MBA Forex Blames CBN for Inability to Return Investors’ Funds

Image

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

Share
Related Stories
Image
15-March-2024

CITN Vows to Sanction Erring Licensed Tax Practitioners

By Aduragbemi Omiyale The Council of the Chartered Institute of Taxation of Nigeria (CITN) has said it would not hesitate to sanction any erring licensed tax practitioner in its bid to sanitise the profession. The president and chairman of the organisation, Mr Samuel Agbeluyi, said this at the presentation of practising licence certificates to new members. He tasked the newly licensed tax practitioners to uphold ethical standards while discharging their duties, reminding them they are ambassadors of the institute. “I urge all of you to consistently demonstrate the highest levels of ethical standards and professionalism expected of licensed tax practitioners.

Image
18-March-2024

Tinubu Raises NNPC Contract Approval Threshold to $10m

By Adedapo Adesanya President Bola Tinubu has raised the contract approval threshold for the Nigerian National Petroleum Company (NNPC) Limited to a minimum of $10 million or its equivalent in Naira. In an executive order issued in Abuja, the President also directed that the approval period for every of the contract stages should not exceed 15 days. The order also directed that the duration for third-party contracts awarded under the production sharing contract (PSC) or Joint Operating Agreement (JOA) be increased to five years from three years, with the option of an additional two years renewal, thereafter. President Tinubu lamented

Image
17-March-2024

Crude Oil Market Falls Despite Positive Signals

By Adedapo Adesanya  The crude oil market depreciated on Friday despite reporting gains earlier in the week due to improved demand and expected supply tightness. Brent futures slid by 9 cents or 0.11 per cent to $85.33 a barrel, and the US West Texas Intermediate (WTI) futures declined by 17 cents or 0.21 per cent to $81.09 per barrel. Market analysts noted that supplies are tightening for motor fuels, and prices are at risk of going higher, but there are worries the US Federal Reserve won’t be able to cut interest rates because inflation remains above the central bank’s target

Image
18-March-2024

Consumers Must Know Key Information About Products, Services—Dangote

By Aduragbemi Omiyale Manufacturers and others have been charged to focus on consumers’ rights, as they are entitled to know all the key information on the products and services they are paying for. This was the submission of the Group Executive Director for Commercial Operations at Dangote Industries Limited (DIL), Ms Fatima Aliko Dangote. The daughter of Africa’s richest man, Mr Aliko Dangote, while speaking last Friday in Lagos, stressed that the information must be accurate, transparent, and easily understandable. “In these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn

More Stories
Image
24-May-2020

SMEs: Warning Signs of Business Failure in COVID-19 Era

By Timi Olubiyi, Ph.D. The high failure rate of start-ups and SMEs in Nigeria, give a bleak picture of the sector’s potential to contribute significantly to job creation, economic growth and poverty reduction. The big question is why do businesses fail so easily? This could be adjudged to the fact that most of the SMEs especially the micro-businesses are unstructured and operate informally in the country. Nonetheless, when these businesses are in the failing path, the entrepreneur or SME operator is unaware of it happening, until it is often too late. The survival of SMEs is even a bigger worry

Image
19-October-2022

OPEC Promises to Aid Africa’s Energy Transition

By Adedapo Adesanya The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Haitham Al Ghais, has said that the coalition will help Africa achieve its energy transition plan amid market uncertainties. During his address at the African Energy Week in South Africa, the Secretary-General emphasised OPEC’s global outlook and the key challenges faced by the global oil markets, and Africa’s key role in the organisation. He also provided key insight into the organisation’s strategies for driving stability across Africa and the role the recent Declaration of Cooperation plays in improving stability. “With the real potential of a

Image
19-April-2018

Equity Market Closes 0.25% Higher on Gains by Dangote Cement, Oando

By Dipo Olowookere Gains recorded by counters in the Industrial Goods space rescued the local bourse from finishing on a negative note again on Thursday after a marginal 0.04 percent loss on Wednesday. Business Post reports that every sectors at the stock market ended in the red zone today with the exception of the Industrial Goods industry, which appreciated by 0.76 percent. The Nigerian Stock Exchange (NSE) increased on Thursday by 0.25 percent with the year-to-date returns expanding to 6.88 percent. Specifically, the All-Share Index (ASI) added 101.83 points to close at 40,874.09 points, while the market capitalisation went up

Image
09-May-2022

NSCDC Nabs 19 Suspects over Oil Theft

By Adedapo Adesanya The Nigeria Security and Civil Defence Corps (NSCDC) has arrested two suspects over attempted diversion of petroleum products to neighbouring countries without an appropriate licence, as well as taking delivery of 17 suspects and six boats intercepted by the Nigerian Navy for oil bunkering activities. The Rivers State Commandant of NSCDC, Mr Abu Abdu Tambuwal, decried the defiant behaviour of individuals dealing illegally in the sale of petroleum products and sabotaging the nation’s economy, thereby contravening the Miscellaneous Offences Act, the Anti Sabotage Act, the Petroleum Act and its regulation. Mr Tambuwal explained that the arrest was

Image
19-January-2024

Rising Stars of West Africa: Spotify Spotlights Must-Hear Talents for 2024

Africa is a treasure trove of creative talents and building on from the massive success that African music experienced in 2023, this year promises the unveiling of exciting new voices that should grab the attention of musical lovers across the continent and even beyond. From soulful singers to trailblazing artists, these emerging talents are going to be the ones to watch this year as they put in work to captivate audiences and redefine the pulse of Africa’s music scene. Spotify, the world’s leading streaming platform, has taken notice, unveiling a captivating list of rising stars from Sub-Saharan Africa (SSA) poised

Image
31-May-2017

MasterCard, Jumia Partner to Push Africa’s e-Commerce Sector to $50b by 2018

By Modupe Gbadeyanka There is no doubt that Africa’s online retail sector presents an exciting opportunity for retailers to grow their businesses by connecting with new customers and according to Jumia, Africa’s number one online retailer, the e-commerce sector must focus on delivering a stronger consumer experience if it is to reach its full potential of developing into a $50 billion industry by 2018. The true potential of the online retail environment remains largely untapped in Africa, especially considering that seven of the 10 fastest growing internet populations in the world are in Africa. In other to achieve this dream,

Image
09-August-2021

SEC Holds Second CMC Meeting in 2021 Thursday

By Dipo Olowookere The second Capital Market Committee (CMC) meeting of the Securities and Exchange Commission (SEC) will take place on Thursday, August 12 and Friday, August 13, 2021. A statement issued by the agency on Monday disclosed that the CMC meeting will hold virtually through Zoom with key stakeholders in the capital market. Expected participants include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. broker/dealers, investment advisers, custodians, fund/portfolio managers, receiving banks, issuing houses, rating agencies, registrars, reporting accountants, trustees, and capital market consultants, etc.); CEOs of Nigerian Exchange Group (NGX), National Association of Securities Dealers

Image
18-September-2018

Tigo Rolls Out 4G+ Services in Tanzania

By Dipo Olowookere Leading digital lifestyle company in Tanzania, Tigo, has heightened the availability of ultra-fast digital experience for data customers in the country with the launch of 4G+ network. The 4G+ network further distinguishes Tigo as the mobile operator that innovates with customers in mind and provides better and more efficient services that address the dynamic needs of consumers across the country. “The launch of 4G+ is in line with Tigo’s transformative journey and the company’s objective of offering customers the best digital experience. We are setting the pace among mobile service providers and catapulting technology to the highest

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry