Loom Nigeria: Why you should avoid another MMM disaster
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LOOM Nigeria is DOOM: Why you should avoid another MMM disaster

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LOOM is DOOM

Ponzi money making schemes are perfect examples of a bad investment that is even worse than gambling. Yet, even with the Nigerian SEC (Security Exchange Commission) warnings, most Nigerians have refused to stay away from it.

According to Wikipedia:

“A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors”

MMM – Mavrodi Mundial Money – was accepted throughout the country in mid 2016 as students and workers invested their money in it. By December 2016, MMM had crashed together with the hard earned money of many Nigerians.

So many Ponzi Schemes have come and gone after MMM. Due to the high rate of poverty bedeviling Nigerians, many are not ready to give it up.

Most especially with the mouth-watering ROI (Return on Investment) promised by these fraudulent schemes.

LOOM has finally broken away from other ponzi schemes and it is now trending among Nigerians who claim it is better than MMM.

MMM offered a 30% ROI for doing absolutely nothing than giving out your money to someone. A nice idea yet it remained unstable since it is absolutely fraudulent to get 30% ROI for nothing.

LOOM offers a whooping 800% Return on Investment on your money.

This means that if you start with N1000, the system will pay you N8000. You are required to refer you friends to join and pay before you get the money, However it not proper to get an 800% ROI overnight.

The main problem of a ponzi scheme like this is stablity. LOOM, no matter how good it looks can never withstand the test of time and more people will end up loosing their money.

The living condition in the country has given rise to fraudulent schemes like LOOM. The Nigerian SEC has advised citizens against this.

It is advisable to turn a deaf hear to LOOM marketers before they lure you into DOOM.

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BREAKING

GTB Vs Innoson: Courts Grants Innoson Chairman To Take Over Bank Over Debt

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GTB Vs Innoson: Courts Grants Innoson Chairman To Take Over Bank Over Debt

The Federal High Court in Awka grants the Innoson chairman to take over Guarantee Trust Bank Plc, GTBank after the court proceedings on the 20th of May, 2019, NIGERIA NEWS reports.

An order is made on 27th of March, 2019 in which Innoson Nigeria Ltd was granted victory over the case and to start the taking over of the Bank operation in some of her branches. The court case between the Innoson Nigeria Ltd. and GTBank are explicitly quoted below:

“Recall that the Federal High Court, Awka Division, on March 27th, 2019 granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court Coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.

“As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte Orders made by the Court granting Innoson leave to enforce the judgment and to issue the processes of executing the same.

“The court further held that the order is made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; and also that all the steps are taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.

“However, the court stayed further proceedings- proceedings relating to contempt against GTB to enable the Supreme Court to hear GTB’s newly filed motion at the Supreme Court in respect of the matter. “Subsequently, the matter was adjourned to 17th October 2019 for the hearing of the pending applications – the contempt application.

“It will be recalled that through a motion on notice dated April 24th, 2019, Innoson Nigeria Ltd asked the court to commit GTB and its MD, Chairman and Secretary for contempt of court.”

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MTN Nigeria: See names of real owners as it goes public

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MTN Nigeria

MTN Nigeria has gone public on Thursday  and therefore the company is under the oversight of those  looking to invest. All its progress  will now be subject to the Nigerian Stock Exchange’s legal and regulatory laws.

In track with the above, the media has a responsibility to track at each and every stage in its administrative history how open or opaque a public company is.

The Cable acquired the investor list, that now owns billions in the Nigerian Stock Exchange’s second most important company. Even though MTN Nigeria is still dominated by MTN Group, the parent country, in the mobile operator, some prominent Nigerians hold billions.

Here is the Full List of the Shareholders.

Company owners

ShareholderValue (NGN)Hold
MTN Nigeria1.68 Trillion76%
STANBIC IBTC213.7 Billion9.64%
Mobile Telephone Network60.95 Billion2.75%
Gov. Employees Pension Fund38.69 Billion1.75%

Personal Owners

ShareholderValue (NGN)Hold
Victor Odili87.87 Billion3.96%
Pascal Dozie37.07 Billion1.67%
Sani Mohammed Bello28.87 Billion1.30%
Babatunde Folawiyo23.83 Billion1.08%
Gbenga Oyebode19.80 Billion0.89%
Ahmed Dazuki19.35 Billion0.87%
Karl Olutokun Toriola100.1 Million0.005%
TOTAL2.22 Trillion100%
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