Tunde Folawiyo Buys King Sunny Ade's Vintage Guitar For N52.1m at KSA@70

King Sunny Ade’s guitar was auctioned for a whopping N52.1million as the music star celebrated his 70th birthday on sunday.

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Tunde Folawiyo is the managing director of the Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, shipping, real estate and engineering. His Father, Wahab Folawiyo , a well known Islamic leader started the group in 1957 as a commodities trading outfit and served as chairman until 2008 when he passed away.
The company’s oil exploration firm, Yinka Folawiyo Petroleum, owns a 60% interest in an oil block that contains the Aje Offshore field.

GOLDMYNE

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NFF Pays Super Falcons $200 Out Of Accumulated $16,500 Bonuses

Protesting Super Falcons of Nigeria have been given a paltry amount of N100,000 for successfully retaining their continental crown in Cameroon.

The Florence Omagbemi’s women were given hundred thousand naira [about $200] of the $16,500 accumulated bonuses from winning the 2016 African Women’s Cup of Nations in Cameroon.

The Nigerian women defeated the Indomitable Lionesses of Cameroon to clinch a record 8th African Women Cup of Nations, AWCON, title and since then, the players have embarked on a sit-in protests to get their allowances and bonuses

A source from the Glass House, however, claimed the 100,000 naira was meant for transportation with a promise to offset their outstanding debts in few days to avert further national embarrassment.

However, the ladies have maintained their stand not to vacate the Agura Hotel until they get all their entitlements.

One of the payers told Goal on anonymity, “We got 100,000 naira but we were told it is part of our money. So, we are still here until we hear from the sports minister.”

DAILY POST

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Justice Ademola And Wife Cover Their Faces As they Appear In Court Today (PHOTOS)

Justice Adeniyi Ademola and his wife, Olabowale were pictured covering their faces when they appeared before a Federal Capital Territory, FCT, High Court in Maitama, Abuja on Tuesday.

While Ademola used his hand to shield his face from the camera as he turned away, his wife used a phone to cover her face.

The judge and his wife, were arraigned on an 11 count charges bordering on conspiracy to receive gratification and receiving gratification of N30m from Joe Agi and Associates, between March 11 and March 26, 2015.

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DAILY POST

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Nigerians Will Become Poorer With Rising Oil Prices Says Henry Boyo

The price of crude oil has steadily increased beyond $50/barrel after OPEC agreed to cut output by about 1.2 million barrels/day in November 2016. Nigeria’s export revenue prospects will consequently be boosted, if this price trend is sustained, particularly if the youth restiveness in the Niger Delta is minimised. However, much against popular expectation, the more bountiful the export dollars, the bigger also will be our economic headache!

President Muhammadu Buhari must be disturbed that the naira exchange rate has suffered so poorly under his watch, particularly after he promised parity between the naira and dollar, if he won the election. Unfortunately, the worst has yet to come, because, if crude oil price further rises while output remains favourable, the dollar will paradoxically spike well above N500=$1 and may approach N1000=$1 before December 2017! Any attempt to bridge the widening gap between official and parallel market exchange rates will devalue the naira and trigger a steep rise in fuel price to shoot inflation well beyond 20 per cent and make Nigerians poorer still.

Advisedly, patriotic Nigerians should alert Mr. President that his legacy will be characterised by mass poverty if he remains in denial of this reality. Hereafter, an interview format will be adopted to explain the chain of cause and effect that will induce the horrifying realities foretold above.

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Why are you so pessimistic and why should increasing dollar revenue make Nigerians poorer? Isn’t this a contradiction?

Yes, it will indeed seem a contradiction for a weaker naira and deepening poverty to be products of increasing dollar revenue, but interestingly, this has been our economic experience lately. For example, Nigerians became listed amongst the world’s poorest, despite the stupendous income from oil for several decades. Ironically, in retrospect, when crude oil prices hovered about $10/barrel, N1 exchanged for about $2.

Conversely, when crude oil prices bounced beyond $140/barrel and output remained at over two million barrels/day, with well over $50bn as reserves, the naira inexplicably exchanged for over N150=$1! Consequently, Nigerians have to work 300 times harder, just to earn $1, particularly when income levels rise more slowly, despite our buoyant reserves. It is therefore evident that deepening poverty nationwide, unfortunately, correlates with increasing dollar income! So, my perspective is not pessimistic but is actually a logical deduction.

So, are you suggesting that the economy will do better with smaller export revenue from oil?

