Business

Akeem ReachnaijaJune 6, 2019
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Nigerians are beginning to complain as the new Ponzi scheme, Loom Money Nigeria, has slowed down. This is similar to how MMM took a turn towards finally crashing in 2017.

Before MMM finally crashed in the early months of 2017, members were noticing a slow movement in the rate at which the Ponzi scheme was paying. Suddenly, their fears were confirmed as the scheme crashed.

It appears same fate is about to befall Look Money Nigeria as members are beginning to whisper fears about the slowness in cashing out.

This is all happening three weeks after the Securities and Exchange Commission (SEC)  warned Nigerians to run away from Loom Money Nigeria which they termed as an online fraud packaged as investment scheme.

This was made known by the Acting Director General of SEC, Ms Mary Uduk, who stated that Loom Money Nigeria is a pyramid scheme which targets youths whom she believes will get their hands burnt if they fall for it.

Decribing it as a Ponzi scheme, Uduak said:

“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. The platform has embarked on an aggressive online media campaign on Facebook and whatsapp to lure the investing public to participate by joining various Loom whatsapp groups to invest as N1000 and N13,000 and get as much as 8 times the value of the investment in 48 hours.


Akeem ReachnaijaJune 6, 2019
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Her 14 years in the music industry has become the fastest growing career as she surpasses icons who have been in the game decades before her. Popular known as Bad Gyal Riri, the singer turned business mogul has established her surname as a brand that runs the entertainment and fashion industry.

She is just Only $400 million shy of becoming a billionaire like Jay-Z, who happens to be the first hip-hop billionaire.

The Barbadian native moved to the U.S. in 2005 from her home in the Caribbean and has given everyone a run for their money since.

According to Forbes, Rihanna owes her huge success to her smart move into film, fashion as well as beauty products slowly moving from collaboration to owning some of the most influential brands in the world.

In 2017, she launched Fenty Beauty earning a reported $100 million in sales in its first few weeks and generated an estimated $570 million in 2018.

Her latest accomplishment, the launch of her FENTY clothing and accessories line under LVMH is also set to not only influence the fashion industry as strongly as her make up line did but also rake in several millions for the mogul.

©Forbes


Akeem ReachnaijaJune 6, 2019
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About Two iOS developers have sued Apple and are seeking class-action status for their case, Apple has for years maintained a monopoly over the sale and distribution of iOS apps, and they’re sueing the tech giant in a US federal court in an attempt to break its “improper monopolization of this market.”

The lawsuit seeks class action status, so it could potentially represent anyone who’s ever sold an iOS app in the US.

Apple of course only allows iOS apps to be installed on iPhones and iPads from the Apple App Store and charges developers a commission for any sales.

The suit claims that Apple’s 30 percent cut is “overly expensive” and that its $99 annual developer fee has “cut unlawfully into” developers’ potential earnings.

The developers also complain that because the App Store is the only distribution point for iOS apps, apps get “buried” among the two million other apps, stifling competition and innovation.

“If Apple did not shut out all competition from access to iOS device owners, there would be more stores that could feature more apps, as well as stores that would specialize in certain kinds of apps,” the suit contends.
Law firm Hagens Berman filed the lawsuit on Tuesday at the US District Court for the Northern District of California in San Jose.

The two plaintiffs are the developer of a basketball workout app and a baby-naming app.


Akeem ReachnaijaJune 5, 2019
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The serial entrepreneur who is the pageant director of Face of Kimber Africa and national director face of Nigeria started her company Kim Empire which is home to luxury and lifestyle ranging from perfumes, watches before adding her new jewelry Collection.

Yetunde made headlines with her numerous projects including a charity football competition organized to curb increasing crime rate in communities around Ikorodu, Lagos.

She also bagged an award from the wife of former Lagos State Governor, Mrs. Bolanle Ambode, during the Lagos State APC Women Week.


Akeem ReachnaijaJune 2, 2019
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The Christian Association of Nigeria (CAN) has expressed concerns over the constitutionality of Nigeria’s representation by President Muhammadu Buhari at the Organisation of Islamic Countries (OIC) meeting in Saudi Arabia. It also said the Federal Government should listen to the wise counsel of former president Olusegun Obasanjo on the alleged West African Fulanisation and Islamisation agenda instead of resorting to attacks on his personality.

