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‎Avoid Ponzi Schemes! SEC Warns Nigerians Again

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Nigeria stock exchange

NIGERIANS have again been advised to desist from investing their money in investments that offer unreasonable levels of returns at little risk to investors.

This was stated by Ag. Director General of the Securities and Exchange Commission (SEC) Ms Mary Uduk during a Town Hall meeting on Current Initiatives by the SEC Nigeria to enhance investor value held in Port Harcourt, Rivers State, Wednesday.

In a statement by the Commission, Uduk, while enjoining investors to be wary of any investment that is proposing return levels that are unreasonably high, added that they should always cross check that such fund managers and the products they are offering are registered with the SEC.

The Ag. DG told the audience that the specific objective of the meeting is to keep Nigerians abreast of the initiatives that SEC is currently undertaking in order to make the capital market more user friendly such that people can participate in it with greater ease, comfort and convenience.

“There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.

“These fraudsters or promoters of Ponzi Schemes are the false prophets of the investment environment, they are the ill wind that blows no good and at whose sight you must flee; they are to be avoided. This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard–earned money” she stated.

Uduk also used the occasion to inform investors that SEC is currently leading the entire capital market industry in an effort to migrate all shareholders to an e –Dividend regime.

The essence of the e-Dividend Mandate Management System she said, is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.

“Unclaimed dividend is an undesirable feature of the Nigerian capital market which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money which should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

“It is a consequence of the bottlenecks which are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others.

Uduk stated that the e-Dividend regime bypasses these limitations by ensuring that dividends which do not exceed 12 years of issue are credited directly to an investors account after the declaration by the paying company and within a stipulated payment period through simple interbank transfer.

Recall that the e-Dividend registration exercise started on November 23, 2016. Each successful registration cost N150, however, between that time and March 31, 2018, the Commission underwrote the registration cost for all investors that mandated.

Other initiatives by the SEC according to Uduk include, Direct Cash Settlement, dematerialisation, National Investor Protection Fund, Recapitalisation of capital market operators, corporate governance scorecard, new rules for products innovation, development of commodity exchange, Collective Investment Schemes among others.

In his remarks, Head of Port Harcourt Zonal office of SEC, Mr Obi Adindu said the SEC is interested in making the capital market stronger and better and a means of creating wealth for Nigerians.

“We are here to get your views on our initiatives and policies so that we can fine tune them where necessary in a bid to ensure that your investments are well protected in the capital market” Adindu added.

Celebrities

Mide Martins bullied me into bleaching, says Habibat Jinad

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Habibat Jinad, the Nigerian actress famous in the Yoruba film industry, has revealed why she decided to bleach her skin.

In a recent interview on Talk To B podcast, Jinad alleged she was verbally abused by Mide Martins, a colleague, on the set of a movie.

She claimed that Mide insulted her and called her a “monkey with a black face”.

Jinad said people always complain about her dark complexion, advising her to “lighten up”.

She added that she “decided to change after Mide insulted me” to make people happy.

“We were at Afeez Owo’s rehearsal ground and a colleague of mine did something wrong which I was not a part of,” she said.

“They told us to kneel down. Mide Martins, my boss and some other people were there. Mide Martins insulted me and called me someone with a black face.

“She said so many things to abuse me and I felt very bad. I later found out that she called me a monkey with a black face.

“I’m sure that till now she might not know that what she said to me the other day somehow affected me.

“Even before then, whenever I was on set, people would say that I’m too dark-skinned and that I need to lighten up.

“So after Mide insulted me, I thought about what I could do to make these people happy. So I decided to change.”

Jinad had previously said she would no longer continue to bleach her skin.

“Nobody can bully me again into using bleaching cream. I’m not bleaching my skin anymore,” she said on Instagram.

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Celebrities

Eniola Badmus, Lege Miami clash over matchmaking service

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Eniola Badmus, the actress, and Lege Miami, the entertainer, have clashed over a matchmaking service.

Lege, who hosts a matchmaking show on YouTube, recently claimed that the actress sought his services to find a partner, but described her as “picky”.

In a viral voice note online, Badmus lashed out at Lege’s comments and criticised his approach to running his matchmaking show.