Unfortunately, in view of our national experience, it’s a case of heads you lose, and tails, you also lose, as the present lower oil price and revenue is also promoting severe hardship everywhere.

So, why does oil revenue instigate this economic dilemma?

Ans: The oil revenue is not the problem; the primary cause of the oppressive dilemma is the distortional process the Central Bank of Nigeria adopts for infusing the dollar revenue into the domestic money market to drive economic growth.

So, how is the dollar revenue infused into the system presently?

Inexplicably, revenue allocations are all denominated in naira, even though dollar revenue, from crude, generally contributes the lion’s share. The question therefore is, what happens to the dollars held back by the CBN after substitution with naira and how is the exchange rate determined for the naira shared as allocations?

How does naira substitution and the applied exchange rate distort inclusive economic growth?

The fear of an unrestrained inflationary spiral is the first lesson in economic management everywhere. The CBN is constitutionally empowered to keep inflation at best practice levels, usually below two per cent, so that income values and consumer demand will be favourably sustained. However, the main driver of spiralling inflation is undeniably excess money, (in this case, excess naira supply). Instructively, money supply inadvertently expands every time the CBN unilaterally substitutes naira allocations for dollar denominated revenue. Thus, the higher the dollar revenue, the greater will be naira supply and the greater also will be the serious threat of unbridled inflation wrecking the economy!

The popular perception is that the CBN adopts the open market rate for the naira it substitutes for dollar allocations. This may indeed be so, but the same CBN is guilty of consciously manipulating the exchange rate mechanism to favour the dollar rather than naira, for which it is both custodian and guardian.

How does this happen?

Well, by directly substituting naira allocations, the CBN immediately assumes ownership of billions of dollars. Historically, the so-called dollar “reserves” have unfortunately been serially abused by the CBN itself and incumbent presidents. Nonetheless, the perverse argument is that once constitutional beneficiaries accepted naira allocations for their share of dollar revenue, they cannot turn around to also lay claim to the billions of dollars withheld by the CBN, as this would be akin to having your cake and eating it! However, if the tiers of government subsequently require dollars for any legitimate purpose, it is regrettable that they have to buy back such dollars from commercial banks, at a rate that may be higher than the earlier rate adopted by the CBN for substituting naira allocations.

So, how is the dollar rate presently determined?

Well, the present price mechanism appears regrettably skewed against the naira, as the CBN proceeds to AUCTION rations of the same dollars, earlier withheld, in a money market that it has unwittingly already suffocated by the bloated naira allocations paid to government every month. In practice, any item auctioned, will sell for higher prices. Consequently, the CBN’s subsequent auctions of dollar rations, in a naira surfeit market, obviously spells perpetual doom for the naira exchange rate and inadvertently also, distressingly fires the inflation rate.

Thus, the more bountiful the CBN’s withheld “dollar reserves” become, the greater also will be the threat from excess naira supply and spiralling inflation and the more urgent therefore will be the need to introduce restrictive policy measures to hold back inflation.

So, what measures are taken by the CBN to restrain spiralling inflation?

As I said, the presence of excess money supply is the major driver of inflation, so the CBN is invariably compelled to reduce consumer access to the excess naira supply, by increasing the mandatory Cash Reserve Requirement for banks and raising the interest rate commercial banks pay, whenever they borrow from the CBN to cover their temporary cash short falls. Expectedly, these banks will in turn, make lending more expensive to their customers by charging higher interest rates for loans advanced. This reflex action inevitably constitutes an obstacle to inclusive economic growth, and industrial competitiveness and clearly challenges the drive for import substitution.

So, what is the way out?

The CBN should adopt dollar certificates for paying allocations of dollar denominated revenues, rather than unilaterally substituting naira allocations which precipitate excess liquidity.

Is it not possible that issuance of dollar certificates to states and the MDAs will facilitate capital flight?

No, it won’t, because the beneficiaries cannot collect dollar cash; they can only collect the naira equivalent of their certificates from commercial banks at the prevailing market exchange rate. The dollars will always remain in the domiciliary accounts of public sector beneficiaries with the CBN, who will then directly act on the instruction of any bank, which purchased the dollar certificates from the original beneficiaries, to make onward payments for authorised imports on behalf of customers. Similarly, for their imports, government beneficiaries of dollar allocations will submit attested invoices for officially valid transactions, through their banks, for the CBN to debit their domiciliary accounts and settle their invoices with respective overseas suppliers directly.

