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How Nigerians Lost N18b to Ponzi Schemes – See Details

The Securities and Exchange Commission (SEC) yesterday said over three million Nigerians have lost about N18 billion to Ponzi schemes and other illegal investment schemes.

It, therefore, described the continued activities of Ponzi schemes as a threat to the protection of investors, the functioning of a fair and orderly financial market, as well as the development of the economy at large.

Keystone bank reopens revitalised Lagos branch

Keystone Bank Nigeria Limited has announced the re-opening of its revamped Ikotun, Lagos branch for commercial operations.

A statement by the lender said the strategic decision to reopen the branch located is in line with the bank’s drive to reach a wider audience and meet the needs of customers in the area, specifically the retail/MSME who are in need of a service-oriented bank that will work with them to grow their businesses.

European Fund okays $16b for Nigeria, others

The European Development Fund (EDF), the main instrument for EU aid for development cooperation with the African, Caribbean, and Pacific countries (ACP), has so far supported Nigeria and other countries with £4,732,573,734 about $6,622,148,448.77. Project budget is £4,789,417,222. It started December 13 , 2010. It will end on December 31 Dec 2027.

EDF provides support to African, Caribbean and Pacific (ACP) countries and Overseas Countries and Territories (OCTs) to eradicate poverty, support sustainable development and integrate ACP countries into the world economy. The funding is implemented by European Investment Bank, European Commission and Directorate-General for International Cooperation and Development.

CBN Boosts Diaspora Remittances with N5 Rebate for Every $1

The Central Bank of Nigeria (CBN) has introduced a rebate of N5 for every $1 of fund remitted to Nigeria through licensed International Money Transfer Organizations (IMTOs).

This rebate will be paid into the bank accounts of beneficiaries, following receipt of remittance inflows.

CBN governor Godwin Emefiele made this disclosure on Saturday at a virtual event.

State Farm Awards $750,000 Grant to Latino Advocacy Organization

United States insurance firm, Farm awards $750,000 grant to Latino advocacy organization
State Farm has awarded a $750,000 grant to UnidosUS (formerly the National Council of La Raza), the nation’s largest Latino civil rights and advocacy organization. The grant will fund four education initiatives: CASA, Early Escalera, Avanzando Through College and Padres Comprometidos. The grant will also support the UnidosUS Esperanza/Hope Fund.

Antivirus software pioneer McAfee charged by U.S. with cryptocurrency fraud

John McAfee, the antivirus software pioneer whose former company still bears his name, has been indicted on fraud and money-laundering conspiracy charges stemming from two cryptocurrency schemes, the U.S. Justice Department said on Friday.
Authorities accused McAfee and his bodyguard, Jimmy Gale Watson Jr., of exploiting McAfee’s large Twitter following to artificially inflate prices of “altcoins” through a so-called pump-and-dump scheme, and concealing payments McAfee received from startup businesses to promote initial coin offerings.

NYIF Loan Second Batch Disbursement Begins – See Details

The Nigerian government, through the Central Bank of Nigeria (CBN) and Nirsal Microfinance Bank have commenced the second round of Nigeria Youth Investment Fund (NYIF) loan disbursement starting from March 2021.

The Nirsal Microfinance Bank (NMFB) that is in charge of the NYIF loan disbursement had earlier informed applicants of NYIF loan to verify their BVN by sending text message to shortlisted candidates.

Enugu Government Launches Loan Scheme for Entrepreneurs

Enugu Government Launches Loan Scheme for Entrepreneurs
The administration of Governor Ifeanyi Ugwuanyi of Enugu State, through the state’s Small and Medium Enterprises (SMEs) Center, has launched a loan scheme for entrepreneurs in the state, known as “Enugu SMEs Micro Credit Lending Programme”.

According to the Special Adviser to the Governor on SMEs Development, Hon. Arinze Chilo-Offiah, the programme was created to give entrepreneurs in the state an opportunity to access a maximum loan of three hundred thousand naira (N300,000) with 9% yearly interest (0.75% monthly), to grow their various businesses.

Accessing NHF Loan from Federal Mortgage Bank of Nigeria – See Requirements

Are you a civil servant in Nigeria and desire to build a house of your own? If yes then please read this important information below on requirement and how to access the National Housing Fund (NHF) loan from Federal Mortgage Bank of Nigeria .

The National Housing Fund (NHF) is an initiative of the federal government of Nigeria and it’s aim is to provide loans to civil servants in the country to enable them build own houses.

With the NHF loan, civil servants who cannot afford commercial housing will contributing 2.5% of their monthly salary to Federal Mortgage Bank of Nigeria.