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Mbanefo MMM owner unmasked


A Nigerian, who styled himself as Pastor Ernest Chigozie Mbanefo is the mastermind of the suspected Ponzi scheme known as MMM Nigeria. According to an online report, Mbanefo is based in South Africa. Nigerian Communications Week said Mbanefo registered the site MMM-Nigeria.net domain on June 7, 2016 about at about 5 pm Nigerian time. NAN quoting NCW And Pageone report ...

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Reps want fuel sold at N70 per litre


The House of Representatives on Tuesday faulted the current pricing template for Premium Motor Spirit, better known as petrol, saying that a realistic pump price should not be above N70.04 per litre. It, therefore, asked the Petroleum Products Pricing Regulatory Agency and Ministry of Petroleum Resources to review the current price template of PMS with a view to bringing down ...

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Why economy is in coma –Bloomberg

President Muhammadu Buhari

President Muhammadu Buhari’s economic policy received hard knocks from Bloomberg, the influential United States of America-based financial software, data and media company. Bloomberg said, Monday, that  Buhari’s rigid leadership style is making Nigeria’s economic problems harder for his government to solve. In an editorial, titled: Nigeria’s economic policy needs visionary leadership, , Bloomberg gave more hard knocks for the All Prograssive ...

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PenCom and First Guarantee Pension: The Fallacies, the Facts


By Rabiu Usman The National Pension Commission, PenCom, recently announced to the joy of workers and managers of the economy, that the nation’s pension assets hit N5.9 trillion as at September 2016.  That was from about N2 trillion deficit in 2004.  However, this steady rise in pension assets could not have been possible without sound and strict industry regulation by ...

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ENUGU FTZ: Ugwuanyi urges Buhari to rehabilitate South East infrastructure

Enugu FTZ

… As Enpower Free Trade Zone’s groundbreaking holds  Governor Ifeanyi Ugwuanyi of Enugu State Thursday called on President Muhammadu Buhari to rehabilitate critical infrastructure in the South-East region to boost activities in the new Enugu Enpower Free Trade Zone (Enpower FTZ). Ugwuanyi who made this appeal at the groundbreaking ceremony of the Enpower FTZ at Akanu Ibiam International Airport, Enugu, ...

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Nigeria’s economy sinks deeper into recession

Economic drepression

*GDP drops by 2.24%; oil production averages 1.63m bpd Goods and services produced in Nigeria between July and September 2016 have dropped lower as the nation grapples with economic slow down. Companies and other economic agents in the country are producing far below their capacities as Nigeria’s economic slump deepened with oil production falling and factory output hard hit by ...

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Avengers blame renewed bombings on Troops’ presence


The Niger Delta Avengers (NDA) said Sunday that it resumed its bombings of oil installations because of the continued presence of troops in the Niger Delta. According to the group, the continued presence of troops has undermined peace talks between the region’s leaders and the government. Leaders of the region including Chief Edwin Clark, and Minister of state Petroleum Ibe ...

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DSS raids parallel market, arrests dealers selling dollar above N400


The Department of State Services (DSS) on Thursday raided the foreign exchange parallel market in Lagos and Abuja, arresting dealers who were selling the dollar above N400. A dealer, who preferred anonymity, said some of his colleagues were among those arrested. “The DSS visited the market and arrested some of my colleagues, but I was saved because I didn’t have ...

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MMM not a secured business venture – Reps


The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria. Lawmakers strongly opposed the investment scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country. MMM promises 30 ...

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Innoson Group partners Chinese Consortium to invest $1bn in Nigerian IT sector


Osinbajo receives group today The federal government’s initiative to attract foreign investments into the country is beginning to yield results, just as Innoson Group is partnering a consortium of Chinese investors to invest a whopping $1 billion into Nigeria’s information technology (IT) sector. The investment plan includes $400 million, which will be invested in Nigeria’s Digital Switch Over (DSO) project ...

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