Dear KFBers, how was your day? Tomorrow is Independent Day, how do you plan to celebrate it? Meanwhile we have got loads of interesting stories in tonight’s #MajorHeadlinesYouMissedToday feature…enjoy!
Wife of Central Bank Governor, Godwin Emefiele, reportedly Kidnapped
Nigeria will soon come out of recession, Kumuyi assures
Independence: Buhari has ability to fix Nigeria, says Tambuwal
Fraudulent financial scheme, MMM, trending
MMM, a get-rich-quick business that left thousands of Zimbabweans in financial dilemma, dominated timelines, blogs and news sites in the week of September 21 to 28, according to Google Trends.
Google’s Communications and Public Affairs Manager for Anglophone West Africa, Mr. Taiwo Kola-Ogunlade, made the disclosure in Lagos on Friday.
Kola-Ogunlade said that many Zimbabweans were obviously wishing they could turn back the hand of the clock after losing their money on a popular online pyramid Ponzi scheme.
He said the information was particularly relevant to Nigeria as the scheme had already surfaced in the country and was receiving good attention.
“The Mavrodi Mondial Moneybox (MMM) Global Zimbabwe is a scheme that advertises itself as a mutual aid fund with a promised monthly investment returns of 30 per cent.
“Under the scheme, members contribute money to assist others. However, it is a network that relies on growing numbers of new members to pay off the old.
“It is linked to a fraudulent history that goes as far back as 1989.
“This scheme is currently in Nigeria and it is called MMM Federal Republic of Nigeria. The business has started to receive attention from Nigerians.
The Securities and Exchange Commission had in August raised the alarm over the activities of MMM under the name ‘MMM Federal Republic of Nigeria’, warning that the scheme was run by online fraudsters’.
The fraudsters, according to SEC, carry out their illegitimate business via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.
SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from the invested funds of others.
Investopedia.com describes a Ponzi scheme as a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.
SEC on its website, had said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 per cent.
“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”
SEC, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”
I’ll continue to blame my predecessors for Nigeria’s woes – Buhari
President Muhammadu Buhari on Thursday said despite the criticisms of many, he would continue to blame his predecessors for Nigeria’s woes.
He said passing the buck, which people have been frowning at, was important in order for Nigerians to know what went wrong with the country.
Buhari spoke at an event tagged, “The Conversation: An evening with creative youths,” held inside the old Banquet Hall of the Presidential Villa, Abuja.
The event, attended also by the President’s wife, Aisha; Vice-President Yemi Osinbajo and his wife, Dolapo; as well as governors and other top government officials, had “Creative youth as drivers of the change agenda” as its theme.
Buhari said, “I am going to bore you with what we met. I know that I am being accused in the papers of passing the buck, but passing the buck is sometimes absolutely necessary to remind people who take things for granted.
“When we came in, I screamed to high heavens because I had promised a lot while seeking votes.
“I said where is the saving? There was no saving. There was no infrastructure, power, rails, roads, there was none. What did we spend the money on? I was told buying food and petrol.
“Where were the billions going? We conducted a study and found out that the oil marketers were committing fraud on at least one third of what they were importing, which is about 25 per cent of our foreign exchange.
”The youth must watch our elite, especially with the condition we found ourselves. It is unpatriotic for anybody to pretend that economically we have no problem.
“I have bored you with this long explanation because there are things that could be hidden from you by those that have mismanaged the country in the last 16, 17 years.”
The President therefore tasked Nigerian youths to be alive to their responsibilities of holding their leaders and the elite accountable.
Boko Haram kills 14 soldiers in Niger
Niger’s army said Friday that 14 of its soldiers and scores of Boko Haram fighters had been killed during a multi-month sweep operation in the nation’s southeast.
Defence ministry spokesman Colonel Moustapha Ledru told state television that “123 terrorists” had been killed and “a large quantity of arms recovered from the insurgents.”
It was not possible to independently verify this number.
Ledru said 14 soldiers were killed and 29 wounded in the joint operations with Chad’s military took place between July and September 28.
They targeted the Diffa region, which lies just across the border from the Islamists’ stronghold in northeastern Nigeria.
Ledru said the “terrorists” who had been killed had “infiltrated” into Diffa from Nigeria, adding that two fighters had been captured.
Boko Haram’s seven-year insurgency has left at least 20,000 people dead in Nigeria and border areas of neighbouring Niger, Chad and Cameroon, and made more than 2.6 million homeless.
Attacks in Niger’s Diffa region began in February 2015.
In late July this year a multinational force, drawn from Nigeria, Niger, Chad and Cameroon, was formed to tackle the Islamic insurgents and clear them out of towns and villages.
Ledru said operations had led to four strategic localities being taken back from Boko Haram control.
MTN lays off over 1000 contract staff, reduces salaries of some to N40k from N120k
Taribo West is Alive
Former Super Eagles defender and soccer legend turned pastor, Taribo West, was on Friday rumoured to be dead and so many Nigerians were beginning to express their grief but for the timely intervention of a few former colleagues.
The report of Pastor West’s supposed death emerged from sections of the media that failed to verify the report.
Another former Super Eagles player, Victor Ikpeba, took to his page on Twitter to debunk the report.
Sports journalist, Colin Udoh, similarly urged Nigerians to ignore the reports after contacting Taribo West and speaking with him.
It would appear however that the rumour had been active for almost the entire day as another football legend, Idah Peterside had earlier put out a rebuttal which not so many people bothered to check.
A number of popular Nigerians have been victims of death hoaxes. In recent times, Africa’s richest man and chairman of the Dangote Group of Companies suffered a similar fate.