₦airaland Forum

The Asset Management Company of Nigeria said it has sold Keystone Bank to Sigma Golf – Riverbank consortium.

Keystone Bank is the last bank acquired by AMCON in 2008 after BankPHB was saved from collapse. AMCON bought all the bad loans of the bank which gave it the power of ownership over the bank.

Sigma Golf – Riverbank consortium is a Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.

AMCON confirmed the transaction yesterday saying:

“This follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Read more https://pageone.ng/2017/03/21/sigma-golf-riverbank-keystone-bank/

The Ahmed Makarfi facton of Nigeria’s opposition party, People’s Democratic Party, PDP might be creating a Ponzi scheme like membership.

Apart from the leadership crisis rocking the party, the party is also starved of funds after loosing the presidential election in 2015.

To get the needed funds, a faction of the party has come up with a membership model that is very similar to multi level marketing and even Ponzi schemes in return for promised positions within and outside the party, political benefits plus other perks.

According to a report by Punch Newspapers, the new membership structure has been developed and the document is being shared nationwide to members. See below;

Gold, Silver, Standard and Students in Tertiary Institutions.

According to the report, male members of the party who desire to be Platinum members are to pay N500,000 a year or N50,000 monthly instalments

Read more https://pageone.ng/2017/03/19/pdp-ponzi-scheme-membership/

kayo80:
My target is to be making $10 a day on my blog- kaysrapzone.com with Google Adsense. I currently make an average of 30 cents a day. Any advice on how to achieve this will be appreciated. Thank you.

I think you will need to expand your niche because it might be too narrow. You will also need to increase you posts per day

More than one month after denying the inevitable, Loopers Club has finally closed its website to millions of its investors who have lost money to the scheme.

The website no longer respond to all visits. As the time of writing this report, Loopers Club website is no longer available.

The site is currently the 43rd most visited site according to Alexa traffic ranking site. Alexa estimates that about 93% of Loopers Club visitors are from Nigeria.

The extent of loss to its investors will be overwhelmingly huge giving the huge traffic and sign ups that was recorded in the last week of January.

Some Loopers Club investors have written several mails and comments to PageOne.ng to help them find out what was wrong with the site. Up till now, no one knows who owns Loopers Club. The domain name was set to private by the owners.

Read more: https://pageone.ng/2017/03/16/loopers-club-website-finally-shuts/

According to reports by Reuters News Agency, banks are refusing Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira.

They are proposing that and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said.

A banker with knowledge of the negotiations told Reuters News Agency that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the telecoms operator wants to convert into naira to overcome hard currency shortages on Nigeria’s interbank market.

“Etisalat is asking for us to convert the dollar component to naira but banks don’t want that option and have told them to talk to their parent to settle the loan,” the source said, adding that regulators favoured the conversion.

The UAE’s Etisalat own 45 percent of Etisalat Nigeria, while Abu Dhabi’s Mubadala [MUDEV.UL] owns 40 percent of the company, which is due to meet its lenders on Thursday for debt talks mediated by Nigeria’s central bank and the telecoms regulator.

This meeting came about after authorities agreed with local banks to prevent Etisalat Nigeria, which was not available for comment, going into receivership.

Read more https://pageone.ng/2017/03/16/banks-naira-etisalat-nigeria/

The Google Online Marketing Challenge is now open to all university students. Winners will have a chance to practicalise digital campaign and visit Google's head office in California.

The competition is open till 3:00AM PST – Pacific Standard Time (GMT-08:00) on the 31st of May, 2017.

Step 1: Registering for the Challenge. Professors register for the Challenge, verify their account and get approved by Google. Students form teams of 3-6 members and appoint a Team Captain. The Team Captain registers under the verified professor, who in turn confirms each student team by clicking a verification link sent via email after the team registers. See Registration for more information.

Step 2: Accessing Dashboard. Once the professor has received a notification email and has verified the student team, the Team Captain can access the team’s Student Dashboard with the Google account used during the initial registration. Next, the Team Captain can add required information to the dashboard, including the name and email address of all team members, move onto identifying the team’s competition partner and preparing the AdWords Pre-Campaign Report.

Step 3: Selecting a Business. All teams, along with the support of their professors, need to identify a client business or a non-profit organization. See Selecting a Business for more details.

Step 4: Learning about AdWords and the Client. We recommend reviewing the Digital Marketing Course and Educational Resources before getting started. Each student team needs to meet with their business or non-profit partner to determine their goals and to devise their online advertising strategy. The strategy will need to be outlined in the AdWords Pre-Campaign Report.

Read more https://pageone.ng/2017/03/15/google-online-marketing-challenge/

Nigerian Bottling Company, NBC, the local bottler of Coca-Cola in Nigeria will be spending huge amount of money to print warnings on bottles of Fanta and Sprite.

