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SEC Warns Nigerians Against Dealings with FinAfrica, Poyoyo Investment Schemes

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The Securities and Exchange Commission, SEC, has warned the public against dealing with FinAfrica Investment Ltd and Poyoyo Investment.

A circular from SEC management and posted on the commission’s website stated that the companies’ activities were not recorded by it.

The commission described Poyoyo Investment (Pilvest) Nigeria Ltd.’s business as a Ponzi scheme, where returns were paid out of other people’s invested sums.

“The SEC’s attention has been drawn to the activities of an illegal operator, FinAfrica Investment Limited.

“The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group.

“The commission hereby notifies the investing public that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered.

“The investment scheme promoted by these entities is not authorized by the SEC either.

“In view of the foregoing, the general public is advised that anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk,” the circular said.

He also noted that the SEC’s attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

“The commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited does not have a tangible business model, therefore it is a Ponzi scheme where returns are paid with the sum invested from other people,” he added.

In reaction to the circular, Dr. Marksman Ijiomah, Chairman of Chinmark Group, told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets.

Mr. Ijiomah, who disclosed that the partnership had been in existence for six years, said the SEC had never written to the company to notify them that its dealings were not in line with its regulations.

“The SEC did not qualify us as a Ponzi scheme in the circular.

“We do not do business in the capital market, we do not sell stocks or shares. We are not interested in equity financing.

“What we do is we have partners who come together and give us funds to run the business and, at the end of the month, we give them profit from the business.

“We don’t call it interest, we call it profit.

“We have been doing it for over six years and thanks to that partnership, we were able to build a six-unit hotel in Enugu.

“We have also built a restaurant in Dubai and these things are visible for all to see,” Ijiomah told NAN.

He added that the company was not involved in a Ponzi business.

“Our rate is three percent per month, that’s what we pay.

“The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication,” he said.

 

NAN

 


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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