Finance articles

MMM to freeze all bonuses from 2016

MMM to freeze all bonuses from 2016

Sergey Mavrodi, founder of MMM, has written to participants in Nigeria, asking that they pay some money into the system, before they can cash out of the ponzi scheme. Mavrodi said all bonuses acquired before January 1, 2017 will be frozen. This is coming more than a month after the company failed with its return

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

The Central Bank of Nigeria(CBN) has reversed it policy restriction on foreign exchange (forex)and has ordered banks to set up forex kiosks at airports. This policy reversal was made public via a statement by Isaac Okoroafor, the Apex Bank’s spokes man. SEE STATEMENT BELOW: “In continuation of efforts to increase the availability of Foreign Exchange

Addis Asset Recovery Expert Meeting: Matters Arising

By Bob MajiriOghene Etemiku President Muhammadu Buhari’s initial response to the efforts to recover the Abacha loot was a syllabus of errors. Some errors have rights. Others don’t. Those errors that have rights are capricious and can be remedied. Errors without rights are deliberately made. You’ll be able to make up your mind on whether

BREAKING: $15 million: Court adjourns Patience Jonathan’s suit

A federal court in Lagos has adjourned to March 6 the suit filed by former first lady, Patience Jonathan, seeking to un-freeze bank accounts she says belong to her, Premium Times has reported. The judge adjourned the matter following requests for more time by some of the defence counsel – those representing companies linked to

Fayose threatens to sue FG over Eurobond, likens APC to biblical prodigal son

Ayodele Fayose, governor of Ekiti state, has compared the All Progressives Congress (APC) to the “biblical prodigal son”. Expressing concerns over the plan of the current administration to lend $1bn Eurobond, Fayose threatened to sue the federal government over the issue. He said he was worried that the deal could plunge the country into more

Nigeria’s 3rd Eurobond issue over-subscribed despite economic crisis

In spite of the gloom on the country’s economy, investor confidence in Nigeria remains high as the $1 billion Eurobond issued by the federal government on Thursday was over-subscribed by almost eight times. The over-subscription was with orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion. The bond, issued under

South Africa introduces $260 minimum wage as Nigeria’s remains stuck at $60

South Africa will introduce a national minimum wage of 3,500 rand ($261) per month in 2018, Deputy President Cyril Ramaphosa said on Thursday, according to a Reuters report. The announcement follows protracted negotiations between the government and labour unions. Nigeria’s current minimum wage is N18,000 ($60) with organised labour asking it be increased to at

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

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