MMM: 3 million Nigerians lost N18bn to scheme – NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has said that at least, three million Nigerians have lost N18bn in the popular Ponzi scheme, Mavrodi Mundial Movement(MMM). .

The Managing Director of the corporation, Alhaji Umaru Ibrahim made this known at the ongoing 38th Kaduna International Trade Fair on Thursday.

He decried Nigerians investment in the scheme despite repeated warnings by the Central Bank of Nigeria (CBN) and other agencies.

He stressed that trading in the Phonzi scheme with Bitcoin, and other internet-based transactions were not in line with the Cental Bank Nigeria’s directives.

He warned that any person who invests their money in the Ponzi scheme does so at their own risks.

Court dissolves marriage of Nollywood actor, Emeka Ike to wife, Suzanne

Nollywood actor, Emeka Ike’s 17-year-old marriage has been dissolved by a Lagos Customary Court sitting in Lagos Island, on Thursday.

His embattled wife, Suzanne Emma, in a suit filed against the actor, complained to the court of incessant beating, molestation and torture by her husband.

A three-man panel, presided over by Chief Awos Awosola, dissolved the union, while delivering judgment in a marriage dissolution suit, marked LCC/15/2015, filed by the actor’s wife.

The actor, However, pleaded with the court not to dissolve the marriage, denying ever torturing his wife.

He claimed that his wife had moved out of their matrimonial home five times without any reason.

He also told the court that trouble began in their marriage from the time his wife had to pay the school fees of their children.

However, in its judgment, the court stated: “From all the evidence before the court, the marriage between the couple had broken down and it is irreconcilable, consequently, the marriage is hereby dissolved.

“Any party that is dissatisfied with the judgment should file an appeal within 30 days.”

Emeka, was granted the custody of the four children and ordered that their mother should be granted unhindered access to them.

The court also received the photocopy of a bank draft of N300 dated July 20, 2016, with which Emma refunded the bride price her family received during her marriage to the actor.

The separated couple had livED together for 17 years, but formally got married in 2014.

PDP crisis: Sheriff hails Jonathan, declares readiness for political solution

Senator Ali Modu Sheriff-led Peoples Democratic Party (PDP) National Working Committee (NWC) has commended former President Goodluck Jonathan’s efforts towards finding a lasting solution to the party’s leadership crisis.

Professor Wale Oladipo, the National Secretary, said this in a statement issued on Wednesday in Abuja.

Oladipo disclosed that members of NWC at their meeting, sequel to the “official re-opening of the PDP National Secretariat“, Wadata Plaza, acknowledged the leadership qualities of the former president.

He said that the NWC also noted with satisfaction the stand of the PDP Governors’ Forum on the need to adopt “a political solution in bringing lasting peace to the party’’.

“The NWC restates its readiness to fully participate in the peace process.

“The NWC hereby calls on all staff of the PDP National Secretariat to resume duties immediately,” he said in the statement.

Oladipo said that the NWC also received and approved the request from PDP in Ebonyi for a time-table to conduct the party primaries for the local government elections in the state.

“Finally, the NWC commends the National Chairman, Sen. Ali Modu Sheriff for the swift renovation of the National Secretariat,” Oladipo said.

Recall that PDP Governors’ forum, on Tuesday met with Jonathan in Abuja and agreed to adopt a political solution to the crisis.

Ekiti State Governor, Ayo Fayose, spoke on what was discussed at the meeting.

General Overseer who allegedly enticed ex-Rep’s wife arraigned

Bukuru Chief Magistrate’s Court in Plateau yesterday granted bail to Evangelist Danjuma Fwenji, who was alleged to have criminally enticed Joy, the wife of Mr Leonard Dilkon, a former House of Representatives member.

Dilkon, who represented Pankshin/Kanam/Kanke constituency in the House of Representatives between 2003 and 2007, had dragged Fwenji to the court for allegedly enticing his wife.

Fwenji denied the allegation.

At the resumed hearing of the case on Wednesday, his counsel, Mr Smart Irabor, prayed the court to grant his client bail, quoting section 36 (5) of the 1999 constitution that held that an accused person was innocent until otherwise proven.

Irabor told the court that his client would neither jump bail, nor interfere with police investigation.

“I can also assure the court that my client will always be available for trial,” he said.

Irabor further urged the court to grant the accused bail based on self-recognition.

But Mr Francis Okafor, counsel to the complainant, who did not object to the bail application, prayed that the court should take stringent measures in granting it.

“This is important because the accused has been avoiding the court.

“He has always refused to appear before the court to clear himself of the allegations levelled against him.”

Okafor recalled that two bench warrants were issued on the accused but that it had always been difficult to serve him because “he moves around with armed policemen”.

The counsel said that the demand for bail based on self-recognition was “an insult” to the court because the case was a direct criminal complaint and not a police prosecution.

In his ruling, the Chief Magistrate, Sam Galadima, admitted the accused to bail in the sum of N1.5 million and two sureties in like sum.

The magistrate adjourned the matter till April 27, for further hearing.

Naira remains stable at parallel market

Naira on Wednesday remained stable at the parallel market, exchanging at N450 to a dollar, the News Agency of Nigeria reports.

The Pound Sterling and the Euro crashed further at the parallel market, exchanging at N535 and N460 respectively.

At the Bureau De Change window, the Naira was sold at N399 to a dollar, the Central Bank of Nigeria-controlled rate, while the Pound Sterling and the Euro closed at N610 and N500 respectively.

At the interbank window, the Naira closed at N305.25 to a dollar.

Traders at the market urged the CBN to sustain the gains of the new policy by boosting liquidity at the market.

Meanwhile, Prof. Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, told NAN that the new FOREX policy could be sustained to the extent that external reserves could sustain it.

Tella frowned at the lifespan of the policy, adding that every good policy was characterised by its ability to be sustained for a longer period.

He urged the Federal Government to dialogue with the monetary policy formulators to ensure a reduction in the nation’s benchmark interest rate.

The financial expert argued that lowering the lending rate would encourage small businesses in need of expansion to borrow money at a low cost, thereby increasing the capacity of the nation to earn foreign exchange.

NAN reports that since the CBN rolled out the new FOREX policy, the Naira had continued to strengthen dramatically against the greenback and other major currencies.

Sustaining the gains of the policy became a subject of debate among scholars and stakeholders in the foreign exchange industry.