TheNewsGuru

Tag: Investment

  • Kaduna needs $65.5 bn to address infrastructural challenges – El-Rufai

    Kaduna State Governor, Nasir El-Rufai says it will require up to 65.5 billion dollars to address the state’s infrastructure challenges over the next 30 years.

    El-Rufai stated this on Wednesday at the unveiling of the infrastructure master plan, 2018-2050, during the 3rd edition of the state investment forum in Kaduna.

    He stressed that the long term infrastructure master plan summarised the infrastructure target of the state aimed at providing job opportunities and making lives better for the people.

    “The breakdown of the future infrastructural developments between now to 2050, include, the transportation sector which would require N8 trillion while N5.1 billion would be required annually in the education sector to build about 9,006 schools including tertiary institutions.

    “Other sectors include, the health system which would require N158 billion, while N100 billion yearly is targeted for the water sector; agriculture would require N53 billion, and 5,000 housing units would be developed annually all within the time frame of 2018-2050,’’ the governor said.

    According to him, the administration had attracted investments into the state in the last two years, with 79 percent coming from outside the country.

    “Due to the low percentage of domestic investment, we have decided to focus more on domestic investment, we need to attract businesses in Kaduna by providing skilled workforce,’’ he said.

    The governor stated that, “to encourage domestic investment in the state, government’s first priority is to build human capital by engaging in different activities where the young people are willing to be employed in businesses.’’

    El-Rufai reveals that the government expects some of the investments would bear fruits before the next edition of the summit.

    He listed the investments to include Vilisco Textile Park, Arfa Dairy Farms and Ranches, Kaduna Automobile village, Green Economic Zone, Solar Power Project, Dangote-PAN Assembly Plant among others.

  • Alleged infractions: Milost Global terminates $1b investment deal with Unity Bank

    A New York-based private equity firm, Milost Global Incorporated on Monday announced the termination of its one billion dollars ($1 billion) investment deal with one of Nigeria’s commercial bank, Unity Bank.

    This was contained in a statement by Milost Global. According to the firm, the deal dates back to August 2017, when the Chief Executive Officer of Unity Bank, Oluwatomi Somefun approached the firm to be its funding partner for its growth in Nigeria.

    The deal was eventually signed in September 2017 by representatives of both Milost Global and Unity Bank. However, according to Milost Global, the facility, a combo of equity and debt, was provided on the exciting understanding that Unity Bank would delist on the Nigerian Stock Exchange and move its listing to the USA. The signed term sheet was approved by the board of Unity Bank.

    The statement reads in full:

    Milost Global Inc. (“Milost”) is pleased to announce the termination of the Unity Bank PLC transaction. On August 7, 2017, Milost Global Inc. received a request for a call with the CEO and CFO of Unity Bank PLC. On the call, Unity Bank expressed its interest in working with Milost Global Inc. as its funding partner for its growth plans in Nigeria. Following the call, a desktop due diligence was conducted by Milost to its satisfaction. On September 4, 2017, a $1 billion financing term sheet was fully executed by both Milost and Unity Bank. The facility, a combo of equity and debt, was provided on the exciting understanding that Unity Bank would delist on the Nigerian Stock Exchange and move its listing to the USA. The signed term sheet was approved by the board of Unity Bank.

    On Monday, October 23, 2017, at 11:05 EST, Milost Global Inc. was visited by Mrs. Oluwatomi Somefun the CEO of Unity Bank PLC at its New York Offices. The meeting was scheduled 11:00 amEST and it went ahead as planned. The meeting was attended by Milost Global Inc. analysts and the Chairman Mr Egerton Forster. At the meeting, she explained the need for capital funding at the bank and also their expansion plans. It was then agreed that Milost Global Inc. would start further due diligence on Unity Bank PLC. Further due diligence process started on the same week on the instruction of the Chairman of Milost Global Inc., Egerton Forster. Further due diligence was satisfactory and Milost issued a binding commitment agreement to Unity Bank which was approved by the board of Unity Bank and executed by both parties on November 14, 2017. It is normal practice for all the publicly quoted companies which we fund to notify the market regulator on signature of the commitment letter since it has material effect to the stock; however, Unity Bank did not. Milost assumed that this did not happen because Unity had agreed to move its listing to the USA.