Consequently, with this arrangement, there is little or no room for round-tripping and forex hoarding, unless the CBN management also compromises itself. -HENRY BOYO

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MMM Nigeria Is Gone, See The Moving Note This Nigerian Wrote To All MMM Participants aka Mavrodians

Anebi Matthew took to his page and wrote:
MMM Nigeria is gone!!!
Before you come for my head, take this random survey and do the maths yourself!
Ask any participant the first thing they’ll do if by chance it come back alive in January?
There are two categories of people involved, those that just got help or those that just helped. Those that just got help are rejoicing right now, a serious jubilation, though they might be haunted by those that provided the help with calls. Those that just helped are now seriously planning on getting help and their money back once its back in January. Meaning, an estimate of over 90% participants will be requesting to get help once they’re back in January.
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Now ask yourself, who will provide the help? can you?
The bitter truth is, Nigerians are very calculative and not much people will be willing to take the risk never again. Or maybe they will, if it could survive the first few months. I just wonder how it will when everyone will be very reluctant to pay others.
Then what happens? It crashes the moment it returns.
Another question then is, will it ever return?
The administrators are wise too, they already saw what’s coming, not much participant are joining and a larger percentage of participants are trying to get help for the yuletide season. This will get to a peak when the season finally arrives and crash is imminent. I know a lot of friends that already saw this coming and went on break with the hope of continuing after the festivities are over and things are still running well. Rather than allow it crash woefully by December 20+, they might have just wittingly packed up.
Maybe you haven’t heard, experts predict famine in Nigeria by January meaning the recession will get really real then.
Sum it all up and you’ll agree with me MMM Nigeria is either gone or coming back to say goodbye.
Anyway…
Congratulations to those that have got a little cash from the scheme, don’t be a fool thinking you’re rich already sha!!!
Congratulations to my group of people that never joined, they’ll still mock us but we should be fine by it, we’ve learnt a lesson or two from them. Moreover, now you’ve got a point to prove over them (😊you know now, the _sebi I told you things_, _olohun mu o_)
Congratulations to those that got the Ramos goal by just getting help before this happening.
Congratulations to those that just registered but are yet to make any monetary allegiance.
Well, finally, congratulations also to everyone that might lose a penny or two in the scheme, shit happens. I want to believe you have always been aware of the risk involved tele naa.
A moment of silent for all the thousands that will be going down the drain. Not to worry, they’re not lost, just changed hands. Someone will be feasting with it this Christmas, they’ll pray for you.
👉🏼Anebi Matthew
AKA(MOG)

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I Have Not Earned Any Salary Since I Became Governor In 2010, Rauf Aregbesola Of Osun State Says

Governor of Osun State, Rauf Aregbesola, has said he has not earned salary since he assumed office in November 2010.

The statement was made during the launch of Oodua FM in Ile-Ife on Sunday.

“When people complain about our financial state, I begin to wonder if they think I am spending people’s money. Some of you do not know that I have not received any salary since I became governor of Osun state, why will I take that of others.

“Osun State has been in deep financial crisis for a long while and has been unable to pay salaries of workers.”

The governor explained that the state’s poor financial condition is the reason he refused to appoint commissioners.

“How will I have commissioners when we have no money? He asked.

“The minority leader of Osun state House of Assembly wrote a post on Facebook complaining that I have not paid them. We don’t have the money; even the minority leader does not have a car.”

According to the pay package prepared by the Revenue Mobilisation Allocation and Fiscal Commission, a state governor earns a monthly salary of N2.2 million.

He is, however, entitled to several other perks, including constituency allowance of N4.44 million, hardship allowance N1.11 million, leave allowance N222, 370.00, and newspaper allowance N333,555.75.

Mr. Aregbesola added that the economic crisis in the state was not only affecting indigenes but also other states, noting “there is no free money anywhere.”

“The poor financial condition of the state has also made it impossible to live up to its obligations to the Ladoke Akintola University, Ogbomosho, which it jointly funds with Oyo State.”

The Governor, further advised the owner of the radio station, Rotimi Malone, to utilize the radio station in fostering development for the state rather than focus on politics.

He further accused the Nigerian Broadcasting Corporation for allegedly performing below expectation.

According to him, “Nigerian Broadcasting Corporation has set standards but they just do things anyhow. There was a time that Osun state was almost torn apart through the media but Nigerian Broadcasting Corporation refused to act.”

DAILY POST

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MMM Nigeria: 'I Am Doomed; I Need My Money Back...' Tears & Wailings Trail Crash Of Ponzi Scheme

Tears and wailing on Tuesday as Mavrodians wake up to the gory news of MMM Nigeria, the Ponzi Scheme freezing all money in its system till next year.

