Have folks noticed that those championing this scheme have gone largely silent:
@airsaylongcom
@captainking
@dragonfire
@50Nizzy

They have either cashed out or in the process after leading flocks of sheep to the slaughter house.
There is a huge cost to innocent folks-
Marriage failure, Divorce, Family Breakdowns, destroyed life savings, truncated education, evictions, loan defaults, eroded confidence, depression and even suicide.
You should be ashamed for your immoral profits.

I don’t know why people get nasty, rude and abusive whenever people urge caution. If you really believe in the resilience of MBA, no amount of put down will derail their profitability, especially since they claim to be forex traders.

How will questioning their integrity especially glaring red flags impact their trading edge?
Those vociferously opposed to contrary opinion in their heart of heart’s, know it’s impossible to be making over 250% per annum and allow yourself to be acquired 90% by a travel agency. What value a travel agency add to this business?

If they had been acquired by a forex, hedge or mutual fund, it would have made sense.

A travel agency? Common people, do your research. This scenario has played out multiple times in the past.
We are seeing a Ponzi scheme on its last breath.

My People take a pause and ask yourselves the following-
1) wcepartners.com was registered recently. The domain is 2 years old. Doesn’t that worry you?
2) MBA must have been making over 250% per annum, to be able to pay 180%. Why will such a successful business be acquired by a travel agency?
3) The two businesses are not synergistic- forex trading vs travel agency!
These are red flags but I will leave you to make up your mind

This pyramid scheme has just failed but nigerians are still hell bent on ploughing their funds into such schemes.

https://www.nairaland.com/5961266/pennywise-wealth-management-real-scam/

I will keep warning despite vitriol from mba marketers. I equally warned folks about penny wise but was laughed at, dismissed and scorned. I will also laugh at MBA investors when tides turn. They’ve increased from 6-months to 12-months but rather than pause and think, you all made up excuses. I am watching , hope I am wrong but the science tells me otherwise.

There are very few investments that generate over 250% per annum. If you compound this return over 10 to 15 years, it makes MBA forex traders the best of all times. Do you really believe MBA more profitable that huge investment banks who don’t report anything near these returns.

Please don’t allow greed and easy money to cloud your judgement.

Greed impairs peoples judgement and hence yahoo boys have thrived. The biggest hedge funds in the world who trade commodities, forex and other products don’t even make 50% annualized returns. Yet you believe MBA based in Nigeria is making over 250% per annum. That will make them the most successful forex traders of all time �.

If they are this profitable why do they still need your funds? Ignorance and greed unfortunately is blinding our countrymen.

I have been following this thread on MBA which pays a mind blowing 15% on a monthly. Lots of investors on Naira land swear by their authenticity and even become demeaning when anyone tries to encourage caution.

My concern IS 180% annual returns possible from forex on a consistent basis. The winners in a Ponzi scheme are usually early investors. So I concede, those lucky to have started early will probably reap huge rewards. It’s fine if you want to take that chance.

If MBA are really that profitable, why will they continue to need public funds? They should now have enough money to invest only with their own funds. Why give away 180%, which would have gone to their profits. I know big hedge funds have people queuing up and often wait years to invest. A lot (Renaissance) actually stop receiving external funds once they have adequate trading capital. The most successful trader/investors struggle to make 25% on a consistent basis but MBA is claiming to make over 200% per annum. Pls think.

I know I will receive abuse and demeaning comments, but please investigate carefully before
big financial commitments.

https://en.wikipedia.org/wiki/Efunsetan_Aniwura

African slave owners were even more vicious than the caucasians, as illustrated in the link- Efunsetan Aniwura had over 2000 slaves and decapitated over 41. In Africa, slaves were routinely killed and buried with kings etc. No one comes out with their heads high, all tribes were complicit from South to the North.
Let's not forget the trans-sahara slave trade that resulted in over 180 million black Africans dying. The Arab slave owners kept female slaves in their harem, and castrated the men, hence the low population of blacks in the middle east despite the mammoth slave trade and till date, some Arab countries still have slavery and refer to blacks as slaves, but no one seems to protest.

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/18880-mtn-nigeria-rakes-in-n749-billion-revenues-


•Profit hits N473 billion

The MTN Group on Tuesday released full year results for its financial year ended December 2010, showing that its Nigerian operations remain the most profitable of its global operations.

The MTN Group’s financial results show that the Group’s total revenues globally for 2010 stood at N2.57 trillion (115 billion rand) while earnings before interest, taxes, depreciation and amortization (EBIDTA) stood at N1.07 trillion (48 billion rand).

