Ponzi scheme Mavrodi Mondial Moneybox (MMM) has resumed operations in Nigeria. Even though no official statement has been released, Nairametrics has confirmed from several participants who received messages regarding the resumption. In order to forestall a stampede in withdrawals, MMM has stated that they will be limited to a fixed amount daily. Priority will be given to withdrawals in small amounts. Despite warnings by the Securities and Exchange Commisssion (SEC) on its illegality, MMM drew a large followership in the country. Over three million Nigerians are thought to have participated in the scheme.
The Board of Dangote Flour Mills Plc has notified the NSE and the investing public about the acquisition of its shares by Olam International Limited.
A recent survey has shown that 40% of bank customers across Africa now prefer digital banking, even as 40% still like to visit their local bank branches.
NERC is officially introducing sub-franchising of DisCos' operations in order to improve access to safe and reliable electricity services to Nigerians.