Finance articles

MMM keeps Nigerians waiting three days after unfreezing account blocked in December

MMM keeps Nigerians waiting three days after unfreezing account blocked in December

Mavrodians, the name of account holders in MMM Nigeria, are still unable to get paid a return on their investment more than 96 hours after the Ponzi scheme returned. TheCable quoting some MMM participants said that although they were able to request for their money, they have not been paid as the system is still

Heritage Bank admits to firing staff, says they were adequately compensated

Heritage Bank Plc says it is true that it is restructuring its workforce, but it is also “adequately compensating” affected members of staff. The bank, which sacked 400 members of staff in December 2016, said this was done “as part of efforts geared towards greater efficiency and resource optimization, in line with its growth and

Over N30 billion in unclaimed dividends paid, say SEC

Over N30b unclaimed dividends paid so far – SEC ……….Extends Free Registration Period The Securities and Exchange Commission (SEC) has stated that over N30b has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. As a means to further reduce the unclaimed dividends profile and curb its

Ashimolowo: I didn’t invest $5m in Ponzi scheme, my church did

Matthew Ashimolowo, senior pastor of Kingsway International Christian Centre (KICC), says the former trustees of his church, not him, made the decision to invest $5 million dollars, which was lost to a ponzi scheme. Ashimolowo said this in a statement signed on his behalf by Dipo Oluyomi, chief executive officer and James McGlashan, chief operating

Nigerians groan as MMM suspends further payments to subscribers

Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers. The members woke up on Tuesday morning to a disclaimer on the scheme’s website informing them of the move. But the promoters of the scheme say it won’t go burst just

I won’t rest until I restore dignity to pensioners, says PTAD boss, Ikeazor

Executive Secretary of the Pension Transitional Arrangement Directorate, Sharon Ikeazor, has stated that the task of restoring dignity to pensioners is a task she is taking seriously and would not relent until that mission is achieved. Ikeazor made this promise in a chat with journalists at the weekend. She was in the company of Baba

SEC signs MoU with NERDC on introduction of Capital Market Studies

The Securities and Exchange Commission (SEC) is set to achieve another milestone by infusing capital market studies (CMS) into schools curriculum with the signing of a Memorandum of Understanding (MoU) with the Nigerian Educational Research and Development Council (NERDC). This was done weekend at the Commission’s head office in Abuja in an effort to revive

Senate: FG sent an incomplete document… don’t blame us for delay of 2017 budget

Ali Ndume, majority leader of the senate, says the upper chamber of the national assembly should not be blamed over the delay in the consideration of the 2017 budget. Speaking on the floor of the red chamber on Thursday, Ndume said the Medium Term Expenditure Framework (MTEF), which the executive sent “is empty”. The MTEF

High Court throws out BGL’s suits against SEC for “Incompetence”

The Federal High Court sitting in Lagos has delivered judgment in the three cases filed against the Securities and Exchange Commission (SEC) by BGL Plc, its sponsored individuals and subsidiaries. The cases BGL brought before the Lagos High Court against the Commission include: I. FHC/L/CS/767/2015 BGL PLC & 4 ORS VS SECURITIES AND EXCHANGE COMMISSION

2017 Budget threatened as Senate lays MTEF aside over incompleteness

Hope of the 2017 budget being passed on time dimmed with the Senate casting aside the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP). The MTEF/FSP lays the foundation for the budget and the law requires that it be passed by the National Assembly before the budget is passed. This is regardless of the fact that

Sukuk issuance gets major boost, guidelines for granting liquid assets approved

The Securities and Exchange Commission (SEC) is pleased to notify issuers and investors that the Central Bank of Nigeria (CBN) has approved “Guidelines for Granting Liquid Asset Status to Sukuk Instruments Issued by State Governments”. This is a major milestone for Nigeria as it will catalyze the development of non-interest capital market products. According to

I’m ready to face probe – Emir Sanusi

the Central Bank of Nigeria, Lamido Sanusi, has declared his readiness to face investigations into his tenure at the top bank. Mr. Sanusi’s comments came as a response to a call by Femi Falana, a senior lawyer, urging the Economic and Financial Crimes Commission, EFCC, to investigate alleged “diversion” of government funds by the CBN,

FG, states share N2.53 trillion in 7 months

The federal, states and local governments have shared N2.53 trillion as proceeds of revenues from the Federation Account from January to July, the News Agency of Nigeria (NAN) reports. The figures were derived from documents obtained from the Federal Ministry of Finance, showing that the total revenue generated for the months under review was N2.73

Airport Terminals Counterpart Funding: Adeosun lied-PDP

The Peoples Democratic Party (PDP) on Wednesday said Nigeria’s Finance Minister, Kemi Adeosun is deceiving Nigerians with her lies and falsehood.  The party’s comments came via a statement signed by its National Publicity Secretary, Dayo Adeyeye. The party was reacting to comments made by Adeosun on a national television station on Tuesday wherein she stated

Okonjo-Iweala: Me? Serve under Buhari? Well…

Ngozi Okonjo-Iweala, former minister of finance, on Monday said having served twice in government, she would want others to be given the chance. She was responding to the question on if she would like to serve again, having worked with former President Olusegun Obasanjo and Goodluck Jonathan for a combined period of seven years. Speaking

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