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Agu meets another money doubler.

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THE above personification might leave many guessing that I intend waxing poetic about the famous prose which we were so conversant with during our salad days. While the Agu described in the popular Mastering English series might have been a fictitious character, his dream of an instantaneous accumulation of wealth is completely symptomatic of how desperate the average Nigerian could be.

When  the famous Mavrodi Mondial Scheme popularly enthused as MMM burst its seams last month, I was sincerely yours, among the pessimists who saw its anticipated renaissance as nothing but a tall dream.

I wrote in a piece way back then that if opinions had been sought from a cross-section of participants probably moments before it ceded to the alleged heavy workload, many would have still described the money doubling scheme as God’s special manna in these hard times. The economy is in dire straits to say the least and the common man on the street could care less about hard lessons learnt from similar ponzi schemes in the past.

A former colleague of mine related how his hopes were salvaged through the ponzi scheme. According to his saccharine-filled narrative, his investments in MMM helped in offsetting his burgeoning debt profile. In a similar vein, a neighbour of mine revelled me with his new lease of life, courtesy of the fortunes accrued from MMM.

The more tantalising carrot was extended to members of the scheme at the beginning of December. The tagged ‘Christmas bonus’ ditched the thirty percent bonus by moving a notch higher to fifty percent. Did members feel the slightest foreboding at that juncture? I sincerely can’t tell. Enthusiasts kept defending that the scheme had remained resilient in the heat of so much bad-mouthing by the House of Assembly, the Central Bank of Nigeria and the Nigerian Deposit Insurance Corporation.

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When the death knell was eventually tolled, it was stated that the number of those who wanted to get help were more than those who wanted to provide help. If this is anything to go by, one is then bound to wonder where the returns were actually sourced from in the first place? Was the scheme truly sustained by some cryptocurrencies or the same naira which members deposited into one another’s account? Guess your hunch is just as good as mine.

Nigerians of course, were privy to the fate that befell naïve South-Africans and Zimbabweans who swallowed the MMM bait, hook, line and sinker. It was a gamble many thought they could enjoy and go scot free. A few many who were supposed to know better sentimentally gave in to the point that it came as a relief in harsh times. As such, they equally rebuked Nigerian Legislators for witch-hunting those who kept the scheme afloat.

MMM members were still hesitant in admitting that the deed has been done. Accounts have only been temporarily frozen, they say. MMM promises to bounce back stronger and better come January 14. The site still allows people to provide help, etc. Now that operators of the scheme seem to be ready to live up to their billing, I am left with no other option than to have a hunk of my humble pie. Need I still express deep condolences to aggrieved members who licked their wounds silently sequel to the impromptu hiatus last month? MMM promises to come back stronger than it was before. An avid participant intimated me earlier today that he was received a verification code to activate his mavro account before the d-day. Good news you say uh!

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Drifting away from this deja-vu, it is equally apposite to ask if the typical Nigerian would still be willing to stake a lump sum following the unexpected black-out witnessed last month. Has the last four weeks or thereabout suddenly turned the table in such a way now that the number of people wanting to provide help dwarfs the overwhelming horde in need of help? Will this money-churning scheme blaze through the odds which similar schemes of the past had fallen victim to? It is better I rest my case before the teeming audience sees me as an overnight Prophet of doom.

On a lighter note nonetheless, the anticipated defreezing of accounts is reminiscent of the moonlight tale involving Agu; the wretched washerman and the Money Doubler who claimed to have been  sent by the Marine Goddess. Agu’s joy knew no bounds when the few pennies in his pocket were doubled.

Spurred by this windfall, Agu added his nest egg to the lump sum which a friend lent him and gave it to the Money Doubler. Following the rituals, the money was kept in a can and Agu was instructed to guard it jealously for the next two days before opening the lid. Agu did as instructed and when he eventually opened it,  he was left dumbstruck, to behold white papers neatly cut into the size of currency notes. Agu ran back to the river bank where he had first met the Money Doubler but as they say, the rest is history.

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By Kadiri Tolani

 

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National Issues

16 Governors Back State Police Amid Security Concerns

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In response to the escalating security challenges plaguing Nigeria, no fewer than 16 state governors have thrown their weight behind the establishment of state police forces.

This development was disclosed by the National Economic Council (NEC) during its 140th meeting, chaired by Vice President Kashim Shettima, which took place virtually on Thursday.

Minister of Budget and Economic Planning, Atiku Bagudu, who briefed State House Correspondents after the meeting, revealed that out of the 36 states, 20 governors and the Federal Capital Territory (FCT) were yet to submit their positions on the matter, though he did not specify which states were among them.

The governors advocating for state police also pushed for a comprehensive review of the Nigerian Constitution to accommodate this crucial reform. Their move underscores the urgency and gravity of the security situation across the nation.

Similarly, the NEC received an abridged report from the ad-hoc committee on Crude Oil Theft Prevention and Control. This committee, headed by Governor Hope Uzodinma of Imo State, highlighted the areas of oil leakages within the industry and identified instances of infractions.

Governor Uzodinma’s committee stressed the imperative of political will to drive the necessary changes and reforms needed to combat crude oil theft effectively.

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National Issues

Weak Institutions Impede Nigeria’s Sustainable Development – Says US Don

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Renowned academician, Professor Augustine Okereke, from the Medgar Evers College/City University of New York, has emphasised the detrimental impact of a lack of strong social institutions on Nigeria’s sustainable development.

Presenting a lead paper at the First Annual Ibadan Social Science Conference hosted by the University of Ibadan, Professor Okereke urged President Bola Tinubu to foster robust institutions capable of combatting corruption and addressing social ills.

