‘HOW WE STEAL ATM CARDS FROM UNSUSPECTING OWNERS, LOOT THEIR ACCOUNTS’

THE police in Abuja has smashed a syndicate who specialises in stealing ATM cards from bank customers across the country.

The suspected members of the syndicate were identified as David Wuese, Chika Okenyi, Omotayo Bamidele and Akura Godwin.

They were arrested after complaints from members of the public to the Inspector General Police Ibrahim Idris, who deployed his operatives at the Special Intelligence Response Team (IRT) to trail and arrest the suspects.

Our source also disclosed that the suspects were trailed to hideouts in Enugu, Benue and Nasarawa states where they were arrested and over 70 ATM cards were recovered from them.

A source disclosed that the syndicate, who confessed to the crime during interrogations, said that they normally stole ATM cards from unsuspecting victims while pretending to help them solve problems at ATM machines.

It was gathered that a member of the syndicate would approach an ATM user who was having difficulties with the machine. They would then swap the unsuspecting customer’s ATM card with another one from their own pockets after they must have got the PIN of the ATM card of the unsuspecting customer.

The suspects would then take the stolen ATM card to the nearest ATM machine where they would check the balance in the victim’s account, after which they would then proceed to purchase expensive mobile phones from the account. In other cases, the suspects will also make withdrawals to the limits of the account.

The leader of the syndicate, Wuese (27), said in an interview that the syndicate was formed in Markurdi, Benue State from where they took their activities to several states in the country.
He said: “The idea behind our operation was a collective one. I cannot tell who actually brought it.

But before then, we had read something similar in the newspapers, and we modified it. “Some of the ATM cards found in our possession were all invalid, and that was what we were using to steal from our victims. “We don’t operate in one state.

We move from one state to the other, and after we had succeeded in stealing a victim’s card, we would take the card to a machine where we would check the balance in the owner’s account. “If the money in it was less than N20,000, we would leave the money and move on to look for other victims.

But if the amount in the account was huge, we would withdraw up to the ATM limit, then we would go to any shop where phones are sold and by phones, which we would resell at cheaper prices.
“Sometimes, we take the ATM cards to night clubs and hotels where we paid with cards.

“In our last operation, we bought three Samsung Galaxy Edge for N245,000 each and we sold them for N215,000. We also bought three Blackberry Passport for N130,000 each and sold them for N90,000. We bought two Infinix phones for N82,000 each and sold them for N60,000.

“I can’t count the number of operations we have done, but we normally share all the money we have made equally. “I have succeeded in buying a Toyota Camry with my own share of our loot, but I don’t know what my friends have done with theirs.
Source:The Nation

Despite great risks, Nigerians still rush into MMM, OTHER Ponzi schemes

Some say it’s their own war against recession

Earlier this year, Juliet Philips was fed up with the economic situation in Nigeria. She was a worker with a new generation bank in Lagos before she was sacked earlier in the year due to the recession the country is experiencing.

Since then, things have not been rosy. She was lucky to have saved some money while she was working and she fell back on it to keep body and soul together. But having to spend money without making any, she was soon running out of cash.

Amid the fear and uncertainty she faced as each day unfolds, Juliet was introduced to MMM by her friend four months ago. She invested N200,000 the first time and got N60,000 interest after a month. It was like a dream. Juliet couldn’t believe she could make such an amount in a month just like that.

That was all she needed for her life to return to normal. Today, she has become a preacher of the MMM gospel, telling all who care to listen of the dividends of being a part of the scheme.

For Mr. Chinedu Obianusi, anybody who speaks ill of MMM is his enemy. He revealed that MMM saved his life. Due to the economic recession in the country, his business went down, his family was struggling to eat and school fees were piling up.

But after he invested his money in MMM, he can now meet his family responsibilities with ease. Today, he is telling everyone who cares to listen about the goodness of the MMM scheme.
Miss. Ayinke Coker started MMM in May 2016 after she lost her job and there was no hope of finding another one.