A break-down of the Group’s results however shows that MTN Nigeria, which remains its biggest operations, also contributed the most to the Group’s revenues and profits in 2010.

MTN Nigeria made total revenues of N749 billion in 2010, 29% of the Group’s total revenues in 2010, while EBITDA for MTN Nigeria was N473 billion, 41% of the Group’s total EBITDA.

Analysis of MTN Group’s profit after tax for 2010 however shows its West and Central Africa operations - made up mainly of MTN Nigeria and MTN Ghana - contributed N269 billion (12 billion rand) or 71% of the Group’s profit after tax of N377 billion (16.83 billion rand).

BusinessDay could not access specific profit after tax figure for MTN Nigeria operations, but analysis of the MTN Group’s West and Central Africa revenue figures shows that MTN Nigeria alone contributed 66% of the region’s revenues and 77% of its EBITDA.

Analysts say this is likely to translate into MTN Nigeria contributing nothing less than 70% of MTN Group’s West and Central Africa profit after tax, which means that profit after tax for MTN Nigeria could be as high as N188 billion, making it the most profitable company in Nigeria.

BusinessDay analysis of MTN’s full year results confirms that MTN Nigeria is the Group’s most profitable operations, as the EBITDA margin in its Nigerian operations is the highest for all its operations globally.

“MTN Nigeria’s EBITDA margin increased by 3.7 percentage points to 62.9% as of December 31, 2010. This was mainly due to the operation achieving better economies of scale and various ongoing cost control initiatives,” according to a statement obtained on MTN Nigeria’s 2010 full year results from the Group’s website.

The MTN Group earned the next highest EBITDA margin of 44.3% in its Ghana operations while EBITDA margin in MTN Iran stood at 41.1%. EBITDA margin in MTN South Africa stood at 34%, while MTN Syria offered the lowest EBITDA margin of 23.1% in the MTN Group.
MTN Nigeria also had the highest subscriber base of 38.7 million, about 27% of the MTN Group’s global subscriber base of 141.9 million at the end of 2010.

Reviewing the operations of MTN Nigeria, the MTN Group stated that its Nigerian operations “performed well for the period under review despite increased competition in the fourth quarter; increasing its market share to 52% through the capture of more than 60% of the subscribers added by the market in 2010.

This was as a result of attractive segmented promotions to customers and effective churn management. Improved customer service and product accessibility through enhanced distribution channels and customer call centres also contributed to the subscriber base increasing by 25% over the year to 38.7 million.”

The MTN Group declared a final cash dividend of N78.41 kobo per share (R3.49). It had paid an initial interim dividend of about N36 per share (R1.51) bringing total dividend for its 2010 financial year to about N114 (R5.00) per share.

“This dividend payout was very positive, but not spectacular,” Ziyad Joosub, an analyst at JP Morgan, told Reuters.

We believe this is only the first step towards a more generous cash return policy in future years, which could include extraordinary dividend distributions and share buybacks, because the company is cash flush.”

Shares of MTN, the largest company with a primary listing in Johannesburg, surged 3.5 percent to N2, 918.84 per share (130.15 rand) after the announcement of the results.

However, the outgoing CEO of the MTN Group, Phuthuma Nhleko, dashed speculation the company could eventually spin off its international operations which includes Nigeria.

“Under no circumstances will we entertain an arrangement whereby MTN International is either separated from, or not controlled by, the MTN Group,” he said. “That, for us, is just not negotiable.”

Nigerian analysts have called on MTN to list its Nigerian operations on the Nigerian Stock Exchange (NSE).

In 2008, MTN Nigeria did a private placement in which it sold 5.96% of its stakes for $594.50 million in a private placement exercise which the MTN Group says gave Nigerian individuals and institutions a 9.45% stakes in MTN Nigeria and reduced the Group’s stake to 76.08%.

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/18880-mtn-nigeria-rakes-in-n749-billion-revenues-

•Profit hits N473 billion

The MTN Group on Tuesday released full year results for its financial year ended December 2010, showing that its Nigerian operations remain the most profitable of its global operations.

The MTN Group’s financial results show that the Group’s total revenues globally for 2010 stood at N2.57 trillion (115 billion rand) while earnings before interest, taxes, depreciation and amortization (EBIDTA) stood at N1.07 trillion (48 billion rand).

A break-down of the Group’s results however shows that MTN Nigeria, which remains its biggest operations, also contributed the most to the Group’s revenues and profits in 2010.

MTN Nigeria made total revenues of N749 billion in 2010, 29% of the Group’s total revenues in 2010, while EBITDA for MTN Nigeria was N473 billion, 41% of the Group’s total EBITDA.

Analysis of MTN Group’s profit after tax for 2010 however shows its West and Central Africa operations - made up mainly of MTN Nigeria and MTN Ghana - contributed N269 billion (12 billion rand) or 71% of the Group’s profit after tax of N377 billion (16.83 billion rand).

BusinessDay could not access specific profit after tax figure for MTN Nigeria operations, but analysis of the MTN Group’s West and Central Africa revenue figures shows that MTN Nigeria alone contributed 66% of the region’s revenues and 77% of its EBITDA.

Analysts say this is likely to translate into MTN Nigeria contributing nothing less than 70% of MTN Group’s West and Central Africa profit after tax, which means that profit after tax for MTN Nigeria could be as high as N188 billion, making it the most profitable company in Nigeria.

BusinessDay analysis of MTN’s full year results confirms that MTN Nigeria is the Group’s most profitable operations, as the EBITDA margin in its Nigerian operations is the highest for all its operations globally.

“MTN Nigeria’s EBITDA margin increased by 3.7 percentage points to 62.9% as of December 31, 2010. This was mainly due to the operation achieving better economies of scale and various ongoing cost control initiatives,” according to a statement obtained on MTN Nigeria’s 2010 full year results from the Group’s website.

The MTN Group earned the next highest EBITDA margin of 44.3% in its Ghana operations while EBITDA margin in MTN Iran stood at 41.1%. EBITDA margin in MTN South Africa stood at 34%, while MTN Syria offered the lowest EBITDA margin of 23.1% in the MTN Group.
MTN Nigeria also had the highest subscriber base of 38.7 million, about 27% of the MTN Group’s global subscriber base of 141.9 million at the end of 2010.

Reviewing the operations of MTN Nigeria, the MTN Group stated that its Nigerian operations “performed well for the period under review despite increased competition in the fourth quarter; increasing its market share to 52% through the capture of more than 60% of the subscribers added by the market in 2010.

This was as a result of attractive segmented promotions to customers and effective churn management. Improved customer service and product accessibility through enhanced distribution channels and customer call centres also contributed to the subscriber base increasing by 25% over the year to 38.7 million.”

The MTN Group declared a final cash dividend of N78.41 kobo per share (R3.49). It had paid an initial interim dividend of about N36 per share (R1.51) bringing total dividend for its 2010 financial year to about N114 (R5.00) per share.

“This dividend payout was very positive, but not spectacular,” Ziyad Joosub, an analyst at JP Morgan, told Reuters.

We believe this is only the first step towards a more generous cash return policy in future years, which could include extraordinary dividend distributions and share buybacks, because the company is cash flush.”

Shares of MTN, the largest company with a primary listing in Johannesburg, surged 3.5 percent to N2, 918.84 per share (130.15 rand) after the announcement of the results.

However, the outgoing CEO of the MTN Group, Phuthuma Nhleko, dashed speculation the company could eventually spin off its international operations which includes Nigeria.

“Under no circumstances will we entertain an arrangement whereby MTN International is either separated from, or not controlled by, the MTN Group,” he said. “That, for us, is just not negotiable.”

Nigerian analysts have called on MTN to list its Nigerian operations on the Nigerian Stock Exchange (NSE).

In 2008, MTN Nigeria did a private placement in which it sold 5.96% of its stakes for $594.50 million in a private placement exercise which the MTN Group says gave Nigerian individuals and institutions a 9.45% stakes in MTN Nigeria and reduced the Group’s stake to 76.08%.

A Nigerian immigrant stole the identities of 350 people to claim £1.3million in bogus tax credits in the largest benefit scam of its kind.
http://www.pointblanknews.com/News/os4633.html
Olaide Taiwo, 35, hijacked the identities while working as a security guard for a number of large national companies.

He then used the names to claim tens of thousands in working tax credits.

This week he was jailed for eight and a half years – the highest ever sentence for tax credit fraud.

Taiwo is understood to have arrived illegally in Britain in 2003 with his wife. Although three applications to stay in the UK failed, in 2005 he was granted discretionary leave to remain.

It was during this period that his scam began. The father-of-two submitted more than 300 fraudulent tax credit claims between June 2004 and July 2008 worth over £1million.

When he was arrested, investigators found an ‘identity thieves’ paradise’, with stacks of fake passports and driving licences and £70,000 in cash lying around his council flat in Camberwell, South-East London.

