Pension funds which currently stood at N6.5 trillion is faced with a major threat of depletion due to the multiple Bills sponsored by some persons and bodies at the National Assembly if becomes law. These were the words of the pension regulator, The National Pension Commission (PenCom) and the umbrella body of pension operators, Pension […]
The National Pension Commission (PenCom) has concluded arrangements for the opening of transfer window to customers. The Executive Director, Operations and Services, Premium Pension Limited, Adamu Mele, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja yesterday. According to him, there are several institutions handling the identity of Nigerians. […]
The Minister of Finance, Mrs. Kemi Adeosun, has brokered a resolution of the dispute between the National Pension Commission and the National Insurance Commission over a circular issued by PenCom directing life insurance companies to transfer their annuity asset holdings to Pension Fund Custodians. The intervention of the minister was confirmed in a statement by […]
CBN Reads Riot Act To Banks Over Intervention Funds The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest on intervention funds guaranteed by the apex bank. Mr. Emefiele who gave the warning in Abeokuta, Ogun state, during an interaction between the […]
Wema Bank opens new branch in Abuja Wema Bank Plc has announced the opening of a new branch in Abuja as part of its strategic expansion following a national licence granted the bank by the Central Bank of Nigeria in 2015. The lender, in a statement on Wednesday, said the new branch would strengthen its […]
MMM will lead to losses, Access bank warns customers
Access Bank Nigeria Plc has warned its customers to avoid dealing with Mavrodi Mondial Movement, a Ponzi scheme, which has been declared illegal by the Central Bank of Nigeria and the Securities and Exchange Commission.
The bank in an emailed statement to its customers said it had come to its attention “that some customers are engaged in the Ponzi scheme called ‘MMM’”.
“Please be advised that this scheme is not in line with any applicable or known investment product and may ultimately lead to loss of funds in the long run,” the bank warned.
“We advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”
Despite the warning by the Federal Government, thousands of Nigerians have continued to patronise the scheme with its website ranking as one of the five most visited in the country, ahead of Facebook.
The Central Bank of Nigeria had on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it.
The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day.
The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.
The platform had embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent. Read more about MMM will lead to losses, Access bank warns customers …
CBN policy delays wheat farming in Kano – Farmers Wheat Farmers in Kano State have blamed the Central Bank of Nigeria (CBN) for the delay in the take-off of this year’s wheat planting season in the state. According to agency report, Faruk Rabiu, Kano State Chairman, Wheat Farmers Association of Nigeria (WFAN), had disclosed that […]
SEC, sole approving authority for securities—Adeosun Finance Minister, Mrs. Kemi Adeosun, has reiterated that the responsibility for the supervision, regulation and approval of issuance of securities in the local market for Nigeria’s internal debt rests solely with the Securities and Exchange Commission (SEC). The minister stated this in a circular explaining that, in line with […]
SEC takes step at improving financial literacy…… Launches capital market journal The Securities and Exchange Commission is set to improve the financial literacy of Nigerians as poor financial literacy has been identified as one of the factors responsible for the low level of financial inclusion in the country. This was disclosed by Director General of […]
CBN retains monetary policy rate at 14%, amidst deepening recession The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr. Godwin Emefiele, who announced the decision of the committee at the end of a two-day meeting held at the apex […]