Two of its major brands Fanta and Sprite were said to be containing excessive levels of benzoic acid and sunset additives, chemical agents confirmed to be poisonous when consumed with Vitamin C.

A Lagos High Court ruled that NBC must put warning on Fanta and Sprite bottles stating that both soft drinks are poisonous when consumed along with Vitamin C.

The court also affirmed that the National Agency For Food and Drug Administration and Control (NAFDAC) was irresponsible in the handling of the matter. NAFDAC is the government agency meant to check, regulate and sanction all delinquent foods and drug companies in Nigeria.

The lawsuit was filed by a Lagos-based businessman, Dr. Emmanuel Fijabi Adebo, and his company, Fijabi Adebo Holdings Limited, against NBC Plc and NAFDAC. The judge awarded NGN2 million against the agency.

Read more https://pageone.ng/2017/03/15/nbc-nigeria-coca-cola-fanta-sprite-warnings/

Etisalat UAE said it may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2 billion loan, but wants the company's debt restructured before it does so.

In a report via Reuters News Agency, the source disclosed the higly probable decision of the company

Etisalat Nigeria will meet with creditors in Nigeria on Tuesday or Wednesday to discuss the default, the source said.

It was not clear whether Etisalat, which has a 45 percent holding in Etisalat Nigeria after converting a loan to equity in February, would divest completely.

Ahmed Bin Ali, senior vice president of Etisalat, declined to comment, while Etisalat Nigeria could not be reached.
"It is at an early stage," one source said of the sale.

Last week a banking source told Reuters that the Nigerian affiliate of Etisalat had given notice to its Nigerian lenders that it would miss a payment in February but the two sides are yet to agree terms.

https://pageone.ng/2017/03/13/etisalat-uae-wants-etisalat-nigeria/

Green Africa Airways, a Lagos-based airline start-up, is commencing its Air Operating Certificate (AOC) process.

This marks another major step for the new airline which received an Air Transport License (ATL) from the Nigerian Government last year.

In an exclusive press release issued to PageOne.ng, Mr. Babawande Afolabi, founder and CEO of Green Africa Airways said, “Our vision is to make safe and quality air travel profitably accessible to as many Nigerians as possible. Embarking on our AOC process – the last regulatory requirement before our inaugural flight – brings us much closer to realizing this vision.”

Read more https://pageone.ng/2017/03/12/green-africa-airways-begins-aoc/

Jumia, a Rocket Internet eCommerce company in Nigeria has about 6,000 active merchants on its platform.

The disclosure was made in a television interview with Juliet Anammah, monitored, its CEO for the Nigerian unit of the company.

According to her, there are over 30,000 registered merchants on the platform. The disparity between both numbers shows that there is a reduction in the number of merchants on eCommerce companies' inventory system.

Last year, Rocket Internet announced that it has moved away from an inventory model merchant system where retailers and companies basically list their product for Jumia to handle payment, delivery and the technology serving as the backbone of the business.

Konga, Jumia's closest rival has also adopted the same model since last year. As 2015, Konga disclosed that it had over 30,000 merchants. There are no data on how of these retailers are active.

Read more https://pageone.ng/2017/03/08/jumia-6000-merchants/

Let us confirm information before we rush to comment negatively.
The lady that posted this information on her Instagram is not saying the truth.
The flight was cancelled because of technical issues.
Passengers were lodged in a hotel, there was no case of three people fainting

Has anybody here confirmed the authenticity of this news?
It is a fake news. I spoke to a reliable source who told me the person in the video is an elderly woman who had high BP and was attended to.
The flight was cancelled for technical reasons.
All passengers were lodged at Golden Tulip Hotels.
Please let us confirm information before we jump to make conclusion.
Thanks.

Nigerian Securities and Exchange Commission said it has clamped down a Yuan Dong, a Ponzi scheme operator in Nigeria.

In an email statement, the SEC said its has attention was “drawn to the activities of an Illegal Operator carrying on business under the name of Yuan Dong (YDEC)”.

See below the statement of the Commission:

The SEC said owners of Yuan Dong paraded itself as an Investment Company thereby extending invitations to unsuspecting members of the public to subscribe in a scheme identified as a Resources Investment Account. Investments in the scheme ranges from a minimum deposit of ₦10, 000 to a maximum deposit of ₦240,000.

The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis, which include promise of a daily profit of ₦80.00 and ₦2,400 depending on the category of investment. Similarly, the company also entices its customers with payment of bonuses should they convince more investors to invest in the scheme.

Read more https://pageone.ng/2017/02/26/sec-yuan-dong-ponzi-scam/

It depends on your traffic and niche

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The Asset Management Company of Nigeria, AMCON has has taken over the management of OAS Helicopters.

