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The Courier Industry and Budget

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Forecasting is a tool often employed in determining unknown variables when preparing a budget while a budget is a detailed plan expressed in quantitative terms that specify how resources will be acquired and used during a specialized period of time.
Budget will enable a courier company to be able to communicate company objectives throughout the firm, focus on planning for the future, effectively allocate resources, reveal bottlenecks, coordinate department objectives with the firm and provide benchmarks for performance evaluation.
Siyanbola Oladapo, managing director and chief executive officer of Bowill Errands Limited explained that budget period varies depending on the organization and different levels of management to execute the budget.
Oladapo, who is a former banker said the budget period could be daily, weekly, monthly, quarterly or annually but noted that the 2010 budget which is yet to be released, has affected the courier industry, which is a service industry.
He said what obtains in the industry now is zero-base budgeting, which as one of the modes of budgeting requires that the budget for virtually every activity in the organization is initially at zero, because to receive funding during the budgeting process  each activity must be justified in terms of its continued usefulness.
He said the above mentioned approach forces management to rethink each phase of an organization’s operations before allocating resources because the budget is not passed as at when due, like the 2010 budget.
On the other hand, he said base budgeting is the approach that set the initial budget for each of the organization’s departments in accordance   with  a base package which includes  the minimal resources  or the sub-unit to exist  at an absolute minimal level, for instance when the budget for 2010 is released latest in January. 

 


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E-Financial

Accidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake

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A Nigerian man has gone viral after he chose to spend a year in prison after spending part of N1.5 billion that was accidentally sent to him.

Accidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake

If you’ve ever had money accidentally drop into an account, be it a bank account, savings, or even PayPal, it can cause a fair amount of stress.

You’re better off returning it than holding onto it.

However, Ojo Eghosa Kingsley decided to spend the money after it dropped into his account.

Kingsley, however, didn’t just receive a small chunk of change.

According to the Nigerian Economic and Financial Crimes Commission (EFCC), he received N1.5 billion into his account, which is around $1.1 million dollars.

As per the police’s report, the money had been split into different accounts, some in the name of Kingsley himself, and others belonging to his mother and sister.

After entering a guilty plea, he was offered a one-year prison sentence or a fine of N5 million – around $35,000.

Kingsley chose to spend a year in prison over the erroneously accredited money, also promising to “be of good behaviour going forward.” He was ultimately charged with “one count of bordering on stealing” by the EFCC.

He was also ordered to return the money, in which prosecutors noted that he had spent some of it already – as well as transferring it through different accounts.

The bank had managed to recover almost the full amount, save for a few thousand Naira.

Kingsley’s story has gone viral on social media, with many jokingly agreeing that they’d do the same thing if such a large sum ended up in their bank account.

Credit: ww.dexerto.com


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US Set to Deport 79 Nigerians on Criminal List

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The United States Department of Homeland Security (DHS) on Monday, said that it will deport no fewer than 79 convicted Nigerians listed on its ‘worst-of-the-worst’ criminal list.

US Set to Deport 79 Nigerians on Criminal List

President Trump

According to the DHS website, 79 Nigerians were convicted of offences bordering on fraud, drug peddling, assault, manslaughter and robbery, among others.

An accompanying note showed that the convicts were arrested as part of the United States’ crackdown on criminal immigrants.

The note read, “The U.S. Department of Homeland Security is highlighting the worst of the worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement.

“Under Secretary Noem’s leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations, starting with the worst of the worst, including the illegal aliens you see here.”

The list showed that the convicted Nigerians include Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, and Oriyomi Aloba.

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay and Joseph Ogbara.

Also listed are Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi, and Omotayo Akinto.

Others include Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonyе Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, and Henry Idiagbonya.

Further names on the list are Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.

Also included are Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, and Boluwaji Akingunsoye.

Others are Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.

Trump’s administration has continued to crackdown on criminal and illegal immigrants across the US with many Nigerians in the country affected by the policy.


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E-Financial

SEC Warns of Potential Ponzi-style Risks in AURUM BOT, ModMount

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Securities and Exchange Commission (SEC) has issued warnings regarding the activities of AURUM BOT and ModMount Services Limited.

The apex regulator of the capital market flagged both entities for operating without the necessary legal licenses and for exhibiting high-risk characteristics typically associated with fraudulent Ponzi schemes.

This SEC’s newest move in 2026 is part of the regulator’s broader crackdown on unregistered digital asset platforms that lure retail investors through social media with promises of “guaranteed” or “unrealistically high” returns.

In separate statements, the SEC said its attention has been drawn to the activities of AURUM BOT, “which presents itself as an investment platform dealing with cryptocurrency in Nigeria.”

The Commission reiterated that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk, including fraud and potential loss of investment.

“The Commission hereby informs the public that AURUM BOT is not registered or licenced by the Commission to either solicit investments from the public or operate in any capacity within the Nigerian capital market”.

“Investigations have revealed that AURUM BOT has been actively promoted on social media platforms and online forums. Furthermore, its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes,” SEC said.

SEC advises the public to refrain from investing with AURUM BOT in respect of any business pertaining or relating to the Nigerian capital market “as any investment activity carried out by them in Nigeria is illegal, and any person who engages with the platform does so at his/her own risk”.

Also, the SEC said its attention has been drawn to the activities of an online investment platform known as ModMount Services Limited, “which holds itself out as a financial services provider and Contract for Difference (CFD) broker offering investment opportunities in forex, stocks, indices, commodities, and cryptocurrencies”.

According to SEC, “Investigations by the Commission have revealed that the operators of ModMount Services Limited claim that the company is incorporated in Seychelles and authorised by the Financial Services Authority (FSA) of Seychelles.

“In addition, the entity solicits funds from members of the Nigerian public and encourages investors to remit monies through bank accounts domiciled in Nigeria. The Commission has also received information indicating complaints of withdrawal difficulties, aggressive solicitation practices, and other conducts inconsistent with fair market practices,” SEC noted.

SEC said that ModMount Services Limited is not registered or licensed by the Commission to either solicit investments from the public or operate in any capacity within the Nigerian capital market.

“Accordingly, the public is advised to refrain from investing with ModMount Services Limited in respect of any business pertaining or relating to the Nigerian capital market as any investment activity carried out in Nigeria is illegal, and any person who engages with the entity or its representatives does so at his/her own risk,” SEC noted.

 


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