By Desmond Ejibas

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against investing their money in fraudulent investment schemes that promises high returns to investors.

Mr Wilson Uwajaren said in a statement in Port Harcourt that the anti-graft agency was worried over the development that had seen thousands lose their life savings to scammers.

The News Agency of Nigeria (NAN) reports that one of such popular schemes, MBA Forex which promised its investors 15 per cent Return on Investment monthly, crashed in November leaving its over 100,000 investors stranded.

The Central Bank of Nigeria (CBN) which later froze MBAs bank accounts, said that the company owned by one Maxwell Odum, had collected over N171 billion from its investors before crashing.

Also, another popular scheme, Baraza Multipurpose Cooperative headquartered in Yenagoa, Bayelsa had in March announced its inability to meet its obligations to its over 25,000 investors.

The company owned by one Miebi Bribena, a pastor, had promised to refund investors their capital running into billions, but didnt provide any reasonable timeline to refund their monies.

Uwajaren said that the commission had received several petitions from victims of ponzi, forex and Bitcoin investment schemes.

This trend indicates that investment scams has continued to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.

The direct implication is that hapless citizens are losing their hard-earned money to fraudsters, who by their activities compound the nations economic woes.

Many have lost, and are still losing money to ponzi schemes, forex trading and most recently, Bitcoin trading, he said.

The EFCC spokesman warned members of the public against taking unmitigated risk in desperation to earn a windfall on fraudulent schemes.

According to him, investments in Bitcoin and other crypto currencies were a high risk activity especially as the terrain was largely unregulated, and prone to fraud.

The EFCC states that, while it will continue to investigate and prosecute persons complicit in fraudulent investments schemes, it is incumbent on the investing public to be circumspect in their investment decisions.

Any investment that promises returns that look too good to be true should be considered a red flag.

Nigerians are by this notice, warned to be wary of fraudulent schemes, and are hereby, enjoined to resist the temptation of quick gain that could end in misery, he warned. (NAN)

Source: NAN News

By Francisca Oluyole

Dr Ochechukwu Ogah, Minister of State, Ministry of Mines and Steel Development (MMSD) says the ministry recorded 1,562,720 grams of Gold production from 2016 to 2020.

Ogah disclosed this during the 2021 Annual Public Lecture organised by the Nigerian Society of Engineers (NSE), Bwari branch, in collaboration with MMSD on Thursday in Abuja.

The theme of the event was Economic Diversification in the Post COVID-19 Era: Special focus on the Sustainable Development of Nigerias Coal and Gold.

He said that the ministry recorded 30,112.24 grams gold production in 2016with 17,458.22 grams in 2017 and 64,000.05 grams in 2018.

He added that it had 162,742.53 grams in 2019 and 1, 288,407 in 2020 bring the total production to 1,562,720.04 grams.

According to him, Nigeria is blessed with abundant gold that can help to manage the effect of devaluation of our currency.

Nigeria can use the gold produced to boost our foreign reserve as well.

We can subdue insecurity militating against mining activities in Nigeria using all the methods that other countries are using, he said.

He said that there was no doubt that the gold resources of Nigeria could contribute immensely to the economic diversification of the country but more contributions and efforts from stakeholders were expected.

He also explained that Nigerias gold reserve was estimated to be over a million ounces in Osun where detailed exploration and reserves checks were done.

He said that the impact of COVID-19 was most felt by both small and big mining operators, adding that mining and quarry companies were unable to produce and sell mineral commodities to generate income among others.

On coal, he said that available data showed that coal occurred in commercial quantities and grade in 22 coal fields spread across 16 states in Nigeria.

According to him, the ministry is aspiring to have a coal industry that is producing large tonnages of coal for electricity generation and other domestic use and generate revenues for government.

Mrs Halimat Adediran, Chairman, Bwari branch of the Society said that coal was one of the major sources of power generation in South Africa adding that Nigeria had high quality coal that could be tapped for power generation.

Adediran said that available coal in Nigeria could also generate foreign exchange for the Federal government.

According to her, the Nigerias gold, which can be refined to meet the standard of the London Bullion Market Association, is grossly under tapped.

Mr Babagana Mohammed, President of NSE called for private sector involvement in mining activities for government to achieve its diversification agenda. (NAN)

Source: NAN News

By Martha Agas

The Minister of Works and Housing, Mr Babatunde Fashola, has decried the rate of excessive rent extortion and acquiring properties by land owners.

The Minister, speaking at the 9th meeting of the National Council for Lands, Housing and Urban Development, on Thursday in Jos, said the situation got more prevalent during the current COVID-19 pandemic.