OAS Helicopters is one of the largest helicopter services companies in Nigeria with headquarters in Maryland, Lagos.

At at 8pm Nigerian time yesterday, there were court order inscriptions “POSSESSION TAKEN TODAY 14/2/17 BY AMCON COURT ORDER ON SUIT NO. FHC/4CS/1139/2016” on the expansive fence of the company at its Maryland helipad and corporate office.

The company has been providing helicopter services to the oil servicing industry as well as commercial and charter services in the last two decades. OAS Helicopters means Odengene Air Shuttle Services. In the course of its expansion, the company started Odengene Air, a private jet charter company which it runs simultaneously its helicopters’ business.

Read more https://pageone.ng/2017/02/15/amcon-takeover-oas-helicopters/

Loopers Club Ponzi scheme has collapsed dashing the hopes of its numerous members who are now victims.

By estimate, more than 15,000 people must have lost several millions of Naira to Loopers Club.

The Ponzi scam was started in less than 30 days ago. Loopers Club was fashioned after the usual social financial network model where people donate money to themselves without a central bank account.

In their typical excuse, owners of the site announced that the site will be going on a routine maintenance. A former member of the scheme told PageOne.ng that Loopers is gone for good. He actually hinted that the owners of the scheme might be looking at starting another one should they find it impossible to convince people that the scheme will restart.

Read more https://pageone.ng/2017/02/13/loopers-club-ponzi-scam-collapse/

The mega building has caved in. MMM Nigeria has finally wiped out all RoI liabilities and has henceforth restart the scheme.

After several weeks of a deafening silence, owners of the scam have finally backtracked from their braggadocio attitude of lying to its victims that they will all be paid.

The message sent out to its members was deceitfully crafted to make its members think they are going to be paid their backlog of investment.


Read more https://pageone.ng/2017/02/12/mmm-nigeria-restarts-wipes-billions/

All is not well with MTN Group. The owners of MTN Nigeria are expected to report a full year loss for 2016.

As the largest marketing and advertising spender in Nigeria and Africa, it will have serious impact on business as 2017 will be a year for MTN to cut budget.

MTN has attributed the negative result to the NGN330 billion fine it is paying Nigeria.

But do you guys think MTN also has itself to blame for its current position?

[https://pageone.ng/2017/02/08/brace-mtn-declaring-full-year-loss-2016/]

TMDK Oil Traders Limited, a supplier of petroleum products to Nigerian Breweries has invited the Nigerian Police into a contract tender dispute that ensued.

There is an apparent allegation of conflict of interest and bias been investigated by the Nigerian Police. In press statement released by Nigerian Breweries, the company said:

We hereby confirm that we have become aware of an on-going Police investigation emanating from a petition written by one of our suppliers, Messrs TMDK Oil Traders. In this respect, we would like to state as follows:

TMDK Oil Traders (TMDK) was one of the suppliers of petroleum products to Nigerian Breweries Plc (NB) via a three-year term certain contract that lapsed at the end of September, 2016.

TMDK participated in a recent tender process for supply of petroleum products to NB. While the process was on-going, TMDK wrote a letter to NB complaining of some bias against it. The complaint was handled and investigated by NB’s internal audit department and the conclusion was that the tender process was duly followed and no irregularities were found. Other claims relating to extra costs made by TMDK are currently being analysed and evaluated.

Recently, some managers in NB (senior and other levels) have been asked to report to the Force Headquarters (Police), Abuja for questioning based on a petition. The petition was written by TMDK’s lawyers to the Attorney General of the Federation and the Honourable Minister of Justice who in turn forwarded it to the Police for investigation. It appears that the petition is targeted at persons connected to NB, including the wife of our Managing Director.

We reiterate that, as a responsible organization, we will co-operate fully with the investigating authorities while seeking to protect and uphold the company’s reputation as a good corporate citizen in the country.

TMDK Oil Traders has not issued a counter statement as at the time of writing this report.

Read more https://pageone.ng/2017/01/25/nigerian-breweries-directors-tmdk-oil-traders-police/

This is full text of President Donald Trump's full inauguration speech.

TRUMP: Chief Justice Roberts, President Carter, President Clinton, President Bush, President Obama, fellow Americans and people of the world, thank you.

(APPLAUSE) We, the citizens of America, are now joined in a great national effort to rebuild our country and restore its promise for all of our people.

(APPLAUSE)

Together, we will determine the course of America and the world for many, many years to come. We will face challenges, we will confront hardships, but we will get the job done.

Every four years, we gather on these steps to carry out the orderly and peaceful transfer of power, and we are grateful to President Obama and First Lady Michelle Obama for their gracious aid throughout this transition. They have been magnificent. Thank you.