    To the surprise of Milost, a story broke on Bloomberg about the transaction and all the contents contained therein were true in their entirety. Bloomberg tried to reach us by email but we didn’t respond as we don’t usually entertain journalists. The Bloomberg article was very factual except for that Milost was to acquire 30% of the bank, whereas in reality , Milost was to take a controlling 60% of the bank at closing, in a transaction that would retain the same board members and the same management for continuity of operations.

    Soon after the story broke, Milost started receiving threatening emails from a gentleman who says he is politically connected to the powers that could shut Milost out of Nigeria if Milost didn’t terminate the Unity Bank transaction. The said individual was very well informed about our dealings with Unity Bank such that he knew the audit group Milost had hired to carry out the final due diligence. He told Milost to tell the board of Unity Bank that the audit firm had instructed Milost that Unity Bank was a bad investment, failing which he would unleash the media on Milost using among other things accusations that would cause the government to send Milost packing. These threatening emails were shared with the CEO of Unity Bank and the then CFO Ebenezer Kawole.

    Following these emails, negative articles by Business Day Nigeria started appearing accusing Milost of operating a pump and dump operation. At that point ,Milost realized that the original threats had begun to materialize, because after that first Business Day article on its alleged pump and dump, another email was received confirming that it’s the work of the blackmailer. Last week, Unity Bank issued a false statement which denied signing a binding commitment agreement, disputing a factual and founded Bloomberg article that initially reported on the transaction. Today we wake up to yet another article that claims Milost Global Inc. was involved in a case with Securities and Exchange Commission because of a failed transaction and a filed law suit against Milost Advisors which sold a company to Alex MacGregor. Milost Global Inc. wishes to clarify this due to the repeated unprofessional conduct of Business Day Nigeria and its incompetent journalists who are failing to verify facts and communicate with all sides before print and this has led Milost to take legal action against Business Day Nigeria and their journalists Iheanyi Nwachukwu and Lolade Akinmurele. Milost Global Inc. will be filing a $500 million lawsuit against the three before the end of the week.

    For the record, Milost did not violate any of the SEC regulations in the US, instead, Milost was sued by Alex MacGregor as he claimed he had paid, a Milost Global Inc. former sister company, Milost Advisors LLC which was dissolved in 2016. Mr MacGregor filed a claim stating that he paid to acquire a shell company from Milost Advisors LLC but he did not receive the shares. Whereas the truth is that Mr MacGregor did receive the stock certificate and the transaction was filed with the SEC on May 11, 2017 – see the link http://pdf.secdatabase.com/436/0001617819-17-000007.pdf and this proves that Business Day and its journalists are being used by the Unity Bank shareholder that has been threatening to tarnish Milost’s image if the Unity Bank transaction went through. Alex MacGregor filed his lawsuit on September 1, 2017, five months after the stock had been issued to him as the stock was issued to him on May 11, 2017.

    Solly Asibey, Senior Partner & CIO of Milost, stated “We will not be deterred by media attacks that are baseless and unfounded. Our funding objectives for the Nigerian market remains solid and unwavering.

    Kim Freeman, Managing Partner & CEO of Milost, stated “Milost will continue to do business in Nigeria despite any negative publicity and this will ultimately benefit Nigeria and Africa.”

    Milost Global Inc. has analysed all its facts on the table and decided to terminate the Unity Bank transaction and the termination letter was sent to the bank this morning. Milost Global Inc., wishes to reaffirm its interest in the Nigerian market and to also state that it will soon be releasing the first and second drawdowns to Japaul Oil & Maritime Services PLC to the total of $21 million in a combo of equity and debt. Another first and second draw down proceeds of $10 will be released to Resort Savings & Loans PLC; the funds will be released to both company within the month of April. Milost Global Inc. also states on the record that it has hired one of Nigeria’s finest law firms to represent it in the lawsuit against Business day and its two journalists. Business Day has failed to report facts and instead focused on fake news. All the articles written by Business Day about Milost Global Inc. have been negative and vindictive which shows that Milost is under attack in Nigeria. Milost wishes to state that it will fight tooth and nail to ensure that this kind of behaviour doesn’t affect other investors that wish to help grow the Nigerian and West African economies at large. This nonsensical behaviour by Business Day, being used by forces that seek to suck the life blood out of progress in Nigeria, ends here. Milost Global Inc will be the last investor to be treated like this in Nigeria.

