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SEC Warns Nigerians Against Loom

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SEC Warns Nigerians Against Loom

The Securities and Exchange Commission (SEC) has raised the alarm over the activities of some fraudsters currently running an online investment scheme tagged ‘Loom Money Nigeria’.

Loom Money Nigeria is taking over social media by targeting young people to participate in a pyramid scheme.

But Acting Director General of the SEC, Ms. Mary Uduk during a press conference by the Minister of Finance in Abuja, Thursday warned Nigerians of the fraudulent activities of Loom promoters.

Uduk, who was represented by Acting Executive Commissioner, Operations of the SEC, Mr. Isyaku Tilde said the fraudsters carry out their illegitimate business activities via social media platforms like Facebook and whatsapp luring young Nigerians to invest as low as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.

Uduk said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds

“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. The platform has embarked on an aggressive online media campaign on Facebook and whatsapp to lure the investing public to participate by joining various Loom whatsapp groups to invest as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp. If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts.

“We therefore wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”

Uduk, therefore, advised the general public to distance themselves from the scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”

She also assured that an inter-agency committee, Financial Services Regulation Coordinating Committee (FSRCC) is working on the issue, while also collaborating with security agencies to shut them down.

A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.

ONNOGHEN: SUPREME COURT STRIKES OUT CROSS RIVER’S SUIT

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ONNOGHEN: SUPREME COURT STRIKES OUT CROSS RIVER’S SUIT
Walter Onnoghen

The Supreme Court on Friday struck out a suit filed by the Cross River State Government to challenge the suspension of the former Chief Justice of Nigeria, Justice Walter Onnoghen.

In a split decision of six-to-one of a seven-man panel of the apex court, Justice Olulayode Ariwoola, who prepared the lead majority judgment, held that the Cross River State Government lacked the locus standi to institute the suit on behalf of Onnoghen.

The five-man panel led by Justice Olabode Rhodes-Vivour also held that the Supreme Court was not the appropriate forum to ventilate the whatever grievances the plaintiff might have in connection with the case.

Justice Ariwoola, therefore, struck out the case by upholding the Attorney-General of the Federation’s preliminary objection filed to challenge the competence of the suit.

He, therefore, struck out the case without considering its merit on the grounds that the Supreme Court lacked jurisdiction to hear the case.

Ariwoola, who was absent from the Friday’s proceedings, had his judgment read by Justice Paul Galinje, who is not a member of the panel.

But, another member of the panel, Justice Mary Peter-Odilli dissented from the majority judgment, holding that Cross Rivers State, where Onnoghen hails from possessed the locus‎ standi to institute the suit.

She also held that the Supreme Court was an appropriate forum to file the suit.

She ruled that the January 23, 2019 order issued by the Code of Conduct Tribunal on which President Muhamadu Buhari acted on to suspend‎ Onnoghen was wrong as the tribunal had no jurisdiction to entertain the charges instituted the erstwhile CJN in the first place.

SECURITY: FOREIGN FORCES PLANS TO TERRORISE NIGERIA

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SECURITY: FOREIGN FORCES PLANS TO TERRORISE NIGERIA

Earlier in February 2019, a Civil Society Group, The Coalition for Nigeria, a civil society organisation, said it has uncovered plots by Iran and the Islamic Movement in Nigeria (IMN) to terrorise Nigeria.

The National convener of the coalition, Patriot Sabo Odeh,said IMN is an affiliate of Islamic State West Africa Province (ISWAP) and should be declared a terrorist group.
He, therefore, called on the Nigerian government and particularly, the Attorney-General and Minister of Justice to expedite action on designating the IMN sect a terrorist’s organisation to finally lay to rest the tormenting “ghosts of these monsters and religious extremists.”

Lawrence Audu met with security expert, Olajide Abiola, to discuss these threats and how to prevent such from happening.

Watch full video below:

SANUSI BEARS NO GRUDGE AGAINST ME – ADO BAYERO

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SANUSI BEARS NO GRUDGE AGAINST ME – ADO BAYERO
Aminu-Ado-Bayero

New Emir of Bichi, Aminu Ado Bayero, has said Emir of Kano, Muhammadu Sanusi II, has no grudge against him.

According to Bayero, the Emir will support him to succeed in all my undertakings.

Emir Bayero said this on Thursday in a press conference to address controversies surrounding the matter.

He said he accepted the appointment in good faith as he never lobbied for the position.

He said: “l was appointed Danmajen Kano in 1990 by my late dad. I later became Danburan Kano, then Turakin Kano to Sarkin Tsakar Gida and finally to Wamban Kano. It may interest you to know that l have never gone to anybody asking for any of these appointments.

“Again from the time my late dad became emir to the time he died, he saw a lot of changes and he accepted them in good faith. Historically the police, prisons, customs, judges and schools were initially under the emirates, but as time went by, they separated and our forefathers had accept the changes.”

Calling Sanusi his brother, Bayero said that he had a lot of respect for the Emir of Kano.

“Sanusi is my brother. He has respect for me and I have respect for him. l am from a royal family. When he was appointed Emir, I was among the first set of people that paid homage to him and l gave him my support and l will continue to support him.

“So, because I am appointed Emir, l don’t think he will not support me to succeed in all my undertakings. l have no grudges against him whatsoever and I don’t think he has any against me,” he said.