She has made approximately N500,000 since then and there is no stopping her. But, recently considering the news that the scheme might crash, she has limited the amount she gives in providing help and it’s out of the money she previously made from the scheme.

Even if it does crash, which Ayinke doesn’t believe or think will be soon, she believes the loss will be bearable as she keeps supporting others with her profits.

Mr. Onyekachi Ifedi won’t let the train of making money through MMM pass him by, not during this economic recession. He said that MMM Nigeria has been a huge blessing. Ifedi started three months ago and is already smiling to the bank.

He has made over N200, 000 profit. Right now, he is expecting an extra N300, 000 for spreading the news of the scheme.

Ifedi is not oblivious of the risks involved in the scheme. He says he didn’t see any other way out of his financial challenges when he joined. He just feels the money he has made and is still making is worth all the risks involved.

Gbemisola Taiwo has made over N300,000 for investing in MMM for two months now. Leaping with joy and happy that her Christmas won’t be a dull one, she said that MMM is the saviour of many Nigerians.

‘’I was skeptical at first, but after it was explained to me, I decided to take the risks. I provided help with N1million and got N300,000 interest plus welcome bonus.’’

Adaobi Nwankwo is not left out too. Defending the scheme, she said that everyone needs to survive and that MMM is the real thing now, Ponzi scheme or not.

She asked if one should continue to wallow in doubt until the person is done for? “Why not allow people utilize this opportunity to the fullest. I’m very well into networking. I’m a member of H2i (Helping Hands International) and Crowd rising. Very very soon I will explore Utimate Cycler and RIIAB (Residual Income In A Box.’’

Nwankwo has her main business which she invests time in every day, but she noted that these schemes are just tools to generate more funds for her business. That way, if these schemes collapse, one will still be up and doing financially.

“Even if they eventually crash someday, you know you tried it and gained something from it. There is no harm in trying. We need to and must survive, recession or not”, she added.

What is MMM?
MMM was established in 1989 by Sergei Mavrodi and his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames.

Initially, the company imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion, leading to the collapse of MMM-bank, and causing the company difficulty obtaining financing to support its operations.

MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand percent. It is unclear whether a Ponzi scheme was Mavrodi’s initial intention, in as much as such extravagant returns might have been possible during the Russian hyperinflation in such com

Since the shares were not quoted on any stock exchange and the company itself determined the share price, it maintained a steady price growth of thousands of percent annually, leading the public to believe its shares were a safe and profitable investment.

In November 2015, MMM launched a website targeting the Nigerian audience, also claiming a “30% per month” return including other acquirable bonuses.

The entity was self-described as a “mutual aid fund where ordinary people help each other.” 2.4 million people had signed up by late 2016, with the country’s unemployed as primary targets.

Nigeria’s Economic and Financial Crimes Commission earlier confirmed that they are monitoring the scheme.

More Ponzi schemes flood Nigeria
As the recession continues to tighten its grip on Nigerian economy, more international Ponzi schemes are targeting Nigerians. It is no longer news that online money making Ponzi schemes have taken over Nigeria’s cyberspace with an aggressive popularity on daily basis.

According to Wikipedia, a Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.

Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.

MMM Nigeria
MMM Nigeria is a technical platform, which helps millions of participants worldwide to connect those who need help to those who are ready to provide help, for free. All transferred funds to another participant are your help given by your own good will to another one, absolutely gratis.

The scheme promises a 30% return on investment to members. MMM currently is the most popular online money making portal in Nigeria.

Ultimate Cycler
This is second most popular online money making Ponzi scheme in Nigeria. The founder Peter Wolfing is United States based network marketer. When you register, you will need to donate the sum of N12, 500 to a fellow member and the person will then confirm your donation.

The system (Admin) will put four other registered people under you from spillovers who will also pay you N12, 500 each, into your bank account, making N50, 000. You can also bring people to register under you if you can’t wait for the system to do it for you.

Givers Forum
This is also popular in Nigeria. Givers Forum is a community of givers, people who provide each other financial help on the principle of helping others while expecting bounty returns.

