MMM: Woman secretly relocates from Lagos to Anambra after losing customers N4.5m to Ponzi Scheme

A woman simply identified as Ogochukwu has fled her residence after losing the sum of N4.5m belonging to her customers to defunct Ponzi scheme, MMM. Ogochukwu, who resides in Anuoluwapo Street in Ejigbo area of Lagos State is said have fled to Anambra Staten rendering hundreds of artisans and motorcycles operators in area helpless and in tears. The artisans were said to have contributed the said sum to Ogochukwu through daily savings scheme popularly called ‘Ajo’. Ogochukwu was said to have invested the ‘Ajo’ money in the defunct ponzi scheme hoping that she will make profit which did not happen as the scheme crashed. PM Express said the incident happened at Ejigbo where the woman resided with her family and also used as her office. She was said to have secretly moved her family members out of the house and was now nowhere to be found. Problem started when Ogochukwu’s customers approached her to collect their money in other to pay school fees. One of the victims said Ogochukwu asked them to come back the following day for their money only to discover that she had parked out in the night to an undisclosed place.

Champions League!! Mbappe, Neymar Score As PSG Beat Celtic 5-0

Celtic sustained their heaviest ever home European defeat as Neymar led the way for Paris St-Germain in the Champions League group stage opener. The world’s most expensive player coolly finished and then had a hand in PSG’s second, which was finished emphatically by Kylian Mbappe. Edinson Cavani converted a penalty for the visitors’ third before the break. Mikael Lustig’s own goal was followed by Cavani’s second of the night, a diving header. Elsewhere in Group B, hosts Bayern Munich won 3-0 against Anderlecht, who had a man sent off.

Oil prices hit $49 a barrel, thanks to America

A slow down of oil drilling by American shale oil producers helped to move oil prices to $49 a barrel in Monday trading, a good news for oil exporters such as Nigeria.

Brent crude , the global benchmark, was up 8 cents at $48.99 a barrel by 1341 GMT. U.S. crude traded at $46.57, up 3 cents.

According to Reuters, fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts.

U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the slowest pace of growth since November.

A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week. But crude stocks in industrialized nations remained high, putting a brake on the oil price rally.

“The market is not doing too much today – it feels like wait and see,” said Olivier Jakob of oil analyst Petromatrix. “There is some rebalancing in products, but overall the layers of stocks are still very large.”

Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers cut supplies since January.

While OPEC-led cuts have offered prices some support, rising supplies from Nigeria and Libya, two OPEC states exempt from the pact, and increasing U.S. production have weighed on the market.

Kuwait said on Friday the market was on a recovery track due to rising demand and said it was premature to cap Nigerian and Libyan output. An OPEC and non-OPEC committee meets in Russia on July 24 to discuss the impact of the deal.

In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories.

“There is almost an agreement that the second half of the year should be tighter than the first half due to significant jumps in demand forecasts,” oil broker PVM said. “The net result is a rise in the demand for OPEC oil.”

Motivated Monday Episode 3 Produced by BeezMedia