Connect with us

Economy

MBA Forex Blames CBN for Inability to Return Investors’ Funds

Published

on

MBA Forex

By Modupe Gbadeyanka

The management of MBA Trading and Capital Investment Limited, also known as MBA Forex, has attributed its failure to return the funds invested in the country to its owners to the actions taken by the Central Bank of Nigeria (CBN).

The firm, which is involved in foreign exchange (forex) trading and investment in capital investment, said the banking sector regulator in Nigeria “suspended any dealings in our [bank] accounts.”

According to the chief executive of the organisation, Mr Maxwell Odum, “All other payment gateways we normally use for the easy payout of funds have also blacklisted.”

He disclosed that this has made it quite difficult for some investors to get their money back from the company.

Mr Odum explained that the apex bank said it blocked the company’s bank accounts “to carry out some checks to ensure that we have been acting lawfully.”

However, the MBA Forex chief assured that those who invested in the firm would get their funds back as the “process has already commenced while some have already received their funds.”

“Our commitment is to pay back all capital funds. In fact, we have commenced that process by paying out our clients on the N360,000 category (which has the largest volume of persons).

“To this end, we have slowly paid out hundreds of persons before we encountered an unforeseen circumstance,” a statement from the company made available to Business Post quoted Mr Odum as saying.

MBA Forex acknowledged that its business operations faced “market volatility and other unfortunate developments,” which made it difficult for the company to “meet up with the expected outcomes.”

However, it expressed its determination to ensure that investors “do not at least lose your capital,” noting that “where for one reason or the other things do not work out as expected in terms of your returns, the least you would expect is that your capital is safe.”

The management has, therefore, asked for more patience and time from the investors to resolve the current challenges.

“So, please, give us some time to sort things out; no matter how inaudible it appears, we are working zealously for your advantage keeping in mind that the current conditions are exhaustive and depressive.

“Confidently, by the time we are communicating next with you it would be to inform you that we have resumed putting some money in your accounts,” it said.

Don’t Invest in MBA Forex, Box Value, Helping Hand, Now-Now Alert, Others—SEC Warns Nigerians

Don’t Invest in MBA Forex, Box Value, Helping Hand, Now-Now Alert, Others—SEC Warns Nigerians

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

2 Comments

2 Comments

Leave a Reply

Economy

NGX Gains 0.75% as FBN Holdings Sustains Aggressive Buying Momentum

Published

on

ATS Training NGX

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.75 per cent on Friday as the local demand for FBN Holdings Plc stocks was sustained during the final trading day of the week.

This raised the All-Share Index (ASI) by 308.17 points to 41,438.15 points from 41,129.98 points and as for the market capitalisation, the listing of 1.964 billion shares of NGX Group Plc shares on the exchange yesterday expanded it by N193 billion to N21.625 trillion from N21.432 trillion.

The market breadth closed positive yesterday with eight declining stocks and 30 appreciating equities led by SCOA Nigeria, which rose by 9.20 per cent to 95 kobo and was trailed by Custodian Investment, which grew by 8.96 per cent to N7.30, International Breweries went up by 8.70 per cent to N5.00, FBN Holdings rose by 8.09 per cent to N12.70, while GlaxoSmithKline grew by 6.56 per cent to N6.50.

On the flip side, Chams depreciated by 8.33 per cent to 22 kobo, University Press fell by 6.25 per cent to N1.50, Lafarge Africa declined by 4.74 per cent to N24.10, Africa Prudential lost 3.62 per cent to trade at N6.65, while Sterling Bank dropped 3.18 per cent to N1.52.

During the trading session, the trading volume fell by 19.72 per cent to 729.0 million units from 908.1 million units, the trading value dropped 22.25 per cent to N8.5 billion from N11.0 billion, while the number of deals declined by 5.80 per cent to 4,852 deals from 5,151 deals.

FBN Holdings sustained its aggressive buying momentum on Friday and emerged as the most traded stock at the close of transactions with a turnover of 476.5 million units transacted for N    5.9 billion.

Universal Insurance exchanged 39.7 million stocks worth N8.3 million, GTCO traded 33.2 million equities valued at N972.4 million, Fidelity Bank transacted 21.9 million shares worth N59.8 million, while Transcorp sold 20.8 million stocks valued at N20.4 million.