  • Investment: Panelists task African entreprenuers on innovations

    Some panelists at the ongoing 2018 Social Media Week Lagos on Tuesday tasked African entreprenuers to come up with innovations that would attract investors to the continent.

    According to the panelists, present day investors are looking for innovation and not location.

    They discussed the topic, “Digital Transformation: Does Your Business Have What It Takes To Survive In The Digital Age?”

    One of the discussants, Ifenyinwa Ugochukwu, Director of Partnership and Evaluation, Tony Elumelu Foundation, said that investors were interested in an innovative entrepreneur.

    She noted that innovation cut across sectors, urging that an entreprenuer should have passion for his work.

    “With passion in what you are doing, you will be able to proffer solutions in what you do.

    “The use of technology will enhance what you are doing,” she said.

    Ugochukwu said that entreprenuers should look for innovations that would disrupt.

    “Disruptive technologies are now transforming the world; as an entrepreneur, one needs to either disrupt or he will be disrupted.

    “The transformation of the continent is not all about aid but empowerment of the youth, and there is need to use technology if one wants to stay at the cutting edge,” she said.

    Mr Akin Banuso, Country General Manager, Microsoft, urged entreprenuers to think of how to build businesses that would be a corporate digital citizen.

    According to Banuso, with the power of the cloud, it is possible for small businesses to come up and compete with big ones.

    “There is need for entreprenuers to come up with new ideas and infuse new technologies into them.

    “Government is not a foreign entity; it is you and I that need to come up with these ideas, share them and get support for them,” he said.

    Banuso noted that Nigeria’s Gross Domestic Product (GDP) was bigger from 1960 to 1977 than that of China and India.

    He said that the GDP dropped because of inadequate innovaton and investment.

    Banuso said that Nigeria also relied on imports for its needs.

    He advised consideration of ideas that would propel the country forward.

    Mr Soromfe Uzomah, Business Development Manager, Microsoft 4Afrika, said that the impact of digital transformation was perversive in some industries.

    He said that there was the need to leverage on the power of technology, cloud to get greater impact.

    Uzomah urged entreprenuers not to focus more on funding to achieve their goals.

    He advised that they should believe in the solutions they would come up with.

    “Do not think about the money investors will give you; believe in the solution making its impact with or without investors,” he said.

    Mr Akin Ayodele, General Manager, Infrastructure Technology, Wragby Business Solutions and Technologies Ltd., urged entreprenuers to go for solutions that would enable them to engage customers better.

    “With digital technology, work is efficient, more work is done with less risk; digital technology enhances productivity,” he said.

    TheNewsGuru reports that Social Media Week Lagos is currently in the sixth edition with the theme: ‘Closer’.

    It began on Monday and will end on March 2.

    The event is featuring discussions covering the future of media, travel and tourism, governance, gender inclusion, entertainment and emerging ideas and trends across the globe.

     

  • Africa promises good investment opportunity – Elumelu

    The Group Chairman, United Bank for Africa (UBA) and one of Africa’s top businessman, Mr. Tony Elumelu, has stressed the need to change the African narrative while concentrating on the myriad of opportunities inherent in the continent, stating that its economic transformation and stimulation should be the focus of all governments and global institutions. This, he says, is paramount if the continent is to take its rightful position as a strong regional player in the international community, owing to its numerous investment opportunities.

    Elumelu, who is the Founder of the Tony Elumelu Foundation, said the time had come for governments on the continent to put things in place to ensure that the continent which has great potential, lives up to it; adding that already, there are signals of the greatness all around.

    Speaking during Richard Quest’s programme on CNN aired on the sideline of the ongoing World Economic Forum in Davos, Switzerland on Thursday, he said; “the time has come for us to prioritise our young ones, who are the future of this great continent. These are the men and women who are energetic in Africa and who can perform wonders if the enabling environment is there.

    “We need to get it right with infrastructure in Africa and with the macro-economic policies and environment. And the good thing is that things are gradually falling in place. I think Africa promises good investment opportunities, the problem has always been creating the right environment for it, and this should be our major focus.” Elumelu stressed.

    He added that in Zimbabwe, for instance, there have been recent concerted efforts by the government and the people to change the narrative, adding that “I am optimistic about what is happening in Africa right now, because our leaders are getting it right and in fact what has happened in Zimbabwe is also an indicator of great things to come. The fact that they on their own decided to sort things out the way they did, is a new kind of democracy that the world needs to learn from. “There is so much private global capital looking for the right destination, they can go to Zimbabwe as in other African nations, once the right environment is put in place.”

    While pointing out that the blame game which previously obtained in the continent should be done away with, Elumelu called for increasing support from the private sector as well as key stakeholders to make Africa and African self-sufficient.

    Throwing more light on this, he said; “We can’t keep talking about missed opportunities. What I keep saying to people is to put an end to the blame game. Let’s begin to fix what needs fixing and get things right. Our government should get it right, the private sector should come forward and we need to support the young African entrepreneurs; create economic hope and opportunities for them. “We need to think of how to engage Africa in the 21st century because it is no longer about giving grants and aid to Africa, it is more about engaging them in a way that creates self-sufficiency; independence; and reduces the perpetual syndrome of dependence.

    Continuing, he said “There is promise; it is getting better because the way this year has started in Nigeria for instance, we have seen market indicators showing good promise, so we are optimistic that it will be better year. The Key is to prioritise things that are important to us to help the continent to grow.”

  • Nigeria is the best investment haven in Africa – Osinbajo

    …Says anyone serious about investment in Africa must come to Nigeria

    Acting President, Prof. Yemi Osinbajo on Monday declared that the best investment destination in the whole of Africa is Nigeria.

    Osinbajo therefore urged serious investors to look no where else but Nigeria.

    Osinbajo made this remarks at the Banquet Hall, State House, Abuja while addressing a gathering at the Nigerian Initiative for Economic Development on Monday.

    According to the Acting President, Nigeria is a country open to free enterprise and it will work.

    In his words: “I like the idea of investors knowing that the reason why you are coming to Nigeria is not to help Nigeria. You will ultimately end up helping Nigeria. But the reason why you are coming here is because this is a good place to do business.”

    The Acting President, who echoed the thoughts of the DG of the Nigerian Investment Promotion Commission, NIPC, noted that anyone who doesn’t invest in Africa or Nigeria in 10 years’ time would be queried by the business establishment for missing out on the best possible opportunity.

    “I remember that I was counsel; I was a lawyer, teaching in the university but also in corporate practice when the first telecom licenses were to be issued,” he said.

    “And I recall that at the time, even the most optimistic of the investors (because we had only 400,000 telephone lines at the time) thought well maybe in five years, we will double the number of lines or maybe triple the number of lines and then we will make profit in about five years or ten years. There were so many who thought, well, it may not be worth it. Aaaah! You know, the business environment is a difficult one etcetera, etcetera.

    “But in about a year of the licenses being granted, all of those who did not invest in it, the big telecom companies who did not invest in it, found themselves holding the short end. They realized that it was a huge mistake because in five years MTN had shown that the telecom sector in Nigeria was just incredibly profitable. They had made profit in one year. MTN alone now has something in the order of about 12million or so lines if not more, and that’s one of the telecom companies that we have.

    “So, really, Nigeria is a place that is waiting to happen and it will happen. That’s really the point. It will happen. The truth of the matter is that any country that opens itself to free enterprise, the way Nigeria is opening itself to free enterprise, will somehow find that it will work.
    That is one of the critical things that we are bringing into the mix.”

    The acting president said government is insisting that the only way the country can make the profit that it needs to make is by private sector investment, beginning with local investment.

    “Our budget is N7 trillion this year. Now, N7trillion is a small amount of money. I am not adding the budget of the states because if you add that it comes to something close to N20 trillion. But just looking at the federal budget it is just 7trillion,” he said.