In Givers Forum, you don’t have to make contracts or pledge your property, there are no lenders and no debtors. Everything is very simple: one participant asks for help, and another person helps.

The only thing that Givers Forum demands from its participants is to be honest and kind to each other. You ask for financial help when you need it, you give financial help when you are able to do it.
Just like MMM Nigeria, there is no central account, where all the system money flows to (and where it can be easily stolen from).

All the money is only in the bank accounts of the participants themselves. Participants transfer to each other directly, without intermediaries.

In fact, Givers Forum only regulates the process and makes available to members several affordable housing projects across the nation and nothing more.

Zarfund
Zarfund is also popular in Nigeria. The scheme was founded by Hannes Jordaan, an online entrepreneur living in South Africa. Zarfund helps with direct funding for your financial needs. With this program you are just a click away from financial freedom.

After joining your level 1 up line’s referral link, you pay your up line 0.03btc per month to be in a position to receive the same from each of your level 1 down lines. Later, you will receive the same amount from each of the two people you recruited.

This initiates a chain such that with enough collection of funds from your level 1 down line you get to upgrade to level 2 in the same manner you joined. This process keeps expanding and helps you gain enough money in a convenient way.

iCharity
This is another popular ponzi scheme in Nigeria. International Charity Club (iCharity Club) is an International network of donors. iCharity Club is a peer-to-peer donation platform for members to help other members in a systematic way.

By using this platform, members can give and receive donations from each other. It is open to everybody, anywhere in the world can join this program.

The major difference between iCharity Club and other networks is that iCharity Club platform allows members to donate directly to each other (peer-to-peer) while other networks allow members to donate to each other through a central system (peer-to-server).

This is why it has been very difficult for people to succeed in other networks being that every payment goes into a central system which further decides who to give, when to give and how to give members money.

Crowd rising
This is relatively new in Nigeria. The system was designed in such a way that it can be used by fundraisers, such as for Charities, Schools, Clubs, Churches, non-profits, family, and personal financial needs and soon.

The donations are not collected by the Administrator, nor are they automated by the system, rather donations are sent directly and personally from one member to another member, from one member’s payment processor to another member’s payment processor.

Get Help Worldwide
Get help worldwide is one of the trending mutual fund peer-to-peer donation portals in Nigeria today. The scheme has only been in existence since August 2016 and it’s already having a major share in the mutual fund community.

It is simply an online Community where people are helping each other financially directly with no third parties involved, whatever help you give to someone financially grows by 30% if in local currency or 50% if in Bitcoin in 30 days.

Warnings from SEC
The Security and Exchange Commission, SEC warned Nigerians about the popular Ponzi scheme, MMM in August. The SEC Director-General, Mr. Mounir Gwarzo, called on investors to be weary of ponzi schemes operating in the country.

He said that even if the company was registered with SEC, potential investors should endeavour to find out from the commission whether the company’s activities had been approved before they invest their money.

He said the commission was collaborating with the police and other relevant law enforcement agencies to check the activities of the operators of such schemes.

The warning was supposed to kill the growing popularity of MMM Nigeria but surprisingly, it turned out to be a free advertisement for MMM. The Central Bank of Nigeria also warned Nigerians to desist from patronizing the scheme calling it a wonder bank.

But the more government agencies dish out warnings and cautions, the more MMM and other ponzi schemes have gained sympathy from Nigerians.

Later on, the House of Representatives ordered a probe into MMM Nigeria, a move that broke the Internet as many people protested and loyal participants of the scheme threatened fire and brimstone.

MMM is demonic, Apostle Johnson Suleman‎ alleges
Fiery preacher and founder of Omega Fire Ministry, Apostle Johnson Suleman has described the ponzi scheme, MMM as demonic.

Apostle Suleman during a sermon recently warned his members against involving in the scheme, saying that the founder is a fraudster.

“MMM is demonic. It is satanic. In fact, go and find out about the founder of MMM, he is a fraudster. He defrauded people in America and that is what you are involving yourself in and you claim to be a Christian.’’