Business Post reports that the five main sectors finished positive yesterday with the consumer goods index rising by 0.91 per cent. The energy sector gained 0.86 per cent, the insurance counter rose by 0.84 per cent, the industrial goods space went up by 0.75 per cent, while the banking sector appreciated by 0.34 per cent.

Continue Reading

Economy

FG Urges UK to Ease Restrictions, Tariffs on Nigerian Businesses

Published

on

Nigerian businesses

By Sodeinde Temidayo David

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has called on the United Kingdom to address the challenges faced by Nigerian businesses, especially with regard to restrictions and tariffs.

This was revealed at the 6th ministerial meeting of the UK to Nigeria Economic Development Forum (EDF) held virtually on Friday, October 15.

The minister in his words stated, “Inasmuch as we are flexible and committed to facilitating UK business concerns, we also request that the UK should continue to reciprocate and address the challenges faced by Nigerian businesses, especially with regard to restrictions and tariffs.”

Mr Adebayo also expressed optimism that as the impact of the COVID-19 pandemic eases on economies, efforts towards building the capacity of Small and Medium Enterprises to attain relevant certifications for export to the UK and the European Union (EU) markets will be prioritised.

He stressed the importance of the trade policy relationship between the two countries and pointed out that work was in progress towards reviewing Nigeria’s trade policy document to reflect the current realities.

He further commended the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed and the Comptroller-General of Customs, Mr Hameed Ibrahim Ali for being proactive in improving trade facilitation for UK businesses in Nigeria.

“It is my hope that the UK remains committed to facilitating deliberations for the purpose of addressing issues raised at the 4th Business Dialogue,” he added.

Following the agreements resulted in the forum, the minister noted the need to revive the workstreams with timelines, which had been adopted in the past, as a means of keeping track of the country’s deliberations and commitments.

“I also encourage periodic stock-taking of our progress, to ensure that we are on course with committing to timelines and most importantly to ensure compliance with agreed decisions,” he said.

Continue Reading

Economy

Naira Gains 1.7% at Official FX Window as Devaluation Fears Quell

Published

on

Official FX Window

By Adedapo Adesanya

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 1.7 per cent or N7 on Friday, assuaging fears that the currency will be devalued again.

The local currency sold for N415.07/$1 at the official FX window yesterday in contrast to N422.07/$1 it traded on Thursday, according to data obtained from FMDQ Securities Exchange.

The Nigerian currency had suffered a significant loss a day earlier after investors feared that the Central Bank of Nigeria (CBN) may be forced to devalue the Naira again.

Speaking at the Economic Sustainability Plan (ESP) earlier this week, Vice President Yemi Osinbajo had said there was a “need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” which was indicative of devaluation.

He progressed by saying that, “We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.”

He also lamented the lack of access to forex for the importation of systems and raw materials as one of the contributory factors of the current economic situation.

Although the Vice President has come out to say he did not call for a devaluation, the market had spurred to action but has now rebalanced.

At the final session of the week, a turnover worth $337.28 million was recorded as against $141.94 million published at the preceding session.

This indicated a $195.34 million or 137.6 per cent surge in the daily turnover of the specialised market that caters to the country’s investors and exporters.

However, the domestic currency closed flat against the American Dollar at N410.91/$1 at the interbank segment of the forex market on Friday.

Meanwhile, Bitcoin (BTC) continued a surge at the cryptocurrency market, trading at N34,900,200.01 after a 6.1 per cent gain as hopes grew that regulators in the United States would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets. It largely spurred a boost in the most popular digital currency and also robbed off on some others.

Tron (TRX) added 2.9 per cent to trade at N55.58, Dash (DASH) rose by 2.5 per cent to sell for N107,420.17, Binance Coin (BNB) made a 1.2 per cent appreciation to trade at N194,938.27, Litecoin (LTC) sold for N101,102.04 after rising by 0.4 per cent, while Ethereum (ETH) gained 0.3 per cent to trade at N2,174,753.84.

On the losing side, Dogecoin (DOGE) was 1.3 per cent down to sell at N133.66, Cardano (ADA) fell by 0.8 per cent to N1,254.12, the US Dollar Tether (USDT) moved downwards by 0.6 per cent to sell for N568.38, while Ripple (XRP) lost 0.3 per cent to trade at N644.01.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: