150bn naira Payment to Independent oil marketers across the country Ordered By FG

The federal government has ordered the payment of 150 billion naira to Independent oil marketers across the country.

A move by the government to douse threats of abridging  steady supply of petroleum products within the nation.

Chief of Staff to President President Muhammadu Buhari, Abba Kyari gave the order at a meeting he had with key players in the downstream sector of the petroleum industry this evening.

The national secretary of the Independent Petroleum Marketers Association of Nigeria, Zarma Mustapha who spoke to selected journalists after the meeting, clarified that the gathering was not about fuel increase but on the disbursement of the N150 billion which is accrued to the marketers as bridging costs.

Mustapha, who urged marketers to return to work based on the assurances from government on the immediate payment of the fund, assured that with the development they should go back to their normal businesses.

He also doused fears over anticipated increase in pump prices of Premium Motor Spirit, promising that as soon the payment is made to them the pump price for PMS could reduce to N140 per litter.

It was gathered that the meeting between  Chief of Staff to the president and operators of the downstream sector first held last Tuesday before reconvening yesterday  for a  final decision.

Those who attended the meeting include the Finance Minister, Kemi Adeosun, Aviation Minister, Hadi Sirika, The Managing Director, Nigerian National Petroleum Corporation,Kachalla Maikanti Baru, representatives of Independent and Major OilMarketers Associations.  Heads of Petroleum Product Pricing Regulatory Agency (PPPRA) and the Petroleum Pipelines and Products Marketing Company (PPMC) .

Don’t trade in bitcoin, litecoin, CBN orders banks

The Central Bank of Nigeria on Wednesday ordered the Deposit Money Banks and other financial institutions in the country not to transact in virtual currencies popularly called crypto or digital currencies.

The CBN listed some of the digital currencies as bitcoin, ripples, Monero, Litecoin, Dogecion and Onecoin.

In a circular dated January 12, 2017, the apex bank told the DMBs and other financial institutions that the digital currencies were not legal tenders in Nigeria.

Consequently, it warned that any institution or individual dealing in such currencies was doing so at their own risk.

Titled: ‘Circular to banks and other financial institutions on virtual currency operations in Nigeria’, the document was signed by the Director, Financial Policy and Regulation, CBN, Mr. Kevin Amugo.

It read in part, “The attention of the banks and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN:

Ensure that you do not use, hold, trade and/transact in any way in virtual currencies; and ensure that existing customers that are virtual currency exchangers have effective AML/CFT controls that enable them to comply with customer identification, verification and transaction monitoring requirements.

“Where banks or other financial institutions are not satisfied with controls put in place by the virtual currency exchangers/customers, the relationship should be discontinued immediately; and any suspicious transactions by these customers should immediately be reported to the Nigerian Financial Intelligence Unit.

“The CBN reiterates that the VCs such as bitcoin, ripples, monero, litecoin, dogecion, onecoin, etc and similar products are not legal tenders in Nigeria, thus any bank or institution that transacts in such businesses does so as its own risk.”

Source: PunchNg

Mavrodi Mondial Movement (MMM) Is Back From There Short Holiday

Early this morning this what MMM post on there wall about there resume from holiday.

Dear members,

The holidays are over, and we''re now open. Just as promised. (You might have already noticed that we always stick to our promises. 

Actually, we promised to be open on January 14, but we''re open now, January 13, as you can see, which is a day earlier. (Well, I hope, the members of the System will forgive us for that.

It''s related to the hysteria raised by the authorities and the mass media around MMM. By joining forces, they''ve managed to nearly give the members of the System a heart attack and have frightened them out of their wits. Poor souls don''t know what to expect. Will we open again or not? 

This is why we''ve decided, considering the situation, to reach out to the members, reassure and cheer them up by opening a little earlier. After all, Together We Can Change The World! 

Here we go.

1. As of this notice, MMM resumes its usual operation. You can now create your GH-requests.

2. However, it''s obvious that panic will reign in the first few days after the re-opening of the System. We’re likely to be deluged by GH-requests. 

Therefore, we''re going to make gradual paybacks by setting internal output limits. In other words, we will only pay a certain amount per day. Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the System operation will return to normal.

We''re the ones setting the limits, so it''s completely under our control, and we are not expecting any emergencies in principle. Have no fear and go on about your business as usual.

As the System is socially oriented, we will make paybacks to the poor and the economically disadvantaged in the first place: it means to the members with small PH amounts. The richer can wait. 

Moreover, we''ve warned you repeatedly to only provide help with amounts that are not critical for you. Therefore, if these large amounts are not critical for them (the richer), they can wait a few days. No need to be tragic about it.

This is the way it''s going to be.

Hoping for your kind understanding, Sergey Mavrodi. We Change The World!

P. S. I''d like again to call on the authorities and the mass media: Please, leave us alone! Have mercy on people.


The Federal Government, on Monday says it has commenced the payment of N5,000 monthly stipend to one million vulnerable Nigerians.

The announcement was made in a statement signed by the spokesperson to the Vice President, Yemi Osinbajo, Laolu Akande on Monday.