the Bayelsa State capital, as investors and customers of the Baraza Multipurpose Cooperative Society plan to protest in the state over unpaid return of their investments.

The Baraza Multipurpose Cooperative Society has been enmeshed in serious controversies over its inability to fulfill its obligations to investors and its members.

Many Bayelsans and residents, including businessmen, government officers and even transporters, had paid billions of naira into what many now regard as a ‘ponzi’ scheme.

The plan protest by the customers was made worse when a Nembe High Court in Yenagoa restrained the Multipurpose Society, its Chief Executive Officer, Miebi Bribena, from withdrawing money from the banks operated by the cooperative society.

Justice Lucky Boufini gave the order in a motion of notice brought before the court by Fitzgerald Olorogun.

The other defendants are First City Monument Bank Plc, First Bank Plc, Access Bank Plc and Union Bank Plc.

According to court documents obtained by journalists, the matter has been adjourned to September 9, 2021, for further proceedings and hearing of the motion of notice.

Bribena alleged that some staff of the cooperative compromised its systems by defrauding the organisation of over N300million, adding that the organisation is carrying out a forensic audit to enable the organisation pay backlog of unpaid surpluses to the investors and members.

Efforts to speak to the Chief Executive Officer, Bribena, has proved abortive as at the time of filing this report.

The implications of the current development is that the hope of the investors getting back their funds is hanging on the balance, as the order of the court had to be vacated before any transaction can be made by the Baraza Cooperative Society and its management.

Meanwhile, the state government has warned those aggrieved members planning to stage a protest to the Government House gate to desist from such activity, as the government was never a part of the Baraza society.

A statement signed by the state Commissioner for Information, Ayibaina Duba, said any protest targeted at the state government in respect of the Cooperative Society is ill-advised, misdirected and must not be carried out.

“The government urges Bayelsans and residents to shun any act that could compromise the public order and security in the state,” the commissioner in a statement added.