It raised issues about the unconstitutionality of Nigeria’s membership of Organization of Islamic Cooperation (OIC) and the rush to attend its meeting by the President. In a statement issued on Saturday by President of CAN, Rev. Dr. Samson ‘Supo Ayokunle, the Christian body said the “truth is evident” for those who care to see the danger of Obasanjo’s warning except those who are either part of the agenda or are just being mischievous.

The statement signed by the Special Assistant (Media & Communications) to CAN President, Pastor Adebayo Oladeji, said it was regrettable that despite opposition and outcry over the unconstitutionality of Nigeria’s membership of the OIC, the president deemed it fit to jet out of the country immediately after being sworn in to attend such a conference as his first assignment.

“This is an organisation which states it is ‘the collective voice of the Muslim world’ and works to “safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony”. Are the government officials listening to those who voted them into power at all? Is the government not heating up the polity?

“We all remember how Nigeria was smuggled into OIC during the military. We wonder if the President is ready to attend the meeting of the World Council of Churches or be asking the Vice President to represent him whenever the members meet,” it said. On the attack on Obasanjo over his position on alleged Islamisation and Fulanisation of the country, the Christian body said it was not good for the government to rein abuses or pour venoms on our former leaders whenever their thoughts are critical to the government’s action or policies.

It called on the federal government to pay keen attention to Obasanjo’s thought-provoking position rather than disparaging him. “We appeal to the Federal Government to listen to Obasanjo on his counsel over the alleged West African Fulanisation and African Islamisation agenda instead of resorting to disrespecting him and misinterpreting his noble warnings to the nation,” it said.

CAN regretted that while the likes of Obasanjo are treated as honourable statesmen and institutions in developed nations like the United States and the United Kingdom, they are antagonised and vilified at home. “This is not only unfortunate but exposes us as a people that have lost their moral values. Obasanjo sacrificed a lot for this nation in order to make it one and great! He deserves respect and his pronouncements should be treated with caution.

The truth is evident for those who care to see the danger of Obasanjo’s warning except those who are either part of the agenda or are just being mischievous. When the perceived genocide started in Southern Kaduna, how many of the suspected herdsmen involved in the barbaric attacks were arrested by the security men? How many of them have been detained and are being prosecuted?” CAN stated.

On the order to mop up legally held guns, CAN said that the federal government must be seen to be acting in the interest of the generality of Nigerians and not protecting or preserving a section of the country. CAN accused the relevant security agencies of not doing enough to deal with the alleged killings and kidnappings by bandits and herdsmen, adding it smacks of bias on the part of federal government to appear to be defending and advocating for a group being accused of spearheading the atrocious incidents.


Akeem ReachnaijaJune 1, 2019
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Tyler Perry is an American actor and filmmaker. Between May 2010 and 2011, Forbes rated him as the highest paid entertainer.

The media mogul once owned a stunning Gulfstream V private jet.

He bought the plane for $65 million and spent an additional $50 million to customize it.


The aircraft has a customized theatre on board with special lighting, electronically controlled cool mood window shades, a 42-inch HD LCD screen, and multiple Blu-ray players.

The aircraft also has a formal dining room, a modern kitchen and a private VIP bedroom.

The business jet, known as one of the most comfortable in the world, can typically accommodate 14 passengers and four crew members, according to Gulfstream.

In January 2018, the jet was sold to popular American Clergyman, Kenneth Copeland. It was announced that his “ministry” acquired the aircraft for him.

The Gulfstream arrived on January 12, 2018, at a private airstrip in the 1,500-acre campus in the Forth Worth area – the residence of his church. The airstrip has a hangar for its assorted aircraft.

Though the Copeland Ministry did not disclose the purchase price, it is rumoured that it has the lowest-priced for a used Gulfstream V on the market as it was listed at $5.9 million. Other used ones are listed on various websites for up to $12 million and more.

It was reported that the Private jet was given about $2.5 million worth of upgrades, and $17 million was spent for a hangar for it.

The sleek Gulfstream V, which was bought with cash, is an addition to Kenneth Copeland’s collection of Private aircraft that include 2 other aircraft.

https://www.youtube.com/watch?v=l5TMeR4JWbs


Akeem ReachnaijaMay 31, 2019
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Africa as a continent has officially entered into force the single largest free trade market agreement in the world since the formation of the World Trade Organization.

