• ‘Calm down and watch MMM unfreeze accounts in January’

    13/Dec/2016 // 358 Viewers

     

    An MMM participant has told other members that the freeze will help the community weed out the “bad eggs”.

    He also said the freeze will be lifted in January.

    The participant, who introduced himself as “Alpha Romeo”, assured participants that their money is safe with the scheme.

    News broke on Tuesday that the accounts of “Mavros” have been frozen and withdrawals have been suspended till January.

    “I want you to understand that MMM began in November 2015, it saw December 2015 and crossed into 2016,” he wrote.

    “Today, 2016 December, we are faced with many challenges. So many people are running multiple accounts and this is killing the system. They take money from A and pay to B, then C and D without bringing new spare money into the system thereby shortchanging the system and this has caused a lot of issues.

    “In situations where they are unable to pay, they upload a fake BOP. Many of us have issues of fake BOP and the issue of fake BOP is in thousands. CRO has too many fake BOP issues in their hands and that is why they have been unable to reply us quickly as they used to.

    “When I joined MMM in March, there was nothing like fake BOP, all those who were matched to pay were payed. Everything was fine until the bad eggs came into the system.”

    According to him, the freezing is a welcome development.

    “Now, this freezing of confirmed Marvodi is a very welcome development because it will the community and CRO the opportunity to weed out the bad eggs. Those people who have multiple accounts, who are cheating the system and uploading fake BOP will be trashed out this December.

    “Even guiders are very strong culprits of having multiple accounts and when participants are unable to meet up payments, they upload fake BOP thereby killing and wasting another participant’s time. I can assure everybody that the issue of fake BOP will be resolved this December maybe before 20th.

    “It is better to have 1 million faithful participants than to have 3 million participants where 2 million are criminals.

    “Be calm, be happy and know that your Mavrodi is safe. The freeze will be lifted in January and those of us who are genuine can GH in peace. By next year, there will be nothing like fake BOP. MMM cares about you.”


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  • No longer at ease, FG urged to declare state of emergency on economy to halt free fall of NAIRA

    13/Feb/2017 // 1314 Viewers

     

    PARIS, FEBRUARY 13, 2017: (DGW) AS the naira continues to fall resulting from the crippling effect of failed economic policies of the Federal Government , a Lagos-based lawyer Obiora Akabogu has bared his mind by calling attention to and suggested far-reaching measures to stem the tide. 

    He frowned upon handling of the situation with kid gloves by allowing the free fall of the naira to continue for such a long time, unleashing untold hardship on Nigerians when the president could have taken proactive emergency price control measures to force down inflation and halt the free fall of the naira.

    Nigeria is facing three quarters of negative Gross Domestic Product (GDP) growth and experiencing one of its worst inflation and revenue drops in over a decade. Inflation rate currently stands at 18.55 per cent, according to the National Bureau of Statistics (NBS). The naira is also facing serious pressure against the dollar, with exchange rate as high as N306 and N497 at the official and parallel markets, respectively.

    “Buhari’s failure to ameliorate the harsh effects of the crisis on Nigerians through the declaration of economic emergency or provision of social security networks was regrettable,” he said.


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  • President Buhari records major victory as World Bank makes heart-warming prediction on Nigerian economy

    13/Oct/2016 // 508 Viewers

     

    After going through economic recession in 2016, Nigeria will experience moderate rebound in 2017, the World Bank has said.

    The bank, which stated this in its report, Africa’s Pulse, anchored the nation’s revival on the Federal Government’s expansionary budget, expected to begin to yield result only in 2017 because of slow implementation.

    It also hinged its optimism of early exit from recession on stable oil prices in the international oil market as well as expected increased production of oil.
     
    The World Bank report said, “Among the region’s three largest economies, Nigeria is expected to endure an economic contraction in 2016, as declining oil production and manufacturing weigh on activity.

