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Ponzi Schemes beware, SEC is coming for you 

As more Nigerians continue to fall prey to the activities of illegal fund managers, SEC said it is prepared to go harder on those behind these illegal schemes.

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SEC plans to develop derivatives trading market this year, Ponzi Schemes beware, SEC is coming for you 

As more Nigerians continue to fall prey to the activities of illegal fund managers across the country, the Securities and Exchange Commission (SEC) said it is prepared to go harder on those behind these illegal schemes.

Ms Mary Uduk, who acts as SEC’s Director-General, stated this over the weekend according to a statement signed by SEC’s Head of Corporate Communications as seen on Daily Trust.

Loom Money NIgeria, MMM, Ponzi Scheme

According to Uduk, SEC believes that it’s high time it did more than merely educate people on the risks of “investing” in these illegal financial schemes. The capital market regulator will now take a more drastic action towards ensuring that those promoting these Ponzi schemes are brought to justice.

She went further to disclose that some people have already been arrested in regards to this and are currently being prosecuted.

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“We are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many.

“We verify ownership and return monies collected by them to the owners. It’s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money.”

[READ MORE: SEC outlines derivatives market as major plan for 2020)

Some backstories: Recall that in February 2019, SEC shut down Dantata Success & Profitable Company in Kano metropolis, after confirming that the outfit was nothing but an elaborate Ponzi scheme. That same month, the capital market regulator sealed off another company whose activities contravened the Investment and Securities Act (ISA) 2007.

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SEC then ended 2019 by shutting down five more Ponzi scheme outfits namely: MGB Global, Bitcoin Company, Money Rite, No Failure Development, and X-World.

In the meantime, Mary Uduk has advised Nigerians to desist from rushing after get-rich-quick-schemes, especially if the products offered by the promoters are not registered with SEC. She also stressed that no legitimate investment plan can guarantee a 50% return, at least not within two hours as it is often promised by these fraudsters promoting these Ponzi schemes.

“When people come to you and say that you can invest 50,000 naira today and in 2 hours you will get 200,000 naira tomorrow or get 50% in 2 hours know that it is a lie. No legal investment that pays investment that way.

“So what they must likely be doing is using your money to pay someone else and using someone’s money to pay you. It is important that we don’t engage in such investments.”

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To find out more about why Nigerians keep falling prey to ponzi schemes, click here.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

COVID-19 Update in Nigeria

On the 16th of January 2021, 1,598 new confirmed cases and 7 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 108,943 confirmed cases.

On the 16th of January 2021, 1,598 new confirmed cases and 7 deaths were recorded in Nigeria.

To date, 108,943 cases have been confirmed, 85,367 cases have been discharged and 1,420 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.13 million tests have been carried out as of January 16th, 2021 compared to 1.03 million tests a day earlier.

COVID-19 Case Updates- 16th January 2021,

  • Total Number of Cases – 108,943
  • Total Number Discharged – 85,367
  • Total Deaths – 1,420
  • Total Tests Carried out – 1,135,535

According to the NCDC, the 1,598 new cases were reported from 24 states- Lagos (461), FCT (206), Plateau (197), Rivers (168), Kaduna (116), Anambra (53), Ogun (49), Ebonyi (47), Edo (42), Sokoto (32), Imo (31), Katsina (31), Oyo (30), Akwa Ibom (27), Delta (16), Kano (16), Abia (15), Niger (15), Ondo (11), Bayelsa (10), Borno (9), Kebbi (8), Ekiti (7), Jigawa (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 39,723, followed by Abuja (14,544), Plateau (6,617), Kaduna (6,121),  Oyo (4,679), Rivers (4,382), Edo (3,246), Ogun (2,831), Kano (2,577), Delta (2,102), Ondo (2,070), Katsina (1,723), Enugu (1,583), Kwara (1,566), Gombe (1,489), Nasarawa (1,269), Ebonyi (1,206), Osun (1,186),  Abia (1,129), and Bauchi (1,107).

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Borno State has recorded 859 cases, Imo (841), Sokoto (677), Benue (653), Akwa Ibom (615), Bayelsa (608), Niger (547), Adamawa (540), Anambra (513), Ekiti (466), Jigawa (425), Taraba (258), Kebbi (248), Yobe (207), Cross River (169),  Zamfara (162), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

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On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Economy & Politics

Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes

Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.

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The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.

According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%

Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.

What you should know

  • Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
  • Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.

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Coronavirus

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.

This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled Bracing for a different future.”

According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.

The report states,

  • The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”

According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows:  CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.

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What you should know

  • The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
  • Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
  • 2 doses of the vaccines are required for each person for immunity.
  • It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
  • From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
  • To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.

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