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Business News

Blueprint Consulting denies involvement in N574 million fraud

Blueprint Consulting has denied its involvement in a scheme organised by one of its partners through which 354 forex trade investors were defrauded of N574.2 million.

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Blueprint Consulting denies involvement in N574 million fraud

Blueprint Consulting has denied its involvement in a scheme organised by one of its partners, Blueprint Business Development and Consulting, through which 354 forex trade investors were defrauded of N574.2 million.

Seye Onigbinde, an ex-banker, and partner at Blueprint Consulting had earned N574.2 million from the scheme.

Onigbinde reportedly established Blueprint Business Development and Consulting for his personal dealings. Some of the investors, who took part in the scheme, did so with the hope of getting massive financial returns after Onigbinde promised them a monthly interest of 20 to 30%.

Blueprint denies involvement: Blueprint Consulting said the company wasn’t dealing in foreign exchange or any other related services, as the company was solely registered as an accounting service, training, tax advisory, and business support services with the Corporate Affairs Commission (CAC).

[READ ALSO: Court sanctions Seplat’s acquisition of Eland Oil and Gas (Opens in a new browser tab)]

Managing Partner, Blueprint Consulting, Tijani Adeyanju, said the foreign exchange operated by Onigbinde was done in his (Onigbinde) personal capacity and not for Blueprint Consulting.

 “By trading in foreign exchange, Seye Onigbinde breached the provisions of the object clause of the company as registered with the CAC.

“If any paraphilia of the company was used by Onigbinde, he did it illegally without the consent and or authority of the other partners of the company.

“We use this opportunity to indicate the readiness of Blueprint Consulting to indicate our availability to cooperate with the security agencies in their investigations of the allegations levied against Onigbinde.”

[READ MORE: Hyundai partners Kia to invest €100m in electric vehicles)

Police take charge of fraud case: Onigbinde, as stated, made use of a business venture named Blueprint Business Development and Consulting to run the scheme, grossing about N574.2 million. According to the Police, Area F Command, Ikeja, Lagos, Onigbinde claimed to have paid principal and interest to the tune of N482.3 million, remaining an outstanding of N233.4 million.

False prophets everywhere: Nigerians have constantly been warned about ‘false prophets’ in the investment market who promise of a large return on investment. The acting Director-General of the Securities and Exchange Commission (SEC), Mary Uduk, had warned against unrealistic investment gains claims. Uduak stated that Nigerians must be on guard as regards unregistered financial firms that swindle people with false claims. Her statement is in relation to several Ponzi schemes that have made their way into Nigeria with claims of doubling people’s investment within a short period of time.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business News

Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day

Shares of Guinness Nigeria Plc suffered a 9.89% loss today.

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Guinness Nigeria Plc Reports Full Year F19 Results

Guinness Nigeria Plc suffered a 9.89% loss today following a heavy sell-off in the shares of the brewer. This triggered a market value loss amounting to about N6.9 billion at the close of trading activities on the Nigerian Stock Exchange, as investors scaled-down stakes in the brewer.

Data tracked at the close of the market today revealed that the shares of GUINNESS declined from N31.85 per share at the market open, to N28.70 per share at the close of the market today, to print a loss of 9.89%.

This decline saw the market capitalization of the leading maker of beer and spirits fall from N69.75 billion to N62.86 billion at the close of trading activities today, putting the total market value loss at N6.89 billion.

The shares of Guinness at the close of the market today cleared at N28.70 per share, 9.89% lower than the closing price of N31.85 per share yesterday.

At the current price, Guinness shares are currently trading 20.27% lower than their 52-week high of N36.00 per share. However, the shares of the company have returned about 120.8% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During trading hours on the Exchange today, about 159,380 ordinary shares of Guinness Nigeria Plc worth about N4.57 million, were exchanged in 27 executed deals.

The shares of Nigerian Breweries Plc and Golden Guinea Breweries Plc closed flat at N50.1 per share and N0.81 per share respectively, while the shares of International Breweries Plc shed 0.88% to close low today at N5.65 per share.

What you should know

  • At the close of trading activities today, the NSE All-Share Index and market capitalization appreciated by 0.29% to close higher at 39,128.34 index points and N20.477 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of the shares of consumer goods companies like Guinness Nigeria Plc, depreciated by -0.35% to close the day lower at 553.26 index points.

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Business News

NAICOM revokes operational licence of UNIC Insurance, appoints Receiver/Liquidator

NAICOM stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

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Recapitalisation: 26 firms get NAICOM's approval

The National Insurance Commission (NAICOM) on Wednesday announced the withdrawal of the operational licence issued to UNIC Insurance Plc.

Although no official reason has been provided for the revocation of the insurance firm’s operating license, NAICOM, however, stated that the decision of the regulator was in the exercise of the powers conferred on it by the enabling laws.

According to a report from the News Agency of Nigeria (NAN), this disclosure is contained in a notice which was issued by the commission in Lagos to the general public and policyholders, where it noted that the revocation of the operational license, RIC 043, is with effect from March 25.

NAICOM, thereafter stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

NAICOM in its statement said, “The general public/policyholders are by this notice required to direct all inquiries and correspondence regarding UNIC Insurance to the receiver/liquidator.

The receiver/liquidator will be dealing with the company’s liabilities in accordance with the provision of Insurance Act 2003.’’

What you should know

  • It can be recalled that NAICOM, for the third time in June 2020, gave insurance firms in the country a one-year extension to meet the recapitalisation obligation that was recently set for them apparently due to the coronavirus pandemic which had disrupted the activities of most insurance companies.
  • Some insurance companies had been going through some bad patches with a good number of them struggling to meet up with their obligations and the recapitalization requirements.
  • The recapitalisation programme requires life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from N2.0 billion previously. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion previously.
  • The regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.

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