    “But we have private sector investments that challenge that size. For example, the largest single line refinery in the world is a private sector investment and it’s going to be doing 650,000 barrels of oil every day. That refinery is purely private sector driven.

    “So, really what we intend to do is to push private sector and that’s why we are doing everything that we are doing to ensure that the private sector can come in and invest,” he added.

     

     

  • We are ready to invest €1bn in Nigeria’s oil sector – French Govt

    The French government has announced its intention to invest about €1bn in the nation’s oil and gas industry while also declaring Nigeria as its first economic trading partner in Africa.

    The France Ambassador to Nigeria, Denys Gauer, announced this when the Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation, Mr. Ndu Ughamadu, led a delegation to his office in Abuja.

    Gauer said the French Development Agency had put in place about €1bn to encourage investors from his country to invest in the Nigeria oil and gas sector, adding that the French government was also cooperating with the Federal Government in the fight against Boko Haram insurgency.

    He commended the Federal Government for stemming the insecurity situation in the Niger Delta, noting that Total, a French multinational oil and gas company, had significant investment equity in the Nigeria Liquefied Natural Gas Limited and the Egina Project.

    Gauer, however, expressed concern that some other French companies were having challenges with the unclear fiscal policies in the oil and gas sector in Nigeria.

    He revealed that some French investors were currently developing wind and solar energy in Katsina State.

    NNPC was well positioned and opened to investment opportunities from the French government and investors.

    He noted that with the significant scale down in pipeline vandalism and insecurity, which had boosted oil production, global investors such as the French government could now invest in renewable energy, gas and power infrastructure development, pipeline construction, storage facility and the direct sales and direct purchase of Nigeria’s crude oil grades.

    Ughamadu said the NNPC, as the state owned oil and gas corporation, had global operations and called for closer collaboration between the French government and the corporation, especially in the area of consular services in order to enable the NNPC top executives and staff meet their global engagements.

    He thanked the ambassador for the warm reception accorded the NNPC delegation and assured him that the corporation was determined to develop a robust business atmosphere for investors.

     

  • Rivers State: Nigeria’s tourism and investment destination

    Rivers State: Nigeria’s tourism and investment destination

    By Simeon Nwakaudu

    Endowed by nature as the nation’s treasure base, Rivers State is blessed with vast deposits of oil and gas, two functional seaports, an international airport, revived rail network, vast arable land, enhanced security network and a business friendly environment. Rivers State is Nigeria’s undisputed tourism and investment destination.

    The security framework in the state has been deliberately developed by the Wike administration to ensure the growth of the oil and gas industry. Massive international and Indigenous investments in this sector have made the state the headquarters of oil and gas in the country.

    With access to extensive arable land, water resources and two of the largest fertilizer production plants in the country, backed by an agricultural policy that favours public private partnership model for commercial agriculture, Rivers State provides a platform for profitable crop and fish farming for local and international investors to exploit.

    The tourism industry has been robustly nurtured to attract other Nigerians and foreigners to Rivers State. Beach resorts, the New Port Harcourt Pleasure Park, an international airport, two seaports, good network of roads and railway line, tourists have found Rivers State attractive. Governor Wike since assuming the leadership of the state has created an atmosphere that promotes tourism.

    Electricity supply in the industrial regions of the state has been marvelous as a result of the presence of Gas Turbines at Afam and Omoku. The power situation has been made more attractive by the investments by Governor Wike in the independent electrification of key public facilities in the state, just to free up generated electricity for business purposes.

    Business concerns interested in investing in other mineral resources will find out that Rivers State is a destination of choice. It has several solid minerals in commercial quantity.

    Access to quality healthcare in Rivers State is guaranteed. From tertiary medicare to primary healthcare, investors are assured of access to high class medical professionals and facilities. The Braithwaite Specialist Memorial Hospital, Port Harcourt has been upgraded by the Wike administration, while the University of Port Harcourt Teaching Hospital and hospitals owned by international oil and gas companies are open to those in need of quality healthcare services.