According to Suleman, ‘’Nigerians are looking for easy way out. Many Christians have gotten into it. If you are involved in MMM, I will have to pray for you today.

It is not of God. Let me tell you today, any quick rich scheme is wrong. In life, if it is not favour from a particular individual but a quick rich scheme, it is not of God.

“Even the Central Bank of Nigeria has warned against MMM. The truth is that Nigerians are lazy. MMM is wrong”,  he said.
Source: The Sun

DISCOS WARN OF IMMINENT COLLAPSE OF POWER SUPPLY DUE TO FX SCARCITY

• Label NERC as inconsistent, inexperienced regulator

The 11 electricity distribution companies (Discos) in Nigeria’s electricity industry have warned that the sector was under threat and could collapse anytime on account of various operational challenges, but mostly on the exorbitant and unstable naira to dollar exchange rate which they said was cripplingly their operations.

Speaking yesterday in Abuja,through the Executive Director, Advocacy of their association – the Association of Nigerian Electricity Distributors (ANED), Mr. Sunday Oduntan, the Discos also labelled the industry’s regulator, the Nigerian Electricity Regulatory Commission (NERC), as being inconsistent and inexperienced at its job.

They alleged that the NERC contributed significantly to the current business difficulties of operators in the industry, especially the overall revenue shortfall of the market which they said was now N809.8 billion.

ANED’s warning of an imminent operational collapse and allegations against NERC came at a time the regulator fined the federal government-run Transmission Company of Nigeria (TCN) N47.6 million for various regulatory breaches including TCN’s failure to submit its 2013 and 2014 audited financial statements to it.

“The crisis is getting worse and not getting better. The major part of the issue is the forex value in doing the business, as at December 2015, the naira to dollar value was N197/$, by June 2016, it became N293/$, as at now we are talking about N360/$.

“If you look at the difference as regards tariff, the same quantum of energy which may sell for N10 had by June increased to N18 from December 2015 to June 2016.

What that means is that the invoices to us for quantities supplied have increased, and that is why publications by NBET without explanation can be factual but misleading as they have not told Nigerians that costs have increased while the Discos have not increased tariff,” said Oduntan.

He noted that the Discos were not asking for any special considerations or making excuses for their inabilities to provide optimal services to their customers, but that the sector urgently needs help to stay afloat.

“We are not clamouring for an increase in tariff but government needs to come in and do something because the shortfall is now N809.8 billion. If the Discos die, the sector will die as well.

“We are all in this together, and we are all in a desperate situation and need help. We will either swim or sink together. We are allowed to sell electricity based on N197/$ which is what is in the tariff. This cannot work,” added Oduntan.

Taking a swipe on the NERC, he said: “The NERC is very inconsistent and perhaps inexperienced. We have a set of regulator who fixed the tariff in December 2015 and in their wisdom decided that it will be effective in February 2016, leaving us a shortfall of N12.8 billion for the month of January that it was not allowed to operate and nobody is talking about it. What about the tariff they once froze?”
On poor gas supply which ANED also linked to the failures of the sector, Oduntan said: “The appropriate authorities should also be talking about how to help the gas supply situation.

There should be assurances of gas supply and then selling the gas for power in naira, if that will be the area the government will subsidise, then so be it because they will always say that the IOCs (International Oil Companies) cannot take that.”

Meanwhile, the NERC in a statement from its Head of Public Affairs, Dr. Usman Arabi, has disclosed that the TCN was given up to two weeks from December 2, 2016 when the disciplinary order was signed by its Acting Chairman, Dr. Tiny Akah, and its General Manager, Legal, Licensing and Enforcement, Mrs. Olufunke Dinneh, to pay up the fine.

It also said the fine would attract a five per cent interest every day after the due date.

The commission provided a defence for the regulatory action against TCN, saying the TCN failed to submit its audited financial report, thus violating Section 63 (1) of the Electric Power Sector Reform Act, 2005 which stipulated that ‘a licensee shall comply with the provisions of its licence, regulations, codes and other requirements issued by NERC from time to time.’

