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Mompha’s Lebanese Accomplice Arrested In N1.8b Lagos Home

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  • Mompha’s Lebanese Accomplice Arrested In N1.8b Lagos Home

Following the arrest of social media celebrity, Ismaila Mustapha (a.k.a. Mompha), a Lebanese identified as Hamza Kodeih and two other suspects have been arrested by the Economic and Financial Crimes Commission (EFCC) in relations to the N33 billion fraud.

Recall that Investors King had earlier reported that Mompha has been taken into custody by the anti-graft agency, following series of intelligence reports.

According to fresh reports, the Lebanese who was Mompha’s accomplice was arrested at the weekend after a three-hour stand-off at his N1.8 billion luxury apartment in the 33-story Eko Atlantic Pearl Tower, Victoria Island, Lagos.

Mr. Mohammed Rabo, EFCC Lagos Zonal Head who confirmed the arrest of the cyber-criminals, narrated the hectic struggle the anti-graft agency went through before they were able to arrest Koudeih as different charms and talismans in calabashes were found in his fire-proof safe.

Ismaila Mustapha, popularly known as Mompha

The Lebanese and his wife reportedly refused to open the door despite appeals from the building’s chief security officer before the agency eventually pushed the door down to gain access to the building.

“Our officials knew that he was still inside and they were even hoping to persuade him not to jump out through the window because it would be suicide,”

After gaining access into the apartment, koudeih was nowhere to be found, the EFCC operatives observed that a part of the ceiling in his bedroom had been artificially sealed which he has been hiding.

The agency has, however, begin an investigation on Koudeih and his wife’s immigration status and the result is being expected.

Meanwhile, the two other suspects’ nationality are yet to be known as the local and international law enforcement agencies had indicated interest to collaborate in the investigation.

Rabo said, “an offshoot of the collaboration between the EFCC and the United States’ Federal Bureau of Investigation (FBI),” but that Koudeih was arrested based on “purely EFCC intelligence”.

“Actionable intelligence received from local and international law enforcement agencies had revealed that Koudeih and Mompha alongside their collaborators are high valued targets in Organised Cyber Syndicate Network (OCSN).

“Investigations have also revealed that Mompha uses a firm known as Ismalob Global Investments Limited to perpetrate about N14 billion money laundering while Koudeih also operates two firms namely: THK Services Limited and CHK properties Limited to launder about N19 billion.”

Meanwhile, there are speculations that the anti-graft agency’s raid might also lead to the arrest of another social media celebrity, Hushpuppi who is also a friend to Mompha.

An American computer forensic researcher on Malware and social network of Criminals at the University of Alabama, Gar Warner who believed Mompha hid his money in Dubai, hinted that: “to see the scale of this guy’s (Mompha) criminal earnings, just look at his Instagram account maybe they’ll get his friend #Hushpuppi next ??.”

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Jeff Bezos Sets a New Record as Net Worth Hits $172bn

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Jeff Bezos

Jeff Bezos Breaks His Own Record, Now Worth $172bn

Jeff Bezos, the Chief Executive Officer and Founder of Amazon Inc, on Wednesday broke his own record to set a new all-time record of $172 billion net worth.

Bezos’s previous record was $167.7 billion attained in September 2018. However, the billionaire broke the record on Wednesday after Amazon shares gained 4.4 percent to close at $2,878.80 per share.

Jeff Bezos companies

This is despite the billionaire parting with 19.7 million Amazon shares in July 2019 as part of his divorce settlement to his wife, Mackenzie Bezos.

Mackenzie Bezos’s 19.7 million shares now worth around $56.9 billion, making her the second richest woman and the thirteenth richest person in the world.

Jeff Bezos’s net worth has now risen by $57.4 billion from the year-to-date, according to Bloomberg Billionaire Index.

Jeff bezos Net worth

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Opay Pauses Some Business Operations as COVID-19 Bites

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Opay halts business units

OPay Halts Some Business Units Amid COVID-19 Pandemic

Opay, a seamless mobile money service provider, has announced it would be putting some of its business units on hold as COVID-19 pandemic bites.

In a statement released by the Chinese owned mobile money start-up on its official twitter page @OPay_NG, the company said “We can confirm that some of our business units including the ride-hailing services, ORide, OCar as well as our logistics service OExpress will be put on pause.”

This, it said was largely due to the tough business environment brought about by COVID-19 pandemic, the lockdown and government ban of motorbikes in Lagos.

The statement read “Globally, ride-sharing businesses have been heavily impacted by the pandemic. But several months ago, foreseeing this issue, OPay had already taken preemptive steps to restructure our business focus away from rides. It is worth to note that this final restructuring has minimal impact on OPay as a whole business.”

“It is important to clarify that ride-sharing had always been only one part, and not a major part of OPay’s diversified business in Nigeria. In fact, OPay had been investing more and seeing accelerated growth in its commitment to Nigeria’s financial and technology inclusion.

“During the pandemic, we have seen continued demand for our offline mobile money agency, and online digital payment, which remains the core of our business.

“From January to April 2020 for example, we witnessed a 44% growth of offline and online transaction value even in the midst of pandemic and lockdown. This is a testament to the high demand for flexible and easy financial services by Nigerians. OPay remains one of the most well-funded and profitable mobile money platforms in Nigeria, and we will continue to do more for our customers.”

Below is the company’s official statement as published on Twitter.

Opay Statement

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Facebook, Google Earn 80% of Annual Digital Ads Spend – Report

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facebook and google ads revenue uk

Facebook, Google Earn 80% of the £14bn Spent on Digital Ads in 2019

A recent report from the United Kingdom’s competition watchdog has shown that Facebook and Google earned 80 percent of all the money spent by advertisers on digital platforms in 2019.

In the 440-page report, the Competition and Markets Authority (CMA), UK said Google and Facebook market positions are having a “profound impact” on newspapers that now receive almost 40 percent of all visits to their sites through the two platforms.

“This dependency potentially squeezes their share of digital advertising revenues, undermining their ability to produce valuable content,” the watchdog said.

This is coming two weeks after Investors King called on the Federal Government of Nigeria to protect Small and Medium businesses against Facebook and Google activities or watch the nation’s SMEs die. Investors King had posited that “Nigerian startups can not compete with Facebook and the recent tax announced by the Federal Government through the ministry of finance would not be enough to stop these giant tech companies from taking advantage of Nigeria’s young growing market.

According to the CMA report, out of the £14 billion spent on digital advertising in the United Kingdom in 2019, Google with more than 90 percent share of market search earned £7.3 billon while Facebook with more than 50 percent of display market earned £5.5 billion. Representing 80 percent of the total digital ads spent in 2019.

While the report admits that the two platforms help small businesses reach customers and are valued by users, it also said they have “developed such unassailable market positions that rivals can no longer compete on equal terms”.

Andrea Coscelli, Chief Executive at CMA, said: “What we have found is concerning – if the market power of these firms goes unchecked, people and businesses will lose out.

“People will carry on handing over more of their personal data than necessary, a lack of competition could mean higher prices for goods and services bought online and we could all miss out on the benefits of the next innovative digital platform.

“Our clear recommendation to government is that a new pro-competitive regulatory regime be established to address the concerns we have identified and regulate a sector which is central to all our lives.”

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