The African Continental Free Trade Area (AfCFTA) Agreement became a binding international legal instrument on May 30, 2019, and the market would be launched on July 7, 2019, said the African Union in a statement.

“Historic milestone! #AfCFTA Agreement has today come into force. We celebrate the triumph of bold, pragmatic & continent-wide commitment 2 economic integration. We launch market on 7 July, 2019 & begin the journey of transformation 2 secure inclusive prosperity,” said the African Union Commissioner for Trade and Industry, Amb. Albert Muchanga.

52 out of the continent’s 55 countries have signed the free trade agreement with the exception of Benin, Eritrea, and Nigeria due to concerns raised by local businesses. Nigeria’s failure to sign the agreement was due to concerns raised by its manufacturing association which says the AfCFTA would have a negative impact on its members.

It’s been over a year since 44 countries first signed the consolidated text of the Agreement in the Rwandan capital Kigali to enable the long-awaited economic integration and movement of goods and persons across member states.

The AfCFTA will create a single continental market for goods and services; enhance free movement of business persons and investments; enhance competitiveness at the industry and enterprise level through exploiting opportunities for full-scale production.

It will also enforce the establishment of the Continental Customs Union and the African customs union, expedite the regional and continental integration processes and exploit opportunities for scale production, continental market access and better reallocation of resources.

With the commitment of all countries, the AfCFTA could bring together the 1.2 billion African population with a combined gross domestic product (GDP) of more than $2.5 trillion to remove tariffs on 90 per cent of goods, with 10 per cent of “sensitive items” to be phased in later.

This agreement was first introduced in January 2012 during the 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union, held in Addis Ababa, Ethiopia. The member states adopted the decision to establish the Continental Free Trade Area by 2017.


Akeem ReachnaijaMay 25, 2019
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A team of the Abuja Entertainment industry, led by stakeholders in the industry have paid a special courtesy visit to Dr. Babatunde Fowler, the Director General of Federal Inland Revenue Service, to congratulate and appreciate his significant and historic impacts in the revenue generating structure in Nigeria.

The courtesy visit to Dr. Fowler was at the FIRS Headquarters in Abuja, during an exposure of “I Believe in One Nigeria” Initiative yesterday. The meeting had the presence of Entertainment CEOs, including Amb. Kingsley Amafibe of “Peace Achievers award/ Miss Ambassador for Peace”, King Fajag of “Democracy heroes awards/ Face Of Democracy Nigeria”, MC Tagwaye of “Throne of Lafta With MC Tagwaye”, Koboko Master of “Sportekallyfunny”, Mallam Yankee of “Yankee Entertainment / Nite Of A Thousand Laugh”, Onome Da Saint of “Laff It Off With Onome Da Saint”, Ambassador Wahala of “Kill Corruption concert/ Abuja Mega Concert”, Shortcut Of “Leave Comedy For Shortcut”, MC Bob of “MC Bob The Magnificent”, “Ghana Must Go of Vintage With Ghana Must Go”, Actor Uzee Usman of “Taurarin Zamani /movie Production” and few others.

During the entertainment stakeholders’ meeting with Dr. Fowler, he was presented a Certificate of Appreciation for his outstanding performance and a Certificate of Achievement for an all time 2018 record of 5.3 Trillion naira revenue generation. As it remains uniquely apparent amongst other revenue generating Institutions in Nigeria.

He was recognised for his revolutionary impacts in tax administration in Nigeria, and Since his appointment into office Dr. Fowler has continued to support several surviving sectors through the social responsibility capacity of FIRS. In specialty, the entertainment industry has remained a key beneficiary of the social responsibility of FIRS, which is evident in the visibility of FIRS in prominent events in Nigeria.

However, Entertainment Stakeholders, confirmed that Dr. Fowler has maintained a path of significant records and achievements for Nigeria through his result-oriented initiatives as the FIRS CHAIRMAN. Regardless of the prevailing economic challenges since 2015, when Dr. Fowler was appointed, the agency has recorded up-move the revenue it generated. In 2016, it generated 3.3 trillion naira, in 2017, 4.03 trillion naira and against every record in the history of Nigeria, the agency generated 5.320 trillion naira in 2018, with a benchmark of 8trillion naira in 2019.

The resident entertainers also maintained that the entertainment industry is guided and united, stressing that it will continue to ensure that all zones in the industry are reached-out to.