She also advised him to learn the proper rules of matchmaking if he lacked understanding.

“Hello Lege, it is like your brain is messy, what do you mean no one should look for your trouble? Who is your grandmother? Who are you? I am saying you have to be discreet about what you are doing,” she said.

“You are doing a matchmaking, if you do not know rules, f**king go online and Google rules about it. How dare you put my name out there saying Eniola is picky. You are mad!”

In response, Lege questioned if Badmus paid for a private service and insulted her appearance.

“Eniola Badmus did you pay for a private session? Did you tell me you did not want anyone to know? You are not alright and you will be well soon,” he said.

“You know I used to respect you, I am now running away from you. Did I post the video we made in Abuja? Are you a fool? Wule bantu, you are shapeless”.

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Kwam 1 finally addresses rift with ex-drummer Ayanlowo

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Wasiu Ayinde, the Fuji singer fondly called Kwam 1, has finally addressed his rift with Kunle Ayanlowo, his former drummer.

Ayanlowo recently alleged that Kwam 1 was fond of treating his band members like “slaves”.

The instrumentalist claimed he “achieved nothing” while working under the Fuji singer for over three decades.

Ayanlowo, who left the Fuji singer in October 2022, also asked the public to hold the ace singer responsible should any harm befall him.

Kwam 1 had earlier refused to address the allegations.

But speaking with journalists at his Mayegun Resort in Ìjẹ̀bú Ode, Ogun, the Fuji star denied Ayanlowo’s allegations.

Ayinde also shared his side of the story on his rift with Ayanlowo. The singer said he “single-handedly” formed his band,” adding that the initial sharing formula with members was 60/40.

Kwam 1 said as time went on, he adjusted the sharing formula to 40/60 due to the burgeoning size of his music band.

He explained that whenever they perform at an event, he takes 30 percent of the cut while his band members receive 50 percent. 10 percent of his cut and that of his band go to their management.

The singer also spoke about the years-long financial challenges he faced and his “numerous sacrifices” to ensure the smooth running of the band.

“You know how many things I have overlooked in my life to be able to keep a band working? I never can say how many times I have gone to borrow money to finance my band’s trip,” he said.

“From inception, the agreement between me and my group was 60/40. 40 percent to them because they were not many then. Maybe about nine of them. But when they were becoming larger, getting to 14, 15 there was an adjustment of money conditions. I said okay 50/50.

“It is a sole band. I have the grace of God to be able to be someone that is contented. Do you know how many times I have sold my things to fund my band?”

“In my band now I have like 27 or 28. You can imagine.”

Giving an illustration of the sharing formula, Kwam 1 said: “For instance, if we make N10 million from a show, I take only N3 million. and I pay my security details from the N3 million”.

Wasiu also referred to Ayanwolo as a “troubleshooter” who “complains too much”. The singer said due to the drummer’s troubles, he has left the band on several occasions.

The musician said about seven people have apologised to him on behalf of Ayanlowo to reinstate him in the band.

“Like Ayankunle has been a former member of the band. He has been a troubleshooter. He has gone and come back on several occasions. I will tell you, of all my bandmen, he is the only member that over seven times people have come to beg for to restore. Ayankunle that you see complains too much,” he said.

He also alleged that instrumentalists once absconded from the band when they travelled to England to perform in the 90s.

Kwam 1 claimed Ayanlowo’s “dubious act” was eventually uncovered at the British Embassy after overstaying in the city.

“Ayankunle that is complaining that we tore his passport, let me tell you his story. He ran away from the band in England while we were on tour in the 90s. He ran away from the band with his passport. Together with him and another two members of the band. And we came back to Nigeria,” the singer said.

“After overstaying in London, he now gave the passport to somebody to renew it at the embassy. They took the passport, changed the head, and put another person’s head. When they got to the embassy, they discovered that the interview they did for that one did not tally with the visas in the passport. They now asked the person he sent to tell the owner of the passport to come and collect it. Ayankunle’s passport is inside the British embassy.

“This is a man I did the passport for. He cannot write and read. I did everything for him. He ran away with the passport, how come you that ran away with the passport claimed it is with me?”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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