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Mixed Feelings as MMM Resumes Operations

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MMM
  • Mixed Feelings as MMM Resumes Operations

The controversial Mavrodi Mondial Movement (MMM) sprang a surprise come back yesterday, 24 hours ahead of its scheduled resumption, after it suspended the operations last December.

The Ponzi scheme, which has enlisted over three million Nigerians in its books, however, dropped another frightening condition for the members, as it opted to start payment from those with little stake, described as “poor” ones.

This means that it is not yet over for the majority of it participants, who are big ticket, “Helpers,” as they address themselves, as the operator of the MMM said they would also be settled in batches.

Besides, they also noted that a daily limit has been set to forestall or control panic withdrawals.

Announcing the return, the operators, in a statement signed by the Founder, Sergey Mavrodi, read: “The holidays are over and we are now open, just as promised (You might have already noticed that we always stick to our promises).
“Actually, we promised to be open on January 14, but we are open now, January 13, as you can see, which is a day earlier. (Well, I hope, the members of the System will forgive us for that).

“It is related to the hysteria raised by the authorities and the mass media around MMM. By joining forces, they have managed to nearly give the members of the System a heart attack and have frightened them out of their wits…”

But it was a cocktail of mixed feelings by some members who spoke to The Guardian on the condition of anonymity at the Murtala Muhammed Airport in Lagos.

While some were visibly attending to customers in a hurry to get the space and log into their accounts to place “request,” others left their duty to get the “early bird” slot.

Unfortunately, those who succeeded in logging in were told that they could not be honoured at the moment, either because the payment time has not started or they are big ticket members.

One told The Guardian: “I want to get my money. I don’t think I would come back again. Maybe, I will try with N20, 000 whenever I decide to come again.

“Now that they have said they would pay gradually, it might be a sign that the money is not complete. There might be need for more people to join, so that more money will flow. But who would want to join?”

Another said: “I have about N800, 000 to claim. I will get to the end of it this night, as I will continually try to place my request until I succeed.”

Yet another one said: “My own is double portion, because I have not collected for once. I reinvested my own when it was due. I am still afraid now that they ant to start from small amounts.

A lady in her early 30s, who operates the scheme, along with her husband and does not want her name in print, said: “I can confirm that MMM is back in full blast. My expectation and confidence was that MMM will be opened and will be stronger than ever.

“MMM is now made in way that no one can post a fake teller; there is a way the system will detect a fake user or people who are on the platform to cheat others.

“I was hundred per cent positive that the scheme will be back, in fact I paid N350, 000 to people that requested help same day the account was frozen; there was not a day I doubted it and I never lost my sleep. It was normal for people to express anxiety over it but I called over a dozen people who registered under me almost every time to allay their fears.”

A man in his late 20s, who simply wanted to be identified by his first name, Chibueze, said, “I wasn’t scared when the news hit the media that MMM had been frozen; I read what was posted on my personal account telling me the date the scheme will resume, I was calm and asked people that registered under me to also let their mind be at rest.”

Meanwhile, patronisers of the Mavrodi Mondial Moneybox (MMM) have become panic as introduction of new rule, which will involve using bitcoins for transactions, has made Nigerians feared for their unpaid money before the platform closed in December 2016.

The platform was said to frozen the accounts of participants last year based on the numerous number of people who wanted to get help.

A Nigerian who claimed anonymity said, “MMM resumed online yesterday at 12 noon and I have requested for my money but ever since then I was not merged with people who will make payment to my account.

“This is not usual, because I have done so many transactions with the platform. But this got me weary, when I heard about the bitcoin strategy, I don’t know how it works and I hope it’s not a step that will deny me of getting my money back.”

Another investor who claimed anonymity also said, “I have just been exercising patience because I do not want to believe that it’s a scam, because when I heard and read it online that due to the fact that the platform is meant for the poor, therefore, only those who need little money will be attended to first before they attend to those who seek for bigger help. I think this is a fraudulent statement if it is true,” she said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Shell

Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Institute of Chartered Shipbrokers

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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