The property was littered with paperwork detailing the names, addresses and national insurance numbers of hundreds of people which he had taken from employee payroll records at dozens of companies around London where he had worked as a security guard.

They also found templates for making false passports, birth certificates, NHS cards and driving licences.

Taiwo used the identities to open hundreds of bank accounts for the benefits to be paid into, but HM Revenue & Customs became suspicious about the multiple tax credit applications and arrested him in July 2008.

They believe he was the ringleader of an organised criminal network which included his sister-in-law who worked for a job centre.

But the rest of the gang are thought to have fled to Nigeria. Taiwo also tried to leave the country but he was arrested again on August 6 last year.

He was found guilty at Inner London Crown Court of fraudulently obtaining payments of tax credits, by using the names and addresses of individuals without their consent and acquiring criminal property.

Sentencing him, Judge Simon Davis ordered that he be deported at the end of his eight and a half year sentence.

He said: ‘This is a fraud on a substantial scale.
You lied and sought to manipulate with ease and confidence and with an arrogance that was astonishing.

‘You were intimately connected with every aspect of the fraud, stealing real details of real people to commit identity fraud on the large scale.’

Another member of the gang, Taiwo’s sister-in-law Olajumoke Ademuyiwa, 42, a Jobcentre Plus employee, was also found guilty of fraudulently obtaining tax credit payments in an earlier hearing.

Ademuyiwa opened the bank accounts into which the benefits were paid, but she is not thought to have used her role as a job centre worker to make false claims.

Her husband, Oluyemi Amidu Taiwo – Taiwo’s brother – is thought to have fled the country. She is due to be sentenced in April.

Richard Young, senior investigating officer for HMRC said: ‘This pair blatantly hijacked the identities of over 350 innocent people and stole from British taxpayers by submitting over 300 fraudulent tax credit claims between June 2004 and July 2008.

‘They deliberately attacked and abused a system designed to provide financial help to the most vulnerable people in our society.

http://tribune.com.ng/index.php/news/18097-im-proud-of-alao-akala-obj

FORMER President Olusegun Obasanjo, on Thursday, endorsed the second term ambition of Governor Adebayo Alao-Akala of Oyo State, declaring that he is very proud of his development programmes for the state.

He also said the Peoples Democratic Party (PDP) was the best political party for the country, adding that the people of the South-West zone joined the party in 1999 in order to take Yorubaland out of opposition and join mainstream politics.

Obasanjo, who spoke at the inauguration of the newly refurbished Atiba Hall in Oyo and at the commencement of the second term campaign of the governor, said Alao-Akala had succeeded in bringing out the difference in him, with his various people-oriented programmes for the state.

“Today is a day when an old thing is being made new; today is a day when old things are passing away and are being replaced with new things. We thank our forefathers for laying the foundation. We thank them for leaving behind for us an edifice we can be proud of.

“Governor Alao-Akala is an oyato and ometo governor. The difference in him facilitated the new Atiba Hall; he turned an old thing into a new thing. In him, there is a world of difference. Governor Alao-Akala, I am proud of you; go on,” he said.

Various other speakers at the event, including former governor of Ekiti State, Mr Segun Oni; the PDP deputy national chairman, South-West, Alhaji Tajudeen Oladipo; Minister of Sports, Professor Taoheed Adedoja and former presidential candidate of the All Nigerian Peoples Party (ANPP), Chief Harry Akande, also endorsed Alao-Akala for a second term, saying he was the best thing to happen to Oyo State.

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/18248-fg-broke-cant-meet-obligations-to-contractors-capital-projects
Nigeria is facing crippling financial constrains that have already seen net aggregate expenditure for 2010 balloon to N900 billion as the Federal Government struggles to pay contractors and finance on-going capital projects.

The recent 53 percent increase in wages and the pending increased minimum wage, in addition to the 2009 and 2010 budget cuts, among other commitment constraints, compounded the financial pressure on government such that it was twice forced into reviewing civil servants’ salaries between 2009 and 2010.

Sanusi Daggash, Works minister, said under the circumstance, the Federal Government may not fully meet its obligation on capital projects, huge wage bills and other competing demands on its finances.

“The government is going through a very difficult period right now and that is due to one or two decisions that were made,” he said in an exclusive interview with BusinessDay.

Other demands on government finances are the N78 billion released to the Independent National Election Commission (INEC) for the April 2011 elections, the N200 billion monetisation arrears, and the N65 billion payment made to the Power Holding Company of Nigeria (PHCN) workers.