“All our institutions are on the decline,” warned Professor Okereke, underscoring the urgent need for effective structures to facilitate sustainable development. He highlighted the challenges faced by African countries, emphasising the risk of continued poverty, underemployment, and injustice without these foundational structures.

The Dean of the Faculty of Social Sciences at the University of Ibadan, Professor Ezebunwa Nwokocha, asserted the university’s commitment to providing intellectual, context-specific solutions to Nigeria’s challenges.

He called on state and federal governments to patronise researchers in the country, emphasising the faculty’s reputation for producing intellectual leaders.

Professor Nwokocha stated, “Our faculty is reputed for offering deeply intellectual, workable, and context-specific solutions to the challenges faced by Nigeria over the ages.” He emphasised the significance of the conference’s theme in aiding Nigeria’s navigation through its complex existential reality marked by despair, rising inflation, insecurity, corruption, and unemployment.

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During the conference’s opening, Vice Chancellor Professor Kayode Adebowale noted the relevance of the theme, “Social Science, Contemporary Social Issues, and the Actualization of Sustainable Development,” urging participants to generate transformative ideas for Nigeria.

Acknowledging the nation’s progress over 63 years, he expressed concern over setbacks in the economy and social indices, hoping the conference would proffer solutions.

In his keynote address, Professor Lai Erinosho stressed the rapid worldwide social change in the digital age, citing both benefits and unanticipated consequences for human survival. He cautioned against embracing same-sex relationships, citing dangerous implications for humanity.

The First Annual Ibadan Social Science Conference convened a diverse array of participants to explore solutions and intellectual leadership in addressing Nigeria’s pressing challenges.

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National Issues

Nigerians’ Wallets Under Strain As Inflation Soars to 28.92%

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As the country grapples with economic challenges, the latest figures from the National Bureau of Statistics (NBS) revealed a surge in the inflation rate to 28.92%, according to the December 2023 Consumer Price Index (CPI) released on a Monday afternoon.

The CPI, tracking the fluctuation in prices of goods and services, illustrates a notable increase from the previous month’s 28.20%, underscoring the pressing concerns surrounding the nation’s economic stability.

In a recent report, the Statistics Office revealed a notable uptick in the headline inflation rate for December 2023, marking a 0.72 percentage point increase from the previous month’s figure in November 2023.

On a year-on-year basis, the National Bureau of Statistics (NBS) highlighted a significant surge, with the December 2023 rate standing at 7.58 percentage points higher compared to the corresponding period in 2022.

December 2022 witnessed an inflation rate of 21.34 percent, underscoring the economic dynamics at play.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” NBS said.

In a further revelation, the bureau disclosed that the month-on-month headline inflation rate for December 2023 experienced a 2.29 percent surge, surpassing November 2023 by 0.20 percent. This indicates a swifter rise in the average price level compared to the preceding month.

The report highlighted a concerning acceleration in food inflation, reaching 33.93 percent on a year-on-year basis for December 2023. This marked a substantial 10.18 percent points increase from December 2022’s rate of 23.75 percent. The data underscores the persistent upward trend in food prices, a trend exacerbated by various government policies, including the removal of subsidies on petrol.

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Notably, in July 2023, President Tinubu declared a State of Emergency on food insecurity to address the escalating food prices. Taking decisive action, the President mandated that issues related to food and water availability and affordability fall under the jurisdiction of the National Security Council, recognising these as essential livelihood items in need of urgent attention.

In Monday’s inflation report, the National Bureau of Statistics (NBS) detailed the key contributors to the year-on-year increase in the headline index. The leading factors include food & non-alcoholic beverages at 14.98 percent, housing water, electricity, gas & other fuel at 4.84 percent, clothing & footwear at 2.21 percent, and transport at 1.88 percent.

Additional contributors encompass furnishings & household equipment & maintenance (1.45 percent), education (1.14 percent), health (0.87 percent), miscellaneous goods & services (0.48 percent), restaurant & hotels (0.35 percent), alcoholic beverages, tobacco & kola (0.31 percent), recreation & culture (0.20 percent), and communication (0.20 percent).

The report highlighted a substantial 24.66 percent change in the average Consumer Price Index (CPI) for the twelve months ending December 2023 over the previous twelve-month period. This represents a significant 5.81 percent increase compared to the 18.85 percent recorded in December 2022, indicating ongoing inflationary pressures in the economy.

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Food Inflation

In a concerning trend, the food inflation rate for December 2023 surged to 33.93 percent on a year-on-year basis, marking a substantial 10.18 percent points increase from the same period in 2022, when the rate stood at 23.75 percent.

The National Bureau of Statistics (NBS) attributed this rise in food inflation to notable increases in the prices of various essential items. Key contributors include bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, meat, fruit, milk, cheese, and eggs.

These price hikes collectively contributed to the intensified strain on consumers, highlighting the complex dynamics driving the upward trajectory of food prices.

“On a month-on-month basis, the Food inflation rate in December 2023 was 2.72 percent, this was 0.30 percent higher compared to the rate recorded in November 2023 (2.42 percent),” it said.

Clarifying the dynamics behind the recent uptick, the National Bureau of Statistics (NBS) explained that the month-on-month increase in food inflation for December 2023 was spurred by a heightened rate of escalation in the average prices of oil and fat, meat, bread, and cereals, potatoes, yam, and other tubers, as well as fish and dairy products like milk, cheese, and eggs.

“The average annual rate of food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96 percent, which was a 7.02 percent points increase from the average annual rate of change recorded in December 2022 (20.94 percent),” the report added.

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