    “The economy is expected to rebound moderately in 2017 as the long-delayed expansionary budget begins to be implemented, oil prices stabilise, and oil production increases. The shift to a more flexible exchange rate regime is also expected to encourage some Foreign Direct Investment to return.

    “Investment growth is expected to pick up gradually in commodity exporters in 2017, following a sharp slowdown in 2016. In Nigeria, policy reforms are helping to improve the environment for private investment.

    “The fuel shortages that had severely impacted activity in the first half of 2016 have eased following an increase in fuel prices. The tightening of monetary policy should help stabilise the naira, strengthen real interest rates, and encourage a return of international investment in the economy.”

    It added, “Private consumption growth in commodity exporters, which weakened significantly over the past two years, is expected to improve gradually. The increase in headline inflation and hike in the interest rate by the Central Bank of Nigeria, which have accompanied the shift to a more flexible exchange rate, have weighed on private consumption in the country.

    “However, the exchange rate policy adjustment, coupled with the modest improvement in oil prices, should help boost oil revenues in naira terms.”

    This, in turn, it said, should enable the federal and state governments to meet their financial obligations, including the clearance of salary arrears, and help boost demand.


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  • Nigerians have no option but to be patient because we took the best economic decision - CBN Governor

    14/Aug/2016 // 283 Viewers

     

    The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Saturday said the apex bank took the best monetary policy option in addressing the current economic challenges facing the country.

    He also said that except Nigerians embrace fully the concept of diversification, the country would not be able to generate enough foreign exchange to cushion the effect of the drop in the value of the naira.

    He further said the inability of the country to increase its stock of foreign exchange, owing to the drop in global oil prices, was the major reason for the persistent decline in the value of the naira against the dollar.
     
    Emefiele, while speaking during an interview on the sidelines of a career conference in Abuja, said the Monetary Policy Committee of the CBN could not have taken a better decision in view of the current challenges facing the country.

    The event, put together by The Everlasting Arms Parish of the Redeemed Christian Church of God, had as its theme,” Your life, your future — not a laughing matter.”

    The CBN governor who was responding to a question from journalists on the criticism of the CBN policy by eminent Nigerians, including the Governor of Kaduna State, Nasir el-Rufai, said it would be difficult for the apex bank to achieve price stability without the current monetary policy stance.

    el-Rufai had on Wednesday faulted the decision of the Central Bank of Nigeria to increase the Monetary Policy Rate from 12 per cent to 14 per cent.

    He had said, “We have a Central Bank that has an MPR at 14 per cent and banks lending at 20 per cent. I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring the interest rate down, one day it would be legislated.”

    Represented at the event by the Deputy Governor, Economic Policy, Mrs. Sarah Alade, the CBN governor said once the objective of price stability was achieved, the economy would begin to experience growth.

    He said, “At this moment, what we are doing is what is best for the economy. The concern even among the youth is the slide in the value of the naira and I told them that we also need to diversify the economy so that we could have more exports; we are also supporting the efforts of the government on this. Once we are able to achieve this, we would have the kind of interest rate that we want.

    “But at this particular time, to be able to get through the situation, we would have to take the decisions. And the Monetary Policy Committee considers all these factors before we take decisions.”

    Earlier, the governor admonished the youth on the importance of hard work, dedication to excellence and perseverance in achieving one’s goal.

    He said by imbibing these qualities, coupled with the requisite skills, they would be able to become great leaders in any area of their endeavours.


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  • Corruption rocks NNPC as Buhari’s signature allegedly forged to sell $19m Crude Oil to China

    14/Feb/2017 // 1582 Viewers

     

     

    President Muhammadu Buhari’s signature has been allegedly forged in order to sell $19 million worth of crude oil in China according to a House of Representatives member, Ehiozuwa Agbonayinma

    Agbonayinma also accused the Nigerian National Petroleum Corporation (NNPC) of gross corruption while appearing on Channels TV.