It said that other infractions by the TCN were contained in its ‘Directive 160’ which had to do with the conditions of TCN’s transmission licence.

“Consequently, TCN is liable to N10, 000. 00 fine daily on each of the three grounds of infractions beginning from April 1, 2014 for failure to submit 2013 audited financial report and April 1, 2015 for 2014 audited financial report being the dates those reports were due for submission till December 2, 2016 when Directive 160 was signed.

“This gives a total fine of N47, 670,000 which shall be paid by TCN within two weeks from the date of this directive. Failure to pay the fines within stipulated time shall attract additional interest of five per cent per day until the total fine is paid,” said NERC.

NERC alleged that it reminded TCN several times of its obligations to submit audited financial accounting statements for year 2013 and 2014, but it persistently refused or neglected to comply with the requests.
“The commission, thereafter, issued a notice of Intention to Commence Enforcement (NICE) dated November 17, 2016 requesting TCN to explain why it should not be sanctioned.

“In its response, TCN said that the audit exercise has ‘since commenced and is reaching its final stage’ and that the documents would be submitted once the exercise was concluded.

It however, failed to provide detailed breakdown of activities and time schedule for the completion of the audit exercise so as to guide the commission to decide on its request for extension of time,” it added.
Source:Thisday

Boyfriend stabs NDDC lover to death for refusing to make him ‘next-of-kin’ to her account

PORT HARCOURT— Boyfriend to a female staff of Niger Delta Development Commission, NDDC, Miss Sophia Phillips Horsefall, and two others were, yesterday, arraigned at a Port Harcourt magistrate’s court by Department of State Services, DSS, for stabbing her to death after she had refused to make him, the boyfriend, her next-of-kin to her bank account as well as her refusal to give him one million (N1 million) he had demanded from her.

The accused, Sotonye Martin, Innocent Oluche and Wachukwu Ugochukwu committed the murder on November 8 this year.

Counsel to the DSS, Mr C. S. Eze, told the court that the first defendant, Mr. Sotonye Martin, lured the deceased, who he had a 13-year-old daughter for, to the house of the second defendant, Innocent Oluche, where he allegedly stabbed her to death.

He claimed the first and second defendants later buried the deceased in a shallow grave, noting that they invited the third defendant, Wachukwu Ugochukwu, a spiritualist, to perform some rituals.

According to him, the accused were brought before the court on a three-count charge which included “stabbing to death with a jack knife and thereby committed an offence contrary to Section 316 and punishable under Section 319 of the Criminal Code Law, Laws of Rivers State 1999.”

The accused did not take plea.

Chief Magistrate F. Alikor referred the casefile to the state Director of Public Prosecution, saying her court did not have jurisdiction to entertain matters over murder which was the second charge. She remanded the accused in prison custody and adjourned the matter indefinitely.

Elder brother to the deceased, Mr Amatu Phillips, while speaking to newsmen, alleged that his sister was murdered by the boyfriend of 13 years, Mr. Martin because of her wealth. He claimed she had some money in her account and confided in the boyfriend who later kept on pestering her for financial support.

According to him, after the sister had allegedly given him money several times, he came again demanding for N1 million which she refused. He alleged that the boyfriend later lured her to his friend’s house, offered her a fruit juice drink which, unknown to the sister, was drugged.

He alleged that when the boyfriend noticed that she was dizzy from effect of the drug, he stabbed her on the neck, demanding her ATM card and password. He claimed the boyfriend had before that day persuaded his sister to change the name of her next of kin on her bank details to his name.
Source:Vanguard

NAIRA DEFIES EFFORT AT RECOVERY, EXCHANGES AT N485/$

The Naira appears helpless in the face of efforts by the CBN and stakeholders in the forex market in fast -tracking its recovery, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N485 to a dollar at the parallel market on Wednesday in Lagos, while the Pound Sterling and the Euro traded at N600 and N510, respectively.

At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro exchanged at N606 and N512, respectively. Trading at the interbank market saw the Naira closed at N305.50 to a dollar.