The minister, represented by the minister of state for housing, Mr Abubakar Aliyu, pointed out that excess demand for housing in urban areas is the cause of price hike and scarcity impeding affordability and accessibility.

He said acquiring and leasing properties can be made affordable and accessible, through installment payments, saying a N10m flat would probably be affordable and accessible if payment is spread over five to 10 years as against having to be paid at once.

According to the minister, extortionist rates became worse during the Covid-19 pandemic, especially for those who lost their jobs and businesses, saying private companies and individuals were critical to addressing affordability.

For example, in cases where rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one, two or three years rent in advance.

The risk of defaults can be secured by Bank Guarantees or Insurance Bonds provided by the tenant. Where rent has fallen into arrears.

It is possible to emulate what the Federal Government of Nigeria did through the Central Bank of Nigeria, to reschedule payment on loans, by re-scheduling the payment for the tenant to more affordable terms instead of pursuing eviction, he said.

Fashola urged the council in their deliberations, to recommend a legislation that addresses issues of advance payment of rent, and sanctions to be enforced on defaulters.

He said the theme of the conference, Housing Delivery in Covid-19 Era and Beyond: The Strategies for Affordability and Accessibility, was apt with the economic down turn being experienced.

Fashola noted that access to affordable housing, especially in urban areas, has been a major challenge over the years, saying excess demand in urban areas is the bane for price hike and scarcity impeding affordability and accessibility.

He said the federal government, in its housing initiative with the Federal Mortgage Bank of Nigeria, has engaged 86 cooperatives in housing projects to facilitate accessibility.

The minister said N35.784 billion had been cumulatively approved for the housing initiative with N10.95 billion cumulatively disbursed, saying 57 Cooperative Housing Development Loans were being processed as at January, 2021.

Cooperatives can leverage their members to get group discount for purchase of building materials, and the engagement of contractors to build, he said.

He thanked the states who have provided land for the National Housing Projects, saying a web portal would be unveiled for the sale of the buildings to Nigerians on a first come first serve basis.

In his remarks, Gov Simon Lalong of Plateau, said access to land is a major global challenge to housing delivery, saying the acquisition of land was riddled with difficulties, which eventually add the cost of the houses when eventually delivered.

He said his administration has adopted a Public/Private Partnership in the acquisition of land and preparation of layouts to make housing more affordable and attract investors.

To encourage people to key into such initiatives, we have also approved a 50% discount on all land-related charges in the State from 2016 to date, he said.

Lalong said a one-stop investment centre was established in the state to ease doing businesses for investors, by ensuring documentation and access to other facilities was provided at the same point.

To ensure that we eliminate risks in land administration and increase investor confidence, we have also signed into law the anti-land grabbing bill that will deter people from sharp practices in land management, he said.

He urged the council to make recommendations on the ugly development of growth in urban slums in Nigeria, which was a major obstruction in planning and the provision of infrastructure.

Lalong appealed to the minister to fast track the commencement of road projects in the state, such as the Akwanga/Jos/Gombe Road, Jos/Zaria Road, Ibi/Shendam/Lafia Road and Wase Bridge, among others.

Also speaking at the event, the Chairman, House Committee on Housing and Habitat, Mustapha Dawaki, urged the participants to deliberate, on proffering solutions to the high cost of building materials impeding affordability of housing.

The chairman, represented by Hon. Solomon Maren of the Bokkos/Mangu Constituency in Plateau, urged the council to seek ways in stemming building collapse, especially with the present housing deficit.

The News Agency of Nigeria (NAN) reports that the meeting which began on 26 April, will end on Friday. (NAN)

Source: NAN News

Winners have emerged for the knockout stage/quarter-finals of CAF Confederation Cup following Wednesdays conclusion of Group matches (Day 6 fixtures).

From Group A

1. Enyimba (Nigeria)
2. Orlando Pirates (South Africa)

From Group B

3. JS Kabylie of Algeria
4. Cotton Sport of Cameroon.

From Group C

5. Jaaraf (Senegal)
6. CS Sfaxien (Tunisia)

From Group D

7. Raja Casablanca (Morocco)
8. Pyramids (Egypt)

Group A
Enyimba (Nigeria) 1-0 Orlando Pirates (South Africa)
ES Setif (Algeria) 1-0 Ahly Benghazi (Libya)

Group B
RS Berkane (Morocco) 2-1 Coton Sport (Cameroon)
JS Kabylie (Algeria) 2-1 Napsa Stars (Zambia)

Group C
CS Sfaxien (Tunisia) 0-0 Jaaraf (Senegal)
Etoile du Sahel (Tunisia) 2-1 Salitas (Burkina Faso)

