Thursday 10 November 2016

Lawmakers warn Nigerians against investing in MMM scheme


The Lower Chamber of Nigeria National Assembly, House of Representatives has called on Nigerians to desist from investing in the Mavrodi Monrodi Moneybox scheme popularly known as MMM or risk loss of their funds.

This call was unanimous adopted by the green Chamber after the motion was moved by Rep. Saheed Akinade-Fajabi (Oyo-APC) at plenary on Wednesday in Abuja.

According to Akinade-Fajabi, in the motion disclosed that the scheme was set up by three Russian nationals in 1989 and that clients were made to invest monies with the hope to make 30 per cent interest in 30 days.

He said that the structure and operations of the scheme indicated otherwise as clients could have multi-level structures under them and earn bonus. He said that the scheme prided itself as a mutual fund through which recruited clients contributed money in form of assistance without any intent to engage in banking business.

He stated further that the scheme entered Nigeria in 2016, capitalising on the high level of unemployment and poverty in the country to deceive and make Nigerians fall prey of their antics.

He said that a similar scheme had been launched in Russia by the same founder where investors lost millions of dollars, adding that the scheme had been banned in China to avert “financial havoc’’.

 It could be recalled that last week, the Central Bank of Nigeria (CBN) had admonished Nigerians on the MMM scheme, saying it was fraudulent.

Meanwhile, in his ruling, the Speaker of the House, Mr Yakubu Dugara, mandated the Committee on Banking and Currency to investigate the scheme with the view of saving Nigerians participating in it from financial disaster.


Wednesday 9 November 2016

How Hillary Clinton lost

Hillary Clinton
The US presidential election is a surprise to most Americans and the world at large. Many were indeed stunned by the outcome of the long awaited presidential election, including the bitter rival of Donald Trump, Hillary Clinton.

The question that may probably be going through in her mind and millions of people in the world is, ‘where could we have gotten it wrong’ even with the Obama coalition which probably may have been her greatest undoing.


African-American, Latino and younger voters failed to show up at the polls in sufficient numbers Tuesday to propel Clinton into the White House.

Clinton conceded the race after 2 a.m. ET. Before polls closed her campaign had been confident of victory. In the end, however, she lost even some states thought to be safely in her column, like Wisconsin. She trailed in others, like Pennsylvania and Michigan.

While she won the key demographic groups her campaign targeted, she underperformed
President Obama across the board, even among women, according to exit poll data.

A slightly larger share of black and Latino voters cast ballots for Trump than supported Mitt Romney in 2012, despite Trump's disparaging remarks on African-Americans, Mexicans and undocumented immigrants.

President Barack Obama, who captured the presidency with the help of the African-American and Latino communities, issued several personal pleas to black voters to back Clinton in recent weeks.

But not enough African-Americans, along with Latinos, heeded the call.
Some 88% of African-American voters supported Clinton, versus 8% for Donald Trump, as of very early Wednesday morning. While that's a large margin, it's not as big as Obama's victory over Mitt Romney in 2012. Obama locked up 93% of the black vote to Romney's 7%.

Some 12% of the electorate was African-American this year, compared to 13% four years ago. That's a key drop, especially when paired with a smaller-than-expected growth in Latino votes.

This lowered turnout happened even after Trump repeatedly made sweeping comments about how black communities were in the worst shape ever. Referring multiple times to "inner cities," Trump said black people live in poverty, have no jobs and get shot walking down the street. "What do you have to lose?" he asked.

Clinton's support among Latinos was even more tenuous, despite Trump pledging to build a wall on the Mexican border, accusing undocumented immigrants of being criminal aliens and promising to deport them.

Only 65% of Latinos backed her, while 29% cast their votes for Trump. In 2012, Obama won 71% of the Hispanic vote and Romney secured 27%.

Hispanics inched up to 11% of the electorate, up from 10% in 2012.

Beyond the Obama coalition, Clinton was also not as popular with white voters as Obama was. She won only 37% of the white vote, compared to Obama's 39%. Surprisingly, Trump also garnered a slightly smaller share than Romney, capturing 58% of the vote to Romney's 59%.

White voters made up 70% of the electorate this year, down from 72% four years ago.

Asian voters, which made up a tiny 4% of the electorate, were also less supportive of Clinton than of Obama. Some 65% of Asian voters cast ballots for her, as opposed to 73% for Obama in 2012.

Clinton also failed to capture as many young voters, who flocked to her rival Bernie Sanders in the primary and to Obama four years ago.

She won 55% of voters age 18 to 29, compared to 37% who cast ballots for Trump. But Obama secured 60% of these young voters to Romney's 37%.

When it came to women voters, Clinton won 54% compared to Trump's 42%. Even though 70% of voters said that Trump's treatment of women bothered them, they still didn't flock to the woman who could have broken the glass ceiling. Obama won 55% of the women's vote in 2012.



CNN

Tuesday 1 November 2016

Italian league: Inter sack De Boer


Frank Boer
Frank Boer has been sacked as the head coach of "FC Internazionale Milano after suffering another defeat against Sampdoria on Sunday.

The Ducthman was sacked after 14 games and won five of those games.

Pressure had been mounting on De Boer, who only took charge in August, with the club sitting 12th in the table after four wins from 11 matches.

Chief executive Michael Bolingbroke insisted that De Boer had "100 per cent" backing before the defeat at Sampdoria but, with just five wins from his first 14 games at the helm, the Dutchman has been given the axe.

The club have placed Primavera coach Stefano Vecchi in temporary charge ahead of Thursday's Europa League game against Southampton.


"FC Internazionale Milano announce that it has today terminated the contract of coach Frank de Boer with immediate effect," an official club statement read.


Goal.com

Beware of MMM, it is fraudulent – CBN warns Nigerians



At a time when there are growing apprehensions that the Mavrodi Mondial Movement, MMM, scheme is fraudulent, the Central Bank of Nigeria, CBN, has warned Nigerians to be wary of it, Daily Post report.

This is coming shortly after the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, dissociated himself from the MMM, saying he has nothing to do with it or any other online financial aid community, projects or contracts.

The head of the consumer protection department of the CBN, Kadija Kassim, on Monday said the activities of the scheme are not regulated by any institution.

Speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company, referring to the scheme as a “wonder bank”.
“Don’t save what is left after spending, but spend what is left after saving.”

DAILY POST learnt that many Nigerians have been lured into MMM which functions as an online investment scheme.


The scheme claims to allow a 30 per cent monthly return on investment for every investor.