BusinessDay 27 Mar 2018

38 BUSINESS DAY
C002D5556
Tuesday 27 March 2018
NEWS
MMM founder, Sergei Mavrodi, dies at...
Continued from page 4
1955, Moscow with his father an
Ukarian and Greek origin. He is a
computer programmer and also
a mathematician.
In 1989, he founded the corporative
society known as MMM
in the middle of an economic
downturn that hit Russia at that
time.
In 1994, the Russian government
were threatened about
the increased popularity of
the scheme, thus they arrested
Sergey mavrodi and seized over
four Rubies of peoples cash.
Report has it that the swav team
that arrested him took about 17
trucks of cash.
However, while in prison,
he collected signature for registering
as a candidate in the
state duma (a kind of legislative
house in Russia) as member of
the parliament for the sake of
parliamentary immunity, but
he was stripped of his mandate
in 1996.
A Moscow court found him
guilty of financial fraud in 2007
L-R: Abiola Lamikanra, executive chairman, Association of International School Educators of Nigeria (ISEN)/
guest speaker; Titi Osuntoki, executive director, business banking, Access Bank plc; Femi Akintunde of the
University of Lagos; Joy Ogugwua Ojeah of Ministry of Education, Lagos State, and Ebuka Abudu, immediate
past president, ISEN, at a breakfast meeting with the theme, ‘The Role of Education in Transforming The
Nigerian Economy’ hosted by Access Bank in Lagos.
N650bn subsidy: FG finally seeks approval...
Continued from page 1
arrears owed oil marketers.
A source close to the presidency
told BusinessDay that the
document seeking approval for the
payment was sent to the national
assembly on either Wednesday or
Thursday last week.
Industry sources contacted by
BusinessDay said they have heard
the development but they are still
trying to confirm it from national
assembly members.
Joseph Akinlaja, chairman
House committee on Downstream
when contacted simply asked
when was it that it was sent to the
national assembly and when he
was told it was last week Thursday,
he said, if it is true the Speaker of
the House would read it on the
floor of the House today Tuesday.
Depot and Petroleum Products
Marketers Association of Nigeria,
DAPPMAN and Major Oil Marketers
Association of Nigeria, (MO-
and sentenced him to 4 1/2 years
in a penal colony leading to the
second crash of the scheme.
After being released, Mavrodi
launched another pyramid
scheme called MMM-2011,
calling on investors to purchase
so-called Mavro currency units
in a bid to get rid of the “unfair”
financial system. The project
was however halted after a few
months.
Between 2011 and 2016, Mavrodi
launched Ponzi schemes
under the MMM brand in India,
China, South Africa, Zimbabwe,
and Nigeria.
The scheme was lauched in
early start of 2016, and attracted
lots of Nigerians who rushed
into it as a result of the economic
recession that hit Africa most
populous black nation that was
similar to was Russia face at that
time.
Despite several decry by government
and regulated agencies
to Nigerians on the dangers in
participating in an unregulated
scheme such as that offered by
MAN), had written to President
Muhammadu Buhari on January
24 and also to Ibe Kachikwu,
Minister of State for Petroleum
Resources, on the debts.
In the second letter, the marketers
conveyed their decision to
engage in mass sack of staff and
closure of depots in less than 14
days.
The marketers had said that
a series of constructive engagements
and meetings had been held
between them and the Nigerian
National Petroleum Corporation,
NNPC, the Ministry of Labour, and
the presidency.
They expressed hope that the
payment would be approved by the
national assembly, bringing an end
to the crisis faced by them.
“Marketers have been reassured
about the FGN’s commitment to
make payment as evidenced by
the request for approval for appropriation
of same to the national
sergey mavrodi, many Nigerians
turned deaf ears since they felt
the scheme could offer a much
more higher interest than what
the banks could offer.
Many Nigerians participated
with their hard earned money.
Report has it that some even borrowed
huge amount of money
to invest into the scheme with
the hope of getting a 30 percent
return in a month time.
On December 14 2016, participants
of the scheme who
logged into the MMM website
to Get help (GH) as it was called
from the money they provided
as help(PH), noticed that their
matured Mavro(Money) where
frozen by the scheme in the
name of the scheme closing for
the year ended but will reopen
on the 14 of January the following
fear(2017)
However, their maths did not
add up well, as the said scheme
opened but never released the
huge amount of people’s money
that was trapped in the system,
resulting to loss of live as some
participant committed suicide in
the event of this drama.
assembly,” they said.
“It is our hope that this approval
will be given promptly and these
long overdue payments made
subsequently. All marketers are
to ensure there is no disruption in
the supply and distribution of PMS
nationwide.”
Last year, Vice President Yemi
Osinbajo directed Minister of
Finance Kemi Adeosun to pay oil
marketers all outstanding subsidy
claims, estimated at about $2 billion
after verification and study of
the legal implication of continued
delay.