“The implication of this on the net aggregate expenditure for 2010 was an increase of almost N900 billion from the 2009 to the 2010 budget framework”, Daggash said. He added that this led to the unacceptable cut in the capital vote to fund the recurrent expenditure in the budget.

According to him, “that was the first shock”.

Daggash reckoned that the second shock was the issue of cash flow. He said that even as the Federal Government reviewed the budget for 2010, they were confronted with the issue of cash-backing contracts.

“We could not effectively cash-back the reviewed framework. Because of this, we could not carry out our operations, meet government’s obligations, pay contractors and then deliver on essential and needed critical road projects, new investment, and even speed up maintenance”.

“The inability to cash-back affects the Ministry of Works, because in the construction of road works, you need planning and programming. The contractors for the period 2010 to 2011 would have done their planning from 2010, but somewhere around May/June in 2010, we reviewed the budget downward by 40 percent. That effectively suggested that every contractor had to slow down and in some cases, stop work”.

The Works minister said huge money had gone into recurrent expenditure and this has affected delivery on capital projects and payment of contractors for certified projects.

“The contractors are not ready to work on credit, and many of them have actually accumulated certified certificates for outstanding payments. They are just waiting for payment whenever there is cash release. For now, no magic could really be done because in the budget framework, what is first is the recurrent expenditure”.

Another way to mitigate the problem and trigger more releases to the capital side, according to Daggash, would have been to resort to the oil revenue which picked up following the rise in oil price.

Daggash said that did not happen because effectively, the budget was running on a major deficit which was initially in the range of about N1.7 trillion to N1.8 trillion.

“The Finance minister, after the 40 percent cut, expected the budget deficit to be halved to about N800 to N900 billion. But even after the review, the budget was still reflecting a N1.3 trillion deficit profile. So, in as much as the ministry of finance had released over N900 billion or so in capital releases, they still had another funding gap of about N400 to N500 billion. This adversely affected the major spending sectors of the economy”, the minister stated.

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/18247-fg-dragged-to-court-over-muazus-appointment-



The Federal Government has been dragged to court over the appointment of Ahmadu Adamu Mu’azu as Chairman, Board of Nigerian Maritime Administration and Safety Agency (NIMASA).

Oghenovo Otemu and Alexander Oketa from Festus Keyamo Chamber, in a suit filed before a federal high court in Abuja, said Muazu had been banned from holding public office for ten years by a Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals and Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007.

The plaintiffs are therefore asking the court to nullify the appointment of Muazu as Board Chairman of the Agency.

Joined in the suit as co-defendants are Ahmadu Adamu Mu’azu himself, Attorney-General of the Federation and Minister of Transport

The plaintiffs want the court to determine whether the Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals, Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007 is not a valid and binding document on all authorities and persons in Nigeria, including the defendants, until set aside by a court of competent jurisdiction:

“Whether, by virtue of the Recommendations and the Bauchi State Government’s position which banned the 1st Defendant from holding public office for a period of ten years and which is contained and/or published in the Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals, Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007, the 1st Defendant can be appointed by the 2nd, 3rd and 4th Defendants into any public office until 2019”.

They also want the court to determine “whether the appointment of the 1st Defendant as Board Chairman of the Board of the Nigerian Maritime Administration and Safety Agency by the 2nd Defendant is not null and void by virtue of the Recommendations and the Bauchi State Government’s position which banned the 1st Defendant from holding public office for a period of ten years and which is contained and/or published in the Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals, Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007”.

They are therefore seeking reliefs, among which includes: “A declaration that the Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals, Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007 is a valid and binding document on all authorities and persons in Nigeria, including the Defendants, until set aside by a Court of competent jurisdiction”;

“A declaration that, by virtue of the Recommendations and the Bauchi State Government’s position which banned the 1st Defendant from holding public office for a period of ten years and which is contained and/or published in the Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals, Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007, the 1st Defendant cannot be appointed into any public office until 2019”;

“A declaration that the appointment of the 1st Defendant as Board Chairman of the Board of Nigerian Maritime Administration and Safety Agency by the 2nd Defendant is null and void by virtue of the Recommendations and the Bauchi State Government’s position which banned the 1st Defendant from holding public office for a period of ten years and which is contained and/or published in the Government White Paper on the Report of the Judicial Commission of Inquiry into the Management of some Ministries, Parastatals, Extra Ministerial Departments of the Public Service of Bauchi State from May, 1999 to May, 2007”, and

“An order nullifying the appointment of the 1st Respondent by the 2nd Respondent as Board Chairman of the Board of Nigerian Maritime Administration and Safety Agency”.