Traders at the market said that the shortage of the green back was impacting negatively on the performance of the Naira. As the yuletide approaches, it is becoming clear that navigating the Naira to an upward trajectory involves concerted efforts by well meaning Nigerians.

It is undisputable that the Nigerian currency is fighting many battles that require patriotism on the part of the business community to win. It will be recalled that Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators of Nigeria (ABCON) last week identified currency hoarding and speculation as monsters challenging the very existence of the Naira.

Remittances from Nigerians living abroad, which is put at 21 billion dollars, which was hitherto assisting in the defence of the nation’s currency from total destruction, has now reduced drastically. The Naira stirs everyone in the face to salvage it from its attackers.
Source:Vanguard

Late Corps member Ifedolapo died of kidney infection — NYSC

He further explained that at some point, the fever and body pains complaints made by late Miss Oladebo had subsided but the rashes on her trunk and lower limb were still very obvious.

The DG affirmed that the deceased called her doctor at home on phone, who in turn requested to speak with the doctors at the camp clinic.

According to him, the deceased’s doctor also, had affirmed to the Chief Medical Director’s (CMD) line of treatment given to her.
He, however said at the course of the conversation, the deceased complained of ceased urination for a time.

“It was at this point the deceased complained to the doctor that she had not urinated for some time. The note of alarm that hastened the deceased’s referral to Gwarzo General Hospital by 4:00pm.

“On this trip, the deceased was accompanied by two doctors from the camp clinic including the CMD and the Nurse on duty who happened to have been seconded by the State Government from the same General Hospital to the camp clinic.

“They arrived at the hospital 30minutes later and met the doctor on duty, Imran Ibrahim. Doctor Ibrahim, after examination, immediately ordered for full blood count, kidney function test, hepatitis and HIV.

“From the result of the investigation, the doctor concluded that the deceased had kidney infection probably due to untreated urinary tract infection (UTI).”

Kazaure disclosed that since the potassium level of the deceased was high, the deceased required immediate dialysis which was only available at the Aminu Kano Teaching Hospital in Kano, about two hours drive away.

He said: “To survive the grueling journey, the doctor decided to stabilize her by administering gluconate overnight.

“The investigation showed that the deceased responded well until about 2:00 am on 29 November when her condition worsened, and her body began to show noticeable signs of fluid retention.

“She was thereafter placed on oxygen as the doctors battled to stabilize her for the long journey to Aminu Kano Teaching Hospital.”

Consequently, he maintained that the allegation of negligence on the part of NYSC was unfounded saying “the orientation Camp clinic where the corps member was first treated has a total of 31 qualified and registered Doctors, 20 Pharmacists and 11 Nurses.

“There are no student doctors as all the Doctors are fully certified by the Medical and Dental Council of Nigeria. (MDCN).”

He said the deceased had an ailment which was not disclosed upon arrival stating that the Doctor’s report, revealed that she died of Renal Sepsis occasioned by infection.

While expressing sadness over the deaths, Kazaure stated that the investigation was not to justify the death of corps member but to establish facts surrounding her death.

“Beyond the colossal loss to the family of the deceased, the loss of a corps member to the NYSC family and the nation at large is unquantifiable,”he added.

On his part, the Minister of Youth and Sports, Solomon Dalung called for improvement of the facilities in the orientation camps.

While emphasizing more on the health facilities, he said facilities in some camp clinics are outdated.
To this end, he called on the State governments to update facilities in most of the states to accommodate corps members across the country.

“The NYSC is a scheme that has constitutional requirements on the Federal Government and the state governments. The state governments provide facilities, maintain and update them, while the Federal Government has the responsibility to of mobilising them, training them and also deploying and taking care of them until after the service year.

“The development on ground is that the health facilities in the camps are not up to date. Even though human efforts were in order; there was no negligence, but of cause the facilities which would have abated the situation before moving to the general hospital or providing the basic first aid requirement before moving to the hospital were lacking.

“This calls for our partners in the NYSC scheme which is the state governments try and update most these facilities, those that are small in size should be expanded to accommodate the number of corps members,” he stated.
Source:Tribune