HOUSE OF REPS LISTENS TO MOTION FOR THE CREATION OF MORE CONSTITUENCIES IN BENUE STATE

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HOUSE OF REPS LISTENS TO MOTION FOR THE CREATION OF MORE CONSTITUENCIES IN BENUE STATE

On Tuesday, the House of Representatives listened to a motion for the creation of more Federal legislative constituencies in Benue state.

The motion was presented by Honourable Edward Pajok.

Full Video:

ELECTION TRIBUNAL: YOU WILL NOT SUCCEED – OBA OF LAGOS TELLS ATIKU

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ELECTION TRIBUNAL: YOU WILL NOT SUCCEED – OBA OF LAGOS TELLS ATIKU
Nasirudeen Usman, leader of the NIPSS delegation presenting honorary award to Rilwan Akiolu, the Oba of Lagos.

The Oba of Lagos, Rilwan Akiolu, on Wednesday said Nigeria’s former vice president, Atiku Abubakar, will not succeed in his quest to overthrow President Muhammadu Buhari through the election tribunal.

Mr Akiolu advised Mr Atiku to drop his case against Mr Buhari’s re-election, saying he strongly believed the president had the mandate of Nigerians and would finish his second term in office.

The Lagos monarch spoke when participants of the Senior Executive Course 41 of the National Institute of Policy and Strategic Studies (NIPSS), Kuru, visited him in his palace.

The NIPPS delegation is in the state for a study tour of its health sector. The visit is coordinated by NIPSS in collaboration with the Development Research and Project Centre (DRPC) through PACFAH.

“If anyone of you here is close to Atiku, tell him he can never succeed in what he is doing now.

“Buhari will complete his term in office, but Buhari too has to listen to the people, pray to God and be honest in what he is doing,” the Oba said.

The traditional ruler also launched an attack on former president Olusegun Obasanjo. He said his self-acclaimed powers had been demystified by Mr Buhari’s re-election.

“I had said that Buhari would win even before the election. Unfortunately, the number one person creating problems in this country is former president Obasanjo.

“He arrogated to himself the powers of the Almighty Allah by saying it was the support he gave to Buhari that made him win the first term.

“Obasanjo said Buhari would not win the second term, but did Buhari not win? Did I not say Obasanjo will be disappointed by the time the results were announced?

“The president’s victory clearly shows power belongs to God only and no man can decide who leads the country,” he noted.

Police In Edo State Arrest Four Boko Haram Suspects

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Police In Edo State Arrest Four Boko Haram Suspects

Police in Edo State on Thursday said they had arrested four suspected members of Boko Haram who escaped into the state after perpetrating heinous crimes in neighbouring Kogi State.

The Commissioner of Police in the state, Mr Mohammed DanMallam, disclosed this in an interview with the News Agency of Nigeriain Benin.

DanMallam said that the suspects were nabbed on a tip-off in their hide-out in Afuze, Edo North Senatorial District.

He said that on interrogation, one of the suspects confessed to having killed 40 of his victims, while another confessed to have escaped from Koton Karfi Prison in 2014, and also participated in an armed robbery in Ekiti in 2013.

He, however, said that the suspects would be handed over to the Police in Kogi for further interrogation as their crimes were perpetrated in that state.

BREAKING: Senate Confirms Godwin Emefiele For Second Term

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BREAKING: Senate Confirms Godwin Emefiele For Second Term

The Senate has just confirmed Dr. Godwin Emefiele as Governor of the Central Bank of Nigeria for a second term.

Emefiele had been screened by the Senate Committee on Banking, Insurance and Other Financial Institutions, on Wednesday during which he was grilled in issues affecting Nigeria’s economy.

The screening exercise came after the mandate given by President of the Senate, Bukola Saraki, to the committee at the plenary on Tuesday. The committee was given one week to carry out the screening and report back to the Senate.

Emefiele, who was appointed as CBN Governor on June 2, 2014, is due to end his first term on June 2, this year.

APC GROUPS FAULTS BUHARI’S REAPPOINTMENT OF EMEFIELE

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APC GROUPS FAULTS BUHARI’S REAPPOINTMENT OF EMEFIELE


A member of the Nigeria’s House of Representative, Muhammed Kazaure has said that the appointment of Godwin Emefiele as CBN governor for another five years.

Kazaure who spoke to NEWS men in Abuja on Wednesday expressed concern that those that advised the president to take that action did so for selfish reasons and not in the interest of Nigeria.

 

Watch video bellow:

REDUCE VISAS TO NIGERIAN YOUTHS – AUDU OGBEH TELLS EU

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REDUCE VISAS TO NIGERIAN YOUTHS – AUDU OGBEH TELLS EU
Minister of agriculture and rural development, Audu Ogbeh

Minister of Agriculture and Rural Development, Audu Ogbeh, believes the European Union Mission can help reduce the spate of migration of Nigerian youths to Europe.

According to Audu, the European nations should reduce the issuance of visas to Nigerians and would instead prefer youths to remain in the country and invest in agriculture.

He also said youths’ migration was not sustainable, and that a joint committee would be set up to advance the programme.

“We also raised the issue of migration of our youths across to Europe and the fact that it is not sustainable. It is something that Nigeria will like to see come to an end by creating economic activities here to make sure that young people stay back at home,” Ogbeh said.

The minister also said: “We are also lucky that Nigerian youths are interested in agriculture, different from youths in other countries. Even those who studied other courses are interested in agriculture.

“We did raise the issue of kidnapping of investors here, we do not want any Nigerian or foreigner investing here to be kidnapped and taken away.”

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