The minister, however, noted
that although the Federal Executive
Council approved promissory
notes for settlement of the arrears
and other liabilities inherited from
the previous administration, the
National Assembly was yet to approve
the payments.
Having waited years for the
payment, which continues to
attract huge bank interests, the
Nigeria has been turbulent under...
Continued from page 1
on Food Security at the Presidential
Villa, President Buhari
said, “Nigeria’s journey in the
last three years has been a very
turbulent one.”
The President however said
his administration was doing
everything necessary to stabilise
the country and improve
the nation’s economy, saying,
“The country’s need for critical
job creating sectors, which has
been ignored for decades, is now
beginning to yield results.”
Buhari promised to develop
“new programmes and projects
that will protect, and indeed
create more jobs in farming,
fisheries, animal husbandry and
forestry.”
He listed some of the policies
put in place to ensure food security
to include efforts to reverse
Lake Chad Basin shrinkage and
issuance of the first evergreen
bond that would act as a catalyst
for investments in renewable energy
and afforestation projects.
“This was oversubscribed,
sharing market confidence in the
country and our government.
“We established the Agro
Rangers Unit within the Nigeria
Security and Civil Defence Corps
to protect the billions of naira of
investments recorded in Nigeria’s
agricultural sector across
the country,” he said.
He also listed the introduction
of the National Social Investment
Programmes targeting
millions of Nigerians living from
hand to mouth, and the launch
of agricultural programmes
focusing on import substitution,
job creation and rural
development, thereby bringing
socio-economic transformation
to the millions of citizens living
in some of the most remote rural
parts of our country.
“We commenced the longterm
Pollution Remediation
Projects in the Niger Delta with
the hope of restoring dignity
and normalcy to the millions of
Nigerians impacted by decades
of pollution in their communities.
Fishing and farming will
resume once blighted areas are
rehabilitated.
“As we all know, land is use
for farming, grazing and forestry.
Water is used for irrigation, livestock
sustenance and fishing.
Therefore, any strategy for land
and water management must
take into account the interconnectivity
of all these key sectors
to ensure equity and sustainability,”
he noted.
The President also listed challenges
to be tackled to include
population growth, urbanisation,
industrialisation, rural
infrastructure development and
climate change, as part of plans
to ensure food security.
“We are well aware that the
full results will not be felt or seen
overnight. The journey is long. It
is therefore our collective duty
to ensure the actual and potential
positive impacts of these
programmes are sustained, improved
and expanded,” he said.
Farmers and herdsmen clashes
had threatened to derail food
security across the country with
thousands of farmers abandoning
their farms.
But the Chief of Army Staff,
Gabriel Olonisakin, who briefed
State House Correspondents
after the inauguration, said the
Army had been mandated to
“step up operation under the
new arrangements to ensure
protection of farmers to ensure
food security.”
The army chief said the military
was aware of security challenges
facing the nation, and
listed such challenges to include:
farmers- herders clashes and
militancy, which he said all had
direct effects on food value chain.
“The job of the military is to
ensure that a safe environment is
guaranteed for food production,”
and listed measures put in place
by the armed forces to achieve
such a safe environment to include
operations Lafiya Dole,
Nawase in Niger Delta, Sarendaji
in North-West and Safe Haven in
Jos, North-Central.
association, therefore, petitioned
the Federal Government, noting:
“Marketers are continually
under pressure by banks and the
Asset Management Company of
Nigeria (AMCON), with looming
threats of imminent take-over of
our petrol stations and tank farms
by creditors, labour unions, Nigerian
Association of Road Transport
Owners and Petroleum Tanker
Drivers (NARTO/PTD), to whom
we are substantially indebted due
to past freight services.”
In the light of the foregoing,
the association said it had no option
but stop borrowing to pay
staff and immediately commence
massive disengagement of staff, as
forewarned in its January 24 letter,
where it gave the Federal Government
a 21-day notice to pay up.
The association said: “The unfortunate
primary fallout of this
step is the likely shutdown of all
DAPPMAN depots nationwide
due to lack of manpower to operate
same, pending the time the
Federal Government will pay off
its indebtedness to petroleum
marketers. This, unfortunately,
will have a multiplier effect on the
nationwide supply and distribution
of petroleum products, which
currently is still a struggle.”
The ultimatum, contained in a
letter signed by Executive Secretary
Olufemi Adewole, notes: “Subsequent
to our letter ref: DS/ES/
Presidency/16 dated January 24,
2018 and copied to you, we again
observe a lack of response on the
part of the Federal Government
to the plight of petroleum marketers,
many of whom have become
financially insolvent.”
The demand became inevitable
as a result of buck-passing between
the executive, represented by the
Ministry of Finance, and legislators.
While the ministry insisted the sum
had been forwarded for legislative
approval, the lawmakers denied
receiving any notification.