MMM is fraudulent they say

The Central Bank of Nigeria as warned Nigerians to desist from investing into MMM. They have warned that the scheme which promises  30% return on investment is not regulated and bound to crash soon.
This warning comes days 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.

Speaking during a mentoring program for students, of Government Secondary School, CBN Head of consumer protection Sueja Kassim warned the students against investing in MMM which he described a wonder bank.

Aliko Danger Claims He Will Buy Arsenal In Say 3-4 Years

Aliko Dangote, Africa’s richest man, plans to buy London-based Arsenal soccer team within four years.

Dangote, a Nigerian worth $10.8 billion, according to the Bloomberg Billionaires Index, announced his intention to buy the club last year. He said he needs to wait for his business prospects to improve and his investments in gas pipelines and an oil refinery to play out before making the acquisition.

“There’s no doubt” he’ll buy Arsenal and “it’s not a problem” of money, Dangote said in an interview with Bloomberg Television in New York on Wednesday. “Maybe three to four years. The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I’ll focus on this.”

Dangote, an Arsenal fan, has lost $4.5 billion this year, the third most of anyone globally, due mainly to the depreciation of Nigeria’s currency, the billionaires index shows. The bulk of his wealth is tied up in Lagos-based Dangote Cement Plc, whose stock is down 19 percent in the past two years. An acquisition would make him the first sub-Saharan African owner of a team in England’s Premier League.

“It’s not about buying Arsenal and just continuing with business as usual,” he said. “It’s about buying Arsenal and turning it around. I’ve run a very successful business and I think I can also run a very successful team. Right now, with what we’re facing, over $20 billion of projects, I cannot do both.”

While Arsenal has won 13 top flight league titles in England, making it one of the country’s most successful sides, it’s last was in 2004.

Arsenal Holdings Plc, the owner, trades on the ICAP Securities & Derivatives Exchange, or ISDX, and has a market capitalization of 1 billion pounds ($1.3 billion).

 Stan Kroenke, worth $7 billion and owner of the National Basketball Association’s Denver Nuggets, holds 67 percent of Arsenal Holdings, according to data compiled by Bloomberg.

Most English Premier League matches are broadcast live in Nigeria, Africa’s most populous country, by Supersport, a satellite television channel owned by South Africa’s Naspers Ltd.

2017 budget: FG Proposes Another N500bn For Social Intervention

The Federal Government said it would again set aside the sum of N500bn in the 2017 budget for its social intervention programme.

The amount when added to the N500bn earlier approved for the same purpose this year would bring the total budgetary allocation for programme to N1tn in two years.

The Minister of State for Budget and National Planning, Mrs. Zainab Ahmed, gave the figure on Monday while speaking at a media briefing in Abuja on the national nutrition week.

The main objective of the week is to intensify awareness on the importance of food and nutrition to child survival and its impact on human development, productivity and economic development.

She lamented that despite the commitment of the Federal Government to nutrition, malnutrition was still a major challenge to national development.

She added that while it would be difficult for the government alone to address the issue owing to funding constraints, it would use the instrumentality of the budget in channelling funds to the intervention programme.

She said, “The 2017 budget that is currently being drawn also has a clear commitment to continue with all of the social intervention programmes that have started in 2016 and the school feeding programme is a significant component of it.

“In the 2017 budget, the Federal Government is also putting aside N500bn for social intervention programmes just as we did in 2016.”