    In Nigeria, Port Harcourt is the home of decent, classy hotels. Visitors troop into the city on a daily basis, just to enjoy the warmth, hospitality and friendship of Rivers people. Recent high-profile developments by the Wike administration have strengthened Rivers State’s position as a national hub for hospitality.

    Connection into Rivers State is the easiest in the country. It boasts of all forms of transportation. Air, road, railway and marine transportation. The international airport, two seaports and the railway have created avenues in and out of the state.

    This is a fertile environment for manufacturing. The Trans-Amadi Industrial Layout has been upgraded by the Wike administration to attract local and international investors to the state. Investors are trooping into the state to take advantage of the business friendly climate.

    Return on investments in Rivers State is the best in the country. Investors have access to ready-made local and international markets to sell their products while the Wike administration has strengthened the security architecture and offered tax reliefs/holidays to woo new investors to the state.

    If you are yet to be in Rivers State for your lifetime investments, you are missing out on the best opportunity. Rivers State at 50 is being led by a Golden Governor who has a midas touch. With the transformation on ground by Governor Nyesom Ezenwo Wike, investors will enjoy an era of financial bliss for choosing Rivers State. Make that wise choice today.

    This is a New Rivers State, Nigeria’s Outstanding Centre of profitable investment.

     

    Simeon Nwakaudu is Special Assistant to the Rivers State Governor on Electronic Media

  • Our economic policies geared towards improving investments, industrialisation – FG

    Our economic policies geared towards improving investments, industrialisation – FG

    The Federal Government will continue to create business environment conducive for investment and industrialisation, the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said.

    The minister said this in a goodwill message to the 2017 Enugu International Trade Fair in Enugu on Saturday.

    “The economic policies of the current government are geared towards creating enabling business environment to enhance investments and industrialisation’’, he said.

    He said that international trade fair helps to promote economic development and foster economic co-operation among individuals, groups and nations.

    Enelamah noted that Micro, Small and Medium Enterprises (MSMEs) play a crucial role in every economy.

    “In a bid to develop and promote their MSMEs, the government has expanded the number of participating agencies in the Nigerian Enterprises Development Programme (NEDEP).’’

    He said participants in the programme now include the Nigerian Export Promotion Council, Nigeria Investment Promotion Commission, Standard Organisation of Nigeria and Corporate Affairs Commission.

    “This will help tackle some of the challenges they face.

    “The Federal Ministry of Industry, Trade and Investment has also put in place a steering committee to develop a road map and policy for the implementation of the MSME policy framework’’, he said.

    “I thank ECCIMA for your commitment, foresight, and resourcefulness.

    “I hope that the exhibitors and participants will take advantage of this fair to exchange information, ideas and know-how in order to grow their businesses’’, he said.

    The 2017 fair is the 28th edition of Enugu International Trade Fair as well as the 7th fair to be held at the permanent Enugu Trade Fair ground, Golf Course, off Enugu-Abakaliki Road, Enugu.

    The 10-day fair, with the theme “Promoting Nigeria’s Industrial Sector and SMEs for Inclusive and Robust Economy’’ will run till April 10.

     

    NAN

     

  • Recession: Dangote explores investment opportunities in Zambia

    Recession: Dangote explores investment opportunities in Zambia

    In what seems like searching for greener pastures, the President of the Dangote Group and Africa’s richest man, Alhaji Aliko Dangote has expressed the desire of his group to further consolidate on his existing investments in Zambia and other African countries by exploring opportunities in the energy and agriculture sectors.

    Dangote spoke at the weekend when he paid a courtesy call on President Edgar Lungu of Zambia to express his gratitude for the enabling environment that the country continued to offer investors at every level.

    TheNewsGuru.com reports that the business mogul has a cement factory running in Zambia in which several hundreds of Zambia residents are gainfully employed.

    Dangote advocated for a more business friendly environment in the country in order to facilitate development and the employment of its teeming youths.

    In his words: “I am here not only to explore investment opportunities and consolidate our existing business relations, but also to congratulate your Excellency for your victory in the last general elections. I wish you many years of success as you guide your nation to greater heights and prosperity,” he told President Lungu.