    “In this letter here, this is not President Buhari’s signature but it was forged by our people – by Nigerians who wanted to sell the crude in China worth about $19 million,” he said.

    “I tell you the truth, the .Attorney-General of the Federation (AGF) is also aware. We are working day and night to also do what is needed to get it right because he (the AGF) is the custodian of the laws in the nation.

    “So, I’m saying I must tell you that the corruption in this country didn’t just start yesterday. It is a cancer, and to cure cancer, you need a radical approach getting the radical approach in this case means you have to step on peoples’ toes, which might affect those that are probably close to you.

    “What is important is the ability to have that willingness to commit to the fight against corruption. This is not something that is new. As a matter of fact: this is a copy of the letter in which President Muhammadu Buhari’s signature was forged to defraud Nigeria.

    “My dear Nigerians, this time I would like you to support the National Assembly when people want to divert attention from what government is doing by pushing up negative issues to the fight against corruption. Let’s give credit to Mr. President in the war against corruption.

    “So as the National Assembly, we must do our part as well. Doing our part does not mean Nigerians should be kept in the dark? Nigerians must know exactly what is going on. What has happened to their money? The money that belongs to this nation belongs to you; it belongs to me,” he added.


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  • Again, Naira falls abysmally low against U.S. dollar on Friday, currency experts say Naira to depreciate further in 2017 (See exchange rate)

    14/Jan/2017 // 3403 Viewers

     

     
    PARIS, JANUARY 14, 2017: (DGW) THE Nigerian Naira again fell against all major currencies on Friday on the parallel market as scarcity of the greenback continues, DailyGlobeWatch reliably gathered.

    Recall economic and currency experts predicted the Naira will depreciate further this year to hit above N500.

    The US dollar, our reporter gathered exchanged for as high as N497 as of Friday, January 13, 2017.

     However, the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told Reuters that he expected dollar supplies to the BDCs to resume next week.


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  • BUHARI’s INEPTITUDE, POOR MANAGEMENT, responsible for NIGERIA’s economic woes – IMF

    14/Jan/2017 // 676 Viewers

     

    The International Monetary Fund has said that efforts by the Muhammadu Buhari administration to save the naira by rationing foreign exchange have failed.

    IMF stated this in its policy paper on macroeconomic developments and prospects in low-income developing countries on Thursday.

    The fund attributed economic failures in the country to “delayed/poorly managed policy adjustment.”

    It stated, “Domestic policy failures cited include delayed/poorly managed policy adjustment to lower commodity prices (as in Nigeria, where foreign exchange rationing adversely affected debt service capacity of many corporates).”

    The IMF also blamed the failures on lack of business confidence and delay in policy adjustment by Nigeria’s leadership.

    It said that the challenges concerning foreign exchange had pushed inflation to double digits in Nigeria, Africa’s largest economy.
    The IMF added, “There were sharp movements in currencies across many LIDCs during 2015. Further sizeable depreciations were recorded in 2016 in commodity exporters under stress,” the paper read.

    It added, “Mongolia, where reserve levels have been significantly eroded, and Nigeria, where efforts to support the naira through foreign exchange rationing, have gradually crumbled.

    “Inflation has risen to troubling levels in a handful of cases, concentrated in sub-Saharan Africa. Among commodity exporters, large exchange rate depreciations were a key contributor in Mozambique, Nigeria, and Zambia.”

    According to the fund, Nigeria is affected by Boko Haram-led attacks in the North and disruptions to oil production in the Niger Delta region.
    “Aside from direct damage and increased security outlays, conflict situations undermine business confidence, investment, and tourism,” it stated.
    It added that Nigeria’s economic problems affected neighbouring countries such as Chad and Benin Republic.

    The fund stated, “External developments have predictably played an important causal role in the emergence of financial sector stress, through falling commodity prices, declining remittances, and adverse spillovers from neighbours — as in the impact of Nigeria’s economic difficulties on Benin Republic.

