Thousands lose money in Zimbabwe as MMM crashes, warning to other countries

Are you in Nigeria? Are you a member of MMM? Do you know someone that is into the scheme? This is for you and your friends, make sure you share this after reading.
There was a time the Federal Government and the Central Bank of Nigeria warned Nigerians against investing in MMM because it is a designed and ‘seasoning’ coated scam but many Nigerians did not listen and are still joining the program.

Thousands of people, among them civil servants and vendors, have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded.

The scheme advertises itself as a mutual aid fund under which recruited members contribute money to assist others and are promised investment returns of 30 percent per month. Some of the people left counting their losses told The Herald that they received emails that the scheme had been suspended until September 15.
One of the participants who lost his money when interviewed said;

“When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

MMM stands for Mavrodi Mondial Moneybox and takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003 and many people still have there money stucked in this program.

As at first it looks as if they are helping but it is the greatest scam of the century. This goes to many Nigerians and other Africans who still wants to join this scheme, my advice is for you not to join and if you have your money in it , I pray you get to collect your money before it crashes in your country.

House of Reps members ask EFCC to investigate budget padding against Speaker Dogara

A group of lawmakers at the House of Representatives who go by the name 'Transparency Group’ have called on the EFCC to investigate claims of budget padding leveled against Speaker Yakubu Dogara and three other principal officers of the House by sacked chairman of the House Committee on Appropriation, Abdulmumin Jibrin.Addressing newsmen in Abuja yesterday July 27th, the leader of the group, Musa Soba, said Dogara and other principal officers mentioned in the budget padding scam as well as Abdulmumin Jibrin, former Chairman, House Committee on Appropriations, should be investigated by relevant external government agencies.
       “We call for an external investigation into the matter, to enable us know if our principal officers are guilty or not. For this group, we say the budget was padded and as such, the budget being a document that belongs to all Nigerians, it is no longer an internal affair” he said. Sabo added that Dogara, the deputy speaker of the House, the majority whip and the minority leader should confront the allegations leveled against them as individuals and stop making it look like it's all the lawmakers that have been accused of budget padding. “We urge the leadership of the House of Representatives to stop presenting the 2016 budget padding allegations as the problem of the entire House. Let those at the centre of the controversy answer to all the allegations made against them individually and collectively in line with legal practice and our criminal justice system,”.

Army/Shiites Clash: Governor El-Rufai Vows to Sanction Culprits

 

Governor El-Rufai receiving the report of the Judicial Commission of Inquiry into Army/Shiite Clash

Governor Nasir El-Rufai of Kaduna State on Friday said anyone indicted by the Judicial Commission of Inquiry set up by the state government in December Shiites-Army clash in Zaria will be appropriately sanctioned.

El-Rufai said this while receiving the report of the Commission in Kaduna.

The commission, inaugurated in January, was mandated to investigate the clash between the Shiites Islamic Movement and the Nigerian Army in Zaria.

The governor said the report will be diligently studied for proper implementation.

He said the state government will be guided by the commission’s recommendations in assigning administrative and criminal responsibility to those who allegedly participated in the violence.

“Kaduna State has witnessed at least 10 rounds of ethnics and religious violence in the last three decades,” he said.

El-Rufai said a white paper conveying the decision of government on the recommendations of the commission would be issued promptly.

“And the necessary follow up actions will be taken to avoid similar crises that took place in the last three decades in parts of state”.

El-rufai said the commission was set up to provide best option for accountability and transparency in providing justice to the affected persons in the mayhem.

He commended the chairman and members for accepting to serve in the commission and for their commitment.

The chairman of the commission, Justice Mohammad Garba, had earlier thanked the state government for finding them worthy to participate in the inquiry.

He, however, said that members of the Shiites movement did not appear before the commission, adding that they had decided to opt out of the hearing without formal reason.

Garba said the commission could not meet up with the six-week deadline because of the group’s failure to appear despite efforts made to convince the sect to appear before it.

“They were represented by a counsel and they decided to opt out without formal reason or formal communication,” Garba said.

He appreciated the public support and the security agencies while conducting the public hearing.

He said more than 350 memos were received from within and outside the state.The chairman also said that 40 copies of the final report had been  presented to the state government for necessary action. About 347 people were killed during the clash

 

After over 2 months in detention, Femi Fani-Kayode, finally released

After over 2 months in detention, Femi Fani-Kayode, finally released

 

Femi Fani-Kayode, who arrived EFCC office on May 9th for questioning and was subsequently detained, has finally been released. He was released around 6pm this evening July 15th from Ikoyi prisons after meeting his bail conditions.

EFCC is accusing the former spokesman of the Goodluck Jonathan presidential campaign of receiving over N800million from CBN. The former minister insisted that he got the money to do specific assignments given to him by the former President for his presidential campaign. 

Breaking News: NERC says no going back on 45% hike, appeals court ruling

Breaking News: NERC says no going back on 45% hike, appeals court ruling

– The Nigerian Electricity Regulatory Commission (NERC) insists it will remain resolute on its decision to increase electricity price
– The electricity commission stated that there is no going back on the 45% hike in electricity tariff

NERC has made it known that its planned 45% hike in electricity price remains sacrosanct. The commission said despite the court ruling against its decision a few days ago. It insists it will the Federal Court judgement that directed it to revert the 45% increase in electricity price across the nation.
The electricity regulatory body made this known to journalists at a press briefing where it issued a statement on Friday, July 15 at its secretariat at Abuja.
The Federal High Court had ruled that the increase in electricity tariff was illegal and instructed that it should be reversed immediately, a judgment which NERC had agreed to comply with. However, the commission changed its position after consulting with its lawyers on Friday, July 15.

                            Electric metre

The court held that the implementation of the 45% hike constitutes a breach of its interim order and awarded N50,000 cost against NERC.
While speaking at the briefing, the acting chief executive officer of the electricity commission Dr Tony Akah said the commission was aware of the court ruling that declared the electricity price regime that became operational on February 1, 2016 was illegal.
Akah stated: “The commission respects this decision of the court but we are dissatisfied because it represents the reversal of the commercial foundation upon which contracts for gas, hydro, coal and solar feedstock for the production of electricity have been predicated.
“This judgment, in our view, is a setback to the progress made so far in the electricity sector. Therefore, we challenge this decision. We have instructed our lawyer to appeal. Consequently, the commission has filed for stay of execution and a notice of appeal of the judgement yesterday.”
Akah also expressed optimism that ultimately power consumers as well as institutions will come to a better understanding of the values of the choice made to privatise the power sector.
The acting chief executive officer further said:“Therefore we ask investors, as well as customers in the electricity market not to panic as we seek a resolution within the ambit of the established laws.
“The commission remains committed to continuously provide the right regulatory framework that would promote private sector investment in the electricity supply industry and also protect the interests of electricity customers as enshrined in the Electric Power Sector Reform Act 2005.”
It should be recollected that about two days ago, the Federal High Court Ikoyi, Lagos state announced that the 45% electricity price hike by the federal government of Nigeria should be discontinued.