    “During your tenure, you need to implement agricultural practices which will ensure that yields per hectare are high and competitive. Zambia’s natural advantage in the export market is the readily available captive market that consists of eight neighbouring countries and other nations in the great lakes region,” he said.

    Dangote observed that energy is a critical requirement for economic development and so it is important that Zambia expands its energy supply footprint both for local consumption, and export to regional markets.

    “We are going to explore investment opportunities in the energy sector and perhaps look at the viability of existing petroleum refinery facilities”, he added.

    President Lungu said his government was determined to put in place policies that will be investor friendly and guarantee conducive and enabling environment for the businesses to thrive.

    He then instructed the Minister of Finance and all relevant government ministries and agencies to ensure that the process of facilitating investments in job-creation enterprises is efficient.

    “Agriculture is the major thrust in Zambia’s economic diversification drive and among our top priorities, which include the provision of affordable food, fuel and farmer inputs.

    “I admire your tenacity and commitment to invest within Africa because that is what improves the brotherhood between nations. We will support you and facilitate your investments in Zambia,” assured the President, adding that, “we need to put our hands together to help our people out of poverty”.

    TheNewsGuru.com reports that the billionaire businessman is also renowned for his philanthropy and enormous investment drive across the continent.

  • 6 popular Ponzi schemes thriving in Nigeria

    To survive the ravaging economic effects, Nigerians have decided to invest their hard earned money in popular but informal Ponzi schemes that promise to yield at least 30% profit of any sum invested.

    The High Yielding Investment Programs (HYIP) popularly known as Ponzi schemes which came to being in Nigeria this year, 2016 following the bad economy of the country is no coincidence. It has gotten many Nigerians to invest a whole lot of money in it, and making others leave their jobs to face it as a business.

    The HYIP, which many have adjudged to be scam, promises unsustainably high return on investment by paying previous investors with the money invested by new investors. Most of these HYIPs work from anonymous offshore bases which make them hard to track down.

    One of the most popular of them is the Mavrodi Mondial Moneybox (MMM), whose decision on Tuesday to freeze the accounts of its operators in the country has thrown millions of Nigerians into anguish at the wake of this festive period.

    Against the several warnings levelled out by the Federal Government and other agencies not to venture into any of the Ponzi schemes, Nigerians seem unswerving towards their decisions, as they say the present administration of the country have failed them.

    Here are 6 of the most popular HYIPs that trended:

    1) MMM

    MMM stands for Mavrodi Mondial Moneybox and took its name from its founder, Sergei Panteleevich Mavrodi of Russia. Three years after he founded MMM in 1989, the scheme was declared bankrupt and Mavrodi disappeared, until his arrest in 2003. The scheme was launched in Nigeria in November 2015.

    2) Ultimate Cycler

    Ultimate Cycler is among the hottest online networking business in Nigeria today just like MMM and the other Ponzi schemes. In Ultimate Cycler, members donate money to members meaning you are not paying money into the site system. It is a mutual community where members help members.

    3) Zarfund

    Zarfund is basically a voluntary donation platform. This means that members voluntarily donate money in exchange for more donations to come to them. This is all done voluntarily. There is no admin getting involved in handling any money. This is all done member to member.

    4) iCharity

    International Charity Club (iCharity Club) is an International network of donors. iCharity Club is a peer-to-peer donation platform for members to help other members in a systematic way. By using this platform, member can give and receive donations from each other. It is open to everybody, anywhere in the world, and anybody can join the program.

    5) Crowd Rising

    Crowd Rising is a person-to-person (peer-to-peer), direct funding and crowd sharing platform. It brings forth a new way of raising funds for various causes, whether it is for personal needs or a host of worthy causes, such as churches, schools, non-profit organizations, etc.

    6) NNN

    This is a community of ordinary people, selflessly helping each other, a kind of mutual aid. This is the first sprout of something new in modern soulless and ruthless world of greed and hard cash. The goal here is not the money. The goal is to acquire as much as you can. NNN surfaced few days after MMM users account were frozen. It is said to have a resemblance to MMM but much better with 35% profit as opposed to MMM’s 30%.

    However, with the freezing of accounts of investors in the MMM scheme, it is unclear if other surviving schemes will enjoy the continued patronage of Nigerians.