This single act, many participants believed may be the end of the Ponzi scheme system which the Central Bank of Nigeria has already cautioned the over 2 million participants to be wary of.

When[url] NEWSHELM.COM[/url] contacted the Customer Unit of the Scheme…. no one seems available to answer queries and several requests on the decision and suspension of withdrawals from the system til January, 2017.

Here are some reactions from the MMM community and what hope lies for them in the Ponzi system this festive season:
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http://www.newshelm.com/2016/12/mmm-nigeria-i-am-doomed-i-need-my-money.html

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NDLEA Arrests 42-Year-Old Clearing Agent And Two Others While Attempting To Smmugle N4bn Drug Hidden In Artificial Human Hair

A 42-year-old clearing agent, Daniel Unegbu, alongside two drug couriers have been arrested by the National Drug Law Enforcement Agency, NDLEA, at the Murtala Muhammed International Airport, Lagos,while attempting to smuggle 83.8 kilogrammes of drug to south Africa.

According to the officials, the drug discovered in artificial human hair, estimated at N4bn, was said to be the largest amount of ephedrine seized at the MMIA.

The two other suspects identified as Joseph Ettah, 28, and Bright Wopara, 31 alongside the clearing agent are being interrogated.

The NDLEA Commander at the MMIA, Ahmadu Garba, while confirming their arrest said preliminary investigation revealed that Unegbu aided the traffickers to conceal the drug.

He said, “Officials of the NDLEA at the departure hall detected a bag and during the search, it was found to contain substances that tested positive for ephedrine, with a total weight of 83.390kg.

”So far, three suspects apprehended are being interrogated to determine their level of culpability.

“A preliminary investigation revealed that Unegbu, who works as a clearing agent, collected the luggage from his client and took it to the airport. Ettah and Wopara are the two luggage handlers who worked with him.”

A statement from NDLEA Chairman, Col. Muhammad Abdallah (rtd.), said the agency had strengthened narcotic screening at airports in order to frustrate the different tricks employed by drug traffickers.

“This end of the year, counter-narcotic smuggling strategy had prevented attempt by a suspected drug trafficking syndicate to export 83.390kg of ephedrine hidden in female hair attachment to South Africa.

“Ephedrine is a precursor ingredient used in the production of methamphetamine. The estimated street value of the drug is about N4bn.

“ NDLEA will continue to resist attempt by criminal syndicates to compromise security through strict law enforcement practice.

“Anti-narcotic agents have been placed on the alert and will remain vigilant to detect any act of sabotage.

“The case is under investigation and anyone found wanting shall be prosecuted in line with the NDLEA Act,” Abdallah said.

DAILY POST

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Real Shock And Panic Among Nigerians As MMM Announces No Withdrawal Of Money By Members For One Month

This message appears on every participant of MMM as they log into their PO

One-Month Freezing of Confirmed Mavros

Dear members!
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As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)

Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.

The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))

We hope for your understanding,
Administration

Mavros are the unit of pseudo-currency used by participants. (Mavro is shown below in the MMM Android app)
Mavro, while in the system, grows at a rate of 30%.

A confirmed Mavro refers to a pledged amount (Provide Help) that has been redeemed (Paid to another participant).
Frozen Mavro is not an alien term in the Mavrodian (what Participants of MMM fondly call themselves) circle. Mavros after being confirmed stay frozen for certain period of time, until it’s release date (usually less than 3 weeks).

In a recent Christmas promo launched by the website, additional 20% accrued bonus was added to all who made pledges, this led a lot of faithful Mavrodians to make pledges. They were mostly matched to pay their pledge faster than usual.

It is unclear if during this mandatory 30days of being frozen, whether frozen Mavro will grow.

All things being equal, some of the implications of this would include:

1. No participant can get help (withdraw the already paid money) until January 12th 2017.
2. Due to number 1 above, no participant can Provide Help (pay money) since no one gets paid till January 12th 2017.

The news broke at 1am Tuesday morning, a day always anticipated by Mavrodians as Mavro Day, since Mavros grow on Tuesdays and Thursdays. Hence many participants wait till Tuesday morning before asking to Get Help (make withdrawal).

It’s been claimed by participants that the same scenario played out in December 2015, hence they are calm assuring every member that it is not a crash landing.

Yesterday the founder Sergey Mavrodi was alleged to have warned of how much Nigerians will suffer if MMM crashes, while he asks the government not to interfere with its activities. -apprdriod/NL

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