    “That said, teams’ assessments indicate that poor macroeconomic policies and weak supervision have also played a significant contributory role.”
    It said that the recent experience of LIDCs underscored the relevance of some general messages for developing countries in terms of building economic resilience, which include “the value of having a diverse export base to allow countries handle adverse external shocks, and hence the importance of promoting economic diversification.

    Others are the importance of building large foreign reserve/asset positions during “good times” in countries where exports remain highly concentrated; and the need to build a strong broad based domestic tax system drawing from a diverse set of sectors and tax instruments, to strengthen self-reliance in financing essential public service.


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  • Dollar crashes, Naira appreciates due to expection of further CBN intervention in foreign exchange market

    14/Mar/2017 // 4079 Viewers

     

    PARIS, MARCH 14, 2017: (DGW) THE Nigerian Naira reportedly appreciated on Monday against the US dollar on the parallel market due to the expectation of Central Bank of Nigeria (CBN) anticipated intervention in the foreign exchange market, VANGUARD reports.

    Vanguard further reports that the parallel market exchange rate dropped to N454 per dollar at the close of business yesterday from N460 at the end of last week. 

    A BDC operator who spoke to newsmen on condition of anonymity said that market activities were  stagnant with an atmosphere of  suspense as BDCs are yet to receive  communication from the CBN  about  the amount of dollars that t would be sold to each of them BDC this week. 

    The CBN sells $8000 per week to each BDC at N381 per dollar, mandating them to sell at N400 to end users. But last week, President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe announced that the apex bank will this week increase weekly dollar sale to $15,000 per BDC. 


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  • Illegal miners 'on the run' as ANAMBRA blows hot, declares illegal mining in the state serious crime against state gov't

    14/Mar/2017 // 810 Viewers

     

    PARIS, MARCH 14, 2017: (DGW) ANAMBRA State Governor, Willie Obiano has declared the activities of illegal miners and mining and extraction of solid minerals in the state is a crime against the state government.

    He, therefore, announced the ban of the act recently while receiving a delegation from the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, in Awka, the state capital, adding that they are on a nationwide tour. 

    Obiano said his administration was committed to plugging all leakages in the revenue collection process in the state. He directed all licensed miners to work with the state Ministry of Science and Technology to ensure proper documentation and monitoring of their activities. 

    The head of the delegation, Dr. Casmir Anyanwu said the visit was to sensitize state governments to the need to adopt solid minerals as a viable option to sustain the country’s economy. He added that over 40 mineral resources had been identified across the 774 local councils in the country. 

    Meanwhile, the Senior Special Assistant, SSA, to the Governor on Disability Matters, Chuks Ezewuzie, has disclosed plans by the state government to employ about 200 graduates with disabilities into the state civil service. 

    Ezewuzie said yesterday that 150 applicants had already been screened and were waiting for their postings. He said offering automatic employment to graduates with disabilities was part of Governor Obiano’s pledge to assist vulnerable persons in the state.


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  • SEC chair to step down, clearing path for Trump to eliminate tough Wall Street regulations

    14/Nov/2016 // 267 Viewers

    SEC Chairman Mary Jo White appears before the Senate Banking Committee on Capitol Hill, June 14, 2016 in Washington, DC. (Photo by Mark Wilson/Getty Images)

     

    NEW YORK – Mary Jo White, the head of the Securities and Exchange Commission, announced Monday that she will step down nearly three years before the end of her term, clearing the way for President-elect Donald Trump to reshape the way Wall Street is regulated.

    The SEC, which polices Wall Street and the financial markets, has been a key part of the Obama administration’s effort to rein in big banks following the 2008 financial crisis and prevent future taxpayer bailouts of the industry. The agency has pushed for more oversight of hedge funds and other asset managers, and established rules that make it more difficult for big banks to make risky bets on the markets.

