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Recession: Foreign banks in Nigeria set to acquire local ones

Godwin Emefiele, CBN Governor

Some foreign banks which are operating in Nigeria are planning to acquire and recapitalise weak banks in the country, recent developments have shown. The weak banks are currently valued below their true worth in the country’s capital market, following the prevailing negative sentiment of investors, which has diminished their capital status, making them in dire need of additional capital. The ...

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Frustrated MMM participants resort to curses, threats

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Nigerian participants in the ponzi scheme, MMM, are losing patience with it, a week after resumption of service and promise to begin payment. Although there was evidence Friday that some participants had been paid ,thousands of others whose applications were yet to be attended have been  venting their anger on the brains behind the scheme for the frustration in accessing ...

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MMM: SEC issues fresh warning

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The Nigeria Police Force has said it does not have any directive from the government to arrest operators or participants of the MMM, a Ponzi scheme. It also explained that it would not go after operators or participants in the scheme because no one had complained about being swindled by the programme. The police stated this on Saturday just as ...

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BoI to finance only NAFDAC certified products

Bank-of-Industry-BOI

The Bank of Industry (BoI) on Friday said that it would not finance products not certified by the National Agency for Food and Drug Administration and Control (NAFDAC). The Acting Managing-Director of the bank, Mr Waheed Olagunju, made this known in Lagos during the signing of a Memorandum of Understanding (MoU) between the bank and NAFDAC. “It is only certified ...

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Investors stranded as MMM reopens

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Mavrodi Mondial Moneybox, a Ponzi scheme known simply as MMM, on Friday opened for business after one month of break, but investors in the scheme have remained stranded as they still cannot access their funds. MMM had announced the resumption on its Twitter handle, saying it was “now open” even though it had initially promised to reopen today, Saturday, January ...

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Airlines record huge patronage on S-East, S-South routes

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Domestic airlines are recording huge patronage on some local routes as most aircraft designated to fly from Lagos and Abuja airports to the South-east and South-south are fully booked on their economy class. But the trend, occasioned mostly by a huge passenger turnout which overwhelmed the few aircraft in the fleet of most airlines, comes with its attendant hardship and ...

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Vehicle import restriction: Dealers, agents in last minute rush to beat deadline

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Seme and Idi Iroko land borders are buzzing with increased commercial activities as many vehicle importers, agents and dealers in Abuja, Lagos and other parts of country have literally relocated to the two major land frontiers to clear what may be described as the last batch of imported vehicles before the expiration of the December 31, 2016, deadline given by ...

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NCC: MTN pays N80bn fine to FG –Minister

MTN Nigeria

The Federal Government says MTN had paid N80 billion of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards. This means that the telco is still owing Nigerian government about N250 billion out of the total sum agreed following the infraction. Adebayo Shittu, Minister of Communications, who disclosed this at a ...

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Businessman arrested for N165m forex scam

The suspect

A businessman, Saheed Audallahi, has been arrested by the Special Fraud Unit of the Nigeria Police Force for allegedly defrauding a Chinese company of N165, 480,000.  According to the police, the suspect defrauded JI Chu Industries Nigeria Limited of the sum under the pretext of changing it to its dollars equivalent. The policemen at the Milverton, Ikoyi office of the ...

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Panic as MMM freezes three million Nigerians’ accounts

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Popular money-doubling scheme, Mavrodi Mundial Moneybox, better known as MMM, has placed a one-month ban on all withdrawals starting from December 13. The development, which occurred a day after the Founder, Sergey Mavrod, said MMM had done a lot to improve the welfare of Nigerians, sparked fears among many Nigerians that the Ponzi scheme had crashed. A letter displayed on ...

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