Read more: https://pageone.ng/2017/01/20/president-donald-trumps-donald-trumps-inauguration-speech/

They were employed on a regular employment basis but their contract was not terminated after expiration.

However, by September 2015, Globacom served them dismissal letters, directing them to leave with immediate effect. While admitting there are no qualms in letting them go, their dismissal was done in a controversial and unsavoury manner which gave some of them a premonition that more trouble awaits them.

Two years after their dismissal, Globacom has refused to pay them their entitlements. In total, all the 70 workers are being owed minimum of two months salaries, leave balances and other allowances totalling USD1.9 million. All efforts to get commitment and payment from the company has not been taken serious. The last time Globacom wrote to them was in June 2016. Since then, the company has declined every enquiry and has stopped taking their calls

Read more https://pageone.ng/2017/01/19/globacom-70-indian-expats-unpaid-usd-1-9-million-entitlements/

As a correction to all the wrong information in the media, Turkish Airlines has released a statement that it was ACT Airlines, a cargo airlines was involved in an accident.

This is to correct the wrong message that a Turkish Airlines was involved in an accident.

Earlier this morning, a cargo flight with TC-MCL registration number, operated by ACT Airlines, departed from Hong Kong International Airport (HKG) to Bishkek Manas International Airport (FRU) had an accident near Bishkek at around 01:40 UTC.

Please kindly be informed that, neither the aircraft nor the crew are members of Turkish Airlines.

Read more https://pageone.ng/2017/01/16/act-airlines-turkish-airlines/

Rocket Internet’s Jumia is not yet in the safe zone. For the first nine months of the year, the company’s gross revenue crashed to EUR54 million.

It is a staggering fall of 49% compared to EUR107 million in the year before. The macro-economic challenges and structural changes that the company has gone through are evidently taking a huge toll on its business.

Read more https://pageone.ng/2016/11/30/rocket-internets-jumia-records-49/

This is a breaking news that will shake the Ponzi Scheme industry. Givers Forum, one of the most popular digital Ponzi Schemes has finally collapsed.

For more than three days, Givers Forum members have not being able to log in to the account. The site still shows up on Google Search, but members have not been able to login.

Last week, we did report that Fraudsters have take over the system to defraud members by posting fake payment slips and getting validated, thereby making away with people’s money without being credited to their account.

Read more https://pageone.ng/2016/11/22/givers-forum-collapsed/

ABC Transport, one of Nigeria’s oldest and largest transport and logistics providers has reported a net loss of NGN617 million for the first nine months of the year.

The worrying news about the result is that apart from the fact that the company made a net loss this year, the loss has actually increased by 6363% year on year.

Read more https://pageone.ng/2016/10/31/abc-transport-loss-q3-6363/

Amidst fears of running out of cash to run the bank, Unity Bank PLC said its net profit for the third quarter of 2016 fell by 63.2%.

Last year, the bank recorded NGN9,3 billion in net profit, this year, net profit for the third quarter of the year fell to NGN3,4 billion.

Read more https://pageone.ng/2016/10/24/unity-bank-plc-q3-net-profit/

The moment of waiting is over! MTN Group, Africa’s largest mobile carrier by revenue has reported that its net revenue for the third quarter of the year was down by 0.9% year on year.

Last year, same quarter, the company recorded a gross revenue of ZAR53 billion. In the third quarter of this year revenue went down slightly to ZAR52 billion. Revenue from Nigeria fell by 3.3% to ZAR60 billion compared to ZAR62 billion last year.

Read more https://pageone.ng/2016/10/24/mtn-group-q3-revenue-subscribers/

Cadbury PLC, a beverage and confectionery company quoted on the NSE said it recorded a net loss of NGN1.0 billion for the third quarter of 2016.

This is a more negative bottom line considering the fact that Cadbury posted a net loss of NGN842 million within the same quarter last year.

Read more https://pageone.ng/2016/10/21/cadbury-plc-posts-ngn1-0-billion-loss-q3/

GTBank PLC might be the only tier 2 bank with the best third quarter result. The bank has just released result showing its Q3 net profit rose by 60% year on year.

The bank said its net profit for the third quarter was NGN119,9 billion compared to NGN75,1 billion reported within the same quarter last year.

Read more https://pageone.ng/2016/10/19/gtbank-plcs-q3-net-profit-rose-60/

Mobil Oil Nigeria has announced that ExxonMobil Oil Corporation will be selling off 60% of the company’s shares to in Mobil Oil Nigeria to Nipco PLC. In statement released by the company, the sale is subject to approval

Read more https://pageone.ng/2016/10/19/nipco-60-exxonmobil-oil-corporation/