    White, a former federal prosecutor, is known for a no-nonsense style and attempted to beef up the agency’s enforcement efforts over the last three years, pushing for more companies to admit guilt and taking more cases to trial. But progressive Democrats were often critical of her efforts, complaining they did not go far enough.

    Trump has already indicated he would usher in a period of deregulation, including dismantling 2010’s financial reform legislation, known as the Dodd Frank Act. He appointed Paul Atkins, an industry veteran, who has called Dodd Frank a “calamity,” to lead the agency’s transition.

    Atkins “is a guy in general who wants to let companies do their thing and not get in the way very much,” Ian Katz, a financial policy analyst with the research firm Capital Alpha Partners, said of Atkins. “You would see a lighter touch on enforcement and a lighter hand on corporate governance issue broadly.”

    Atkins served as an SEC commissioner for six years during the President George W. Bush administration. He could not immediately be reached for comment.

    In addition to replacing White, Trump will be able to fill two openings on the five-member commission. Trump could also chose to ignore the more than 20-year old tradition of allowing the opposing political party to pick its own representative on the commission, one industry official said, further bolstering his influence over the agency. Also, Thomas Curry, the head of the Office of the Comptroller of the Currency, another important Wall Street regulator, has less than six months on his term. Together, the openings should give the Trump administration wide latitude to change the way Wall Street is regulated.


     “It is a game changer at the SEC. The commission is going to have a very different agenda over the next four years than it would have,” said Edward Mills, a policy analyst at investment bank FBR Capital Markets. “In the long-term it is going to be a big tilt towards free markets.

    White took office with high expectations. The SEC had long suffered under the popular notion that it was slow, toothless tiger. White appeared to be someone who might change that reputation. Prior to her appointment, she had been a federal prosecutor who took on the terrorists behind the bombing of the World Trade Center in 1993 and the Mafia boss John Gotti.

    “You don’t want to mess with Mary Jo,” President Obama proclaimed while announcing her nomination in 2013.

    White moved quickly to set a new tone at the agency. Soon after taking office, she announced the SEC would begin requiring more companies to admit guilt as part of their settlements with the agency. It was a break from the SEC’s nearly 100-year history of extracting monetary penalties from companies, which typically would neither admit or deny the charges lodged against them.

     “The SEC had more leverage than it realized,” White said in a recent interview. Not requiring admissions of guilt could “undermine, at least, the perception of the strength of a settlement, the strength of its deterrence. In certain cases that public accountability, I think, is very important.”

    Critics would later complain that many large banks were still able to settle SEC cases without admitting guilt and that the agency’s toughest actions were reserved for smaller banks.

    The SEC also poured resources into improving its technical capabilities, hiring experts who could help it better track stock trading and catch fraud. The SEC’s technical capabilities have “really been transformed over the last three years,” White said. There have been several cases, including some involving insider trading, that would have been impossible without these advancements, she said. Examinations of trading patterns that used to take months, can now be done in hours, she said.


    But in the years since, the SEC has also been overwhelmed by the task of implementing dozens of rules called for under the 2010 Dodd-Frank financial reform law and the 2012 JOBS Act, which aims to make it easier for small businesses to raise money. The 4,000-person agency has tussled repeatedly with Congress and complained that as Wall Street became more complex it needed a bigger budget to keep up

    White ultimately became a target of progressive groups who questioned her resolve to crack down on Wall Street. In addition to serving as a prosecutor, White also spent years defending big banks, including Bank of America and JPMorgan Chase, as a white-collar lawyer, they noted. And while White trumpeted that she had secured settlements with nearly 90 high-level executives for financial-crisis related misdeeds, critics noted that officials at some of the country’s largest banks had emerged largely unscathed.

    Last year, CREDO Action, a liberal advocacy group, sent a  “Dump (Mary Jo) Truck” around D.C. to mark the anniversary of the collapse of Lehman Brothers. - The Washington Post
     


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