• Nigerians will lose millions if MMM collapses - Founder warns

    13/Dec/2016 // 752 Viewers

     

    The founder of Mavrodi Mondial Movement, popularly known as MMM, Sergey Mavrodi,  has warned that millions of Nigerians will suffer, because “the scheme is their only means of livelihood”.

    In a letter written to the Nigerian government to justify the importance of the popular Ponzi scheme, seen by the News Agency of Nigeria (NAN), Mavrodi warned the federal government should not allow the Ponzi scheme to collapse.  NAN said the letter was displayed on the page of all participants of the scheme.

    He stated that the money being made from the scheme was being redistributed among Nigerians as a way of “restoring social justice”.

    The letter reads in part: “So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.

    “What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer? Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves? What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?

    “You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones? They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.

    “You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What’s wrong with that?

    “You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works.

    “And finally. If you know what is right for people, why is the life so bad in the country?”

    He further noted that the MMM “has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people”.

    The Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) have previously warned Nigerians against participating in the scheme while the House of Representatives also ordered an investigation into the operation of the scheme, in October.


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

    13/Dec/2016 // 384 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 // 1323 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 // 527 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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  • Again, NAIRA crashes! (See exchange rate)

    14/Apr/2017 // 3397 Viewers

     

    PARIS, APRIL 14, 2017: (DGW) The Nigerian Naira crashes again against 
     the British pound sterling and all other major currency on the parallel market on Thursday.

    The Naira, which closed at N499 to the Pound Sterling on Wednesday, finish the next day at N500 at the parallel market, indicating a N1 loss.

    However, the local currency remained stable against the two other foreign currencies; the Dollar and the Euro, closing at N410 and N435 respectively.

    But the Naira gained 50k against Dollar at the official CBN window.

    The Nigerian currency close at N306.5k per Dollar on Thursday compared with N306.10k it end the previous day.

    Also, the Naira finished at N383.60k per Pound Sterling in contrast to N382.59k it traded on Wednesday, while the Euro went for N325.24k compared with N324.65k it exchanged a day before.


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  • EDO 2016: Tribunal upholds Obaseki as Governor of Edo State

    14/Apr/2017 // 374 Viewers

     

    The Governorship Election Petition Tribunal in Benin on Friday upheld Godwin Obaseki’s election as Edo state governor.

    Obaseki was the candidate of the All Progressives Congress (APC).

    Justice Ahmed Badamasi, who led a three member tribunal, dismissed the petition filed by the Peoples Democratic Party (PDP) and its candidate, Pastor Osagie Ize-Iyamu as lacking in merit.

    Badamasi held that the petitioners failed on all fronts to prove the allegations as pleaded in their petitions.

    “The petitioners have failed to prove their case with credible evidence and is therefore dismissed,’’ he said.

    The tribunal held that while the petitioners abandoned some of their pleadings, “witnesses evidences were controverted under cross examination’’.

    “The much talked about ticking and over voting by the petitioners have not been specifically proven beyond reasonable doubts.

    “And not calling witnesses to prove their allegations of corrupt practices and over voting was fatal to their case and is deemed to have abandoned their pleadings,’’ he held.

    Badamasi therefore held that “the petitioners have failed to prove their case with credible evidence to show that they are entitled to their pleadings’’.

    “Accordingly, the petition has failed and is hereby dismissed,’’ he said.

    The petitioners had listed INEC, Obaseki and the APC as first, second and third respondents.

    Ize-Iyamu had asked the tribunal to nullify the election of Obaseki and declare him winner, having scored majority of the lawful votes cast among other reliefs.

    He avvered that INEC was wrong to had declared Obaseki winner of the Sept. 28 governorship election.

    Ize-Iyamu also alleged that the election was fraught with corrupt practices and over voting, NAN reports.

    He added that INEC did not comply with the relevant provisions of the Electoral Act 2010 (as amended) in the conduct of the said election.


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

    14/Aug/2016 // 301 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 // 1593 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 // 3410 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 // 690 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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