Group D
Raja Casablanca (Morocco) 2-0 Nkana FC (Zambia)
Pyramids (Egypt) 1-0 Namungo (Tanzania)

Group A

1. Enyimba (Nigeria) 9 points
2. Orlando Pirates (South Africa) 9 points
3. ES Setif (Algeria) 8 points eliminated
4. Ahly Benghazi (Libya) 7 points eliminated

Group B

1. JS Kabylie (Algeria) 12 points
2. Coton Sport (Cameroon) 9 points
3. RS Berkane (Morocco) 8 points Defending champions eliminated
4. Napsa Stars (Zambia) 4 points eliminated

Group C

1. Jaaraf (Senegal) 11 points
2. CS Sfaxien (Tunisia) 10 points
3. Etoile du Sahel (Tunisia) 8 points Champions in 2006 and 2015, eliminated.
4. Salitas (Burkina Faso) 3 points eliminated

Group D

1. Raja Casablanca (Morocco) 18 points
2. Pyramids (Egypt) 12 points
3. Nkana FC (Zambia) 6 points eliminated
4. Namungo (Tanzania) 0 eliminated

The first-leg of the quarter finals will take place on 16 May and the second leg on 23 May. (PANA/NAN)

Source: NAN News

A jeweller shot two people who broke into his shop in a town in northern Italy, while a third person escaped with injuries.

Police on Thursday questioned the man who had been admitted to hospital during the night with gunshot wounds, ANSAnews agency reported.

The attempted break-in occurred on Wednesday in the small town of Grinzane Cavour in Piedmont, local media reported.

The jeweller was tied up and injured during an earlier robbery at the same shop, in 2015, according to the ANSAreport.

Several months later, the thieves were detained with the stolen goods.

This time, the jeweller used his own weapon against the suspects, according to Corriere della Sera newspaper.

He was alerted to the break-in by his wife and daughter, who called for help.

He came to their aid from another part of the shop, and fired several shots, fatally injuring two of the suspected thieves.

One man was left lying in the middle of the street, according to the ANSAreport.

The police were now investigating to determine the exact course of events.

Meanwhile Matteo Salvini, head of the far-right Lega party, described the case as self defence in a Facebook post. (dpa/NAN)

Source: NAN News

By Naomi Sharang

Chairman, Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has expressed confidence in the National Assemblys ability to pass Electoral Act Amendment Bill before the 2023 general elections.

Yakubu stated this at a public hearing on the National Electoral Offences Commission (Establishment) Bill, 2021 organised by Senate Committee on INEC, on Tuesday in Abuja.

The INEC boss, who noted the importance of the bill to the 2023 general elections, said, We are confident that the National Assembly will conclude work on the legal framework in earnest.

In order to do so, there should be clarity and certainty about the electoral legal framework to govern the 2023 general elections.

We are confident that the national assembly will do the needful and do so in earnest.

The commission is anxious to know the legal framework to govern the conduct of the 2023 general elections.

By the principle established by the commission, the 2023 general elections will hold on Feb. 18, 2023, which is exactly one year, nine months, two weeks and six days away from today.

Yakubu said that the commission would release the timetable for the general elections immediately after the Anambra governorship election, scheduled to hold on Nov. 6.

On the Electoral Offences Commission Bill, Yakubu appealed to the national assembly for its expeditious passage.

It is not that the commission hasnt done much or anything about the prosecution of electoral offenders.

Since the 2015 general elections, 124 cases have been filed in court and are being prosecuted. So far, we have only achieved 60 convictions out of the cases.

We will like to see more prosecution of offenders, not just of ballot box snatchers and falsifiers of results of elections, but more importantly, their sponsors.

We look forward to the day when highly-placed sponsors of thuggery, including chieftains of political parties and candidates, will be prosecuted, he said.

Earlier, President of the Senate, Ahmad Lawan, while opening the hearing, said that the bill would not only harmonise regulations and laws related to electoral offences, but also serve as deterrence to offenders.

Lawan, who was represented by Senate Minority Whip, Sen. Philip Aduda, said having the electoral offences commission would be a solution to ensuring diligence in the administration of electoral justice system.

While commenting on the Electoral Act Amendment Bill, Chairman, Senate Committee on INEC, Sen. Kabiru Gaya, said that it would be passed soon.

The process will soon be concluded. We are presently working with stakeholders towards concluding the process and the presidents assent within this quarter, he said.

