Controversial online Ponzi scheme MMM has finally announced its close of operations. This is a sequel to the death of its founder Sergei Mavrodi last month. The statement reads:
After much deliberation, we have made the conclusion that continuing the System operation, without our leader and ideological inspirer is impossible and makes no sense.
We all carried out the tasks he assigned to us since we had no doubt in his genius and rightness of the path he had chosen.
We are firmly aware of the fact that none of us has a full view of his conception’s profoundness and sequence of all the actions to achieve a final goal, declared in the “MMM’s Ideology”. Sergey Mavrodi’s broadmindedness scale is unprecedented.
Therefore any attempts to continue the System operation without him are bound to fail.
We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts.
In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.
We also remind (as a matter of form) that all initially were fully aware of the risks and read the WARNING and confirmed that by checking the relevant box when registering.
Hoping for your understanding, Administration.
A visit by Nairametrics to the controversial site reveals the site has been taken down.
MMM was founded by Sergei Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova in 1989 in Russia but collapsed in 1994 and was shut down by authorities.
It then moved to South Africa and several other countries before starting operations in Nigeria in January 2016.
What happens to depositors ?
MMM abruptly shut down in December 2016, with an estimated three million Nigerians losing their funds to the scheme. Despite several warnings by the Central Bank and the Securities and Exchange Commission many families and individuals lost their cash to the scheme.
The statement made no mention of what would happen to investors. Operators of the scheme in December last year had hinted at launching a cryptocurrency.
Africa Prudential proposes dividend of N1 billion for shareholders
Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.
The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.
This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.
According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.
The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.
The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.
What you should know
- Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
- Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.
Dangote Sugar proposes N18.2 billion as final dividend for 2020
Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.
The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.
This announcement was contained in the audited financial statement of the leading integrated sugar company.
In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.
The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.
What you should know
- Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
- According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
- At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
- At this price, the dividend yield of Dangote Sugar shares is 8.40%.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.