On the electoral offences commission, Gaya said the bill provided for the commission to investigate and prosecute electoral offenders on the powers of the attorney-general and adopt measures to prevent, minimise and eradicate electoral offences. (NAN)

Source: NAN News

By Folasade Akpan
Mr David Ibidapo, a Senior Research Analyst at AFEX Commodities Exchange has attributed rise in food inflation in Nigeria to low levels of agricultural produce.

He said this while speaking with the News Agency of Nigeria (NAN) on Wednesday in Abuja on the continuous rise of food inflation in the country.

NAN reports that the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for March said composite food index stood at 22.95 per cent compared to 21.79 per cent recorded in February.

It added that the rise in the food index was caused by increase of prices in bread, cereals, potatoes, yam and other tubers, meat, vegetables, fish, oil and fats and fruits.

Ibidapo said that the quantity of food produced locally was not commensurate with the demand for the food items.

He added that land border closure in 2019 also contributed to the inflationary pressure on food.

Ibidapo said that over the years before the closure of the land borders, there had always been imported commodities like rice and some others which helped to meet the nations supply shortfall.

He added that insecurity in the major food producing states caused supply disruptions as farmers were not able to go to their farms, causing low production and further inflationary pressure on food prices.

The issue of increase in fuel price which caused an increase in transportation prices also impacted on the increase in inflation of food.

We also have other issues around the agricultural value chain such as the cost of production of food items which is currently high.

This is due to the fact that we have huge infrastructural gap and logistics challenges, storage challenges and food loss while the commodities are moved to the market.

Ibidapo, however said that the outlook for food inflation was still bleak as further pressure on food prices was still expected.

He said that the way forward was by enacting policies and actions to ramp up or increase production of food that would meet required standard.

He added that the only way to drive down food prices was to meet with demand levels.

He also said efforts should be intensified to unlock finance for small holder farmers, drive down cost of purchasing fertilisers and ensure improved use of machineries to make their work easier and better.

He added that institutions like AFEX was looking at ways that would aid farming and boost productivity.

We are looking at how we can replace buildings with other collaterals.

In traditional banking, those factors that they would have to consider before extending credit facilities, most of the small holder farmers which account for above 80 per cent of total production of food cannot meet up with them.

Some actually live on or below the poverty line and it is a major challenge for them, he said.(NAN)

Source: NAN News

By Chukwuekema Opara

Gov. Dave Umahi of Ebonyi has directed all native doctors and traditional medicine dealers in the state to register with the state government and the police within seven days.

Umahi gave the directive on Wednesday after the weekly state security council meeting in Abakaliki.

There would be an executive order to this effect and anyone caught doing otherwise would be arrested and prosecuted, he said.

He also directed that all wake-keeps and other social activities in the state must end by 6 p.m., charging council chairmen and relevant security outfits to enforce the order.

Anyone who defies this directive would pay a fine of N1 million as criminal activities are perpetrated through these wake-keeps which last through the night, he said.

He called for a cessation to the killings of security personnel, civilians and destruction of public facilities, noting that they are purely criminal activities.

The perpetrators post such killings and destruction on the social media, claiming that they are members of the Indigenous People of Biafra or the Eastern Security Network.

I am not standing for either groups but they continued to deny that they are not into violence.

I direct security agencies to crack down on all criminal activities in the state and prosecute all culprits, he said.

Umahi regretted the rampant circulation of fake news in the state and warned that the government would no longer tolerate such.

Someone posted on Wednesday that herders attacked a school in Abakaliki and schools began to close and people running in panic.

Anyone who circulates fake news whether from the opposition or in agreement with me would be arrested and prosecuted, he said. (NAN)

Source: NAN News

Source: NAN News

By Suleiman Shehu

Operatives of the Oyo State Security Network Agency, also known as Amotekun, have arrested 11 suspected bandits terrorising residents of the state.

Amotekum Commandant in the state, retired Col. Olayinka Olayanju, disclosed this in a statement on Thursday in Ibadan.

Olayanju said that the suspects were arrested during joint routine patrol with members of the Oodua Peoples Congress (OPC) and other vigilance groups in the early hours of Thursday.

Olayanju said that the suspects were arrested at two illegal check points in different locations.

The commandant said that while five of them were arrested in Saki East Local Government Area, six others were arrested at Kajola council area of the state.

The commandant said that the suspects had been handed over to the police.

The bandits whose modus operandi is to pretend as herdsmen in the day and violently rob innocent passengers on the highways at night were caught with 183 cows, weapons and a total sum of N268, 470.00.

They have been handed over to the police along with the 183 herds, weapons and money found in their possession for further investigation.

Those with necessary information that could help the law enforcement agencies in their investigation are enjoined to report to the nearest police authority, he said. (NAN)

Source: NAN News