The Economic and Financial Crimes Commission (EFCC), has arrested a politician, Ismaila Yusuf Atumeyi with huge sums of illicit fund amounting to N326 million and $610,500 cash, days after the Central Bank of Nigeria (CBN) moved to redesign the naira notes, and has given Jan. 31 deadline for the old notes to be returned to the banks.

Atumeyi, who is a member of the New Nigeria Peoples Party (NNPP) currently seeking to represent Ankpa 11 Constituency in Kogi State House of Assembly, was arrested on Sunday, alongside one Joshua Dominic, an alleged serial fraudster, in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja, according to a statement issued by EFCC’s Head of Media and Publicity, Wilson Uwujaren.

The fund is said to be the proceeds of bank fraud that the suspect perpetrated in connivance with an ex banker. According to the EFCC, a former bank employee, Abdumalik Salau Femi, allegedly filled the suspects with the insider information that facilitated the successful bank hacking operation.

“He was picked up on Tuesday, November 1, 2022, at Radisson Blu Hotel in Lagos. Following his arrest, a search was conducted on his home in Morgan Estate, Ojodu where a total of $470,000 USD was recovered,” Uwujaren said.

The money is in addition to the $140,500 that was separately recovered from the second suspect by the EFCC.

According to Uwujaren, the arrest of the suspects followed months of investigation into the hacking of one of the commercial banks by a syndicate of fraudsters who pulled off a heist of N1.4 billion.

“The syndicate allegedly moved N887 million into the account of Fav Oil and Gas Limited, from where the monies were paid to several Bureau de Change operators and some auto dealers for exchange into United States Dollars and purchase of high-end cars.

“Dominic, who has severally been arrested for fraud, allegedly helped Atumeyi perfect the hacking plan through Abdumalik. Dominic, a self-styled investment expert and managing director of Brisk Capital Limited was arrested in May 2021 by the Special Fraud Unit of the Nigeria Police for alleged N2 billion investment scam. He allegedly defrauded over 500 persons in a phony investment scheme.

“Two Range Rover Luxury SUVs were also recovered from the two suspects arrested in Abuja,” a statement issued by the agency said.

The anti-graft agency said the suspects would be charged to court after the investigation.

The development has once again brought the plights of many Nigerian banks’ customers, who have lost their hard-earned money left in the care of the banks similar fraud incidents, to the spotlight. In most cases, the banks have been found denying every responsibility.

With the prevalence of cybercrimes in banks, the EFCC is concerned that the banks and other financial institutions are reluctant to report their cases to the relevant agencies when they happen.

The commission warned that such reticence would only embolden the criminals, appealing to financial institutions to collaborate with it to secure the financial sector from threats of cyber-attacks.

Nigerians say that they’re expecting more stories like this in the near future, due to the redesign of the naira notes. The EFCC has also warned Bureau De Change operators to be wary of those who would want to beat the CBN deadline by converting their ill-gotten fund stashed outside the banks to dollars.

There are many professions that make up the finance industry; many activities take place before the trader practices his art. There are even finance companies that do not employ a single trader. So, let’s explore the range of market finance professions with a few examples.

Example 1: Chamber of Commerce

The finance director of an aircraft manufacturer whose factories are located in the eurozone and whose customers pay in dollars wants to hedge against currency risk. So, thanks to the macroeconomic analyzes of the chamber economist, he contacts the seller in the trading room of his usual bank, who advises him on a hedge.

For a more complex transaction, the seller can use the services of financial engineers. The transaction agreed with the customer will be immediately released by an execution trader whose task is to place the order on the best terms.

Example 2: Registered Chamber of Commerce

Special account activities were introduced in the 1980s to improve their results. As such, proprietary traders are responsible for implementing strategies aimed at increasing the amounts entrusted to them by taking advantage of market inefficiencies.

These strategies are various, optional or quantitative. The development of ever more complex strategies has brought quantitative analysts to the forefront who are not limited to trading rooms for their own account.

Top traders have set up hedge funds where they execute their strategy for a client that often accepts less transparency, high liquidity risk, and generous commissions for ex-management traders.

Example 3: Management Company

A finance director wants to increase his company’s cash flow. For this, he contacts a portfolio management company and is immediately directed to a sales representative. Second, it establishes the risk and performance profile to which the client wishes to be exposed, as well as constraints along with the expectation.

The salesperson then makes the most appropriate recommendation for that particular cash investment. Finally, the financial director orders a subscription for the intermediary units.

It is the portfolio manager’s turn to intervene to place new subscriptions on selected investments. He is the person who gives orders for the assets of the portfolio entrusted to him.

For this he is usually assisted by an assistant manager who assists him on a daily basis while taking the job. The manager also regularly uses the services of internal analysts, known as buy-sides. A risk manager checks that the risks taken do not exceed internal or regulatory rules.

Management companies could not exist without custody banks. The assets of managed portfolios are invested in them.

Thus, it assures its owners the seriousness of the custody. Some alternative funds take securities held by the fund as collateral. It uses the services of a master broker to finance the leverage effect the funds use.

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Example 4: Front Office Support

All employees who place orders, follow up or participate in initiation belong to the front office, which manages relations with the outside world (markets and customers). Once an order has been released, it must be handled with the utmost care.

Those working in the middle office are responsible for controlling the risks taken by the front, calculating the results for each operator, and ensuring the smooth functioning of IT.

This includes personnel responsible for reporting and performance attribution.

In the back office, we can ensure proper execution, approval, reconciliation of orders, deliveries of securities, etc. work related to provision is carried out.

We should not forget the financial lawyers, who are usually attached to the general secretariat of the company. They make it possible to guarantee the prior regulatory compliance of many contracts necessary to deal with financial instruments.

Thus, they identify questionable clauses in deals and defend the interests of the company or its customers in the event of a dispute.

Example 5: Internal Control and Compliance

The profession has implemented stricter procedures than ever before to limit the risk and scope of occupational disasters to occur. This is how internal control services emerged. It was gradually expanded to include other risks such as conflicts of interest.

More generally, the controller, auditor or inspector participates in the development and verification of procedures.

They then verify that it was implemented correctly. The development of regulations regulating financial activities has also led to the emergence of compliance functions.

Example 6: Quantitative Research and IT Support 

The number of operations to manage no longer allows to keep track of everything on paper, as in many other industries. The figures considered require great care in the procedures and calculations to be made.

Therefore, skilled developers and quantifiers are especially sought after in the financial industry. Indeed, tools to value or model behavior require more complex calculations than ever before.

Dr. Yasam Ayavefe

Click the below links to view Dr. Yasam Ayavefe’s projects:

https://greenclimate.io/

Yasam Ayavefe

Milaya Capital

There is nothing as cruel as the death of a child and there is no physical or spiritual justification for it. 

The life rule is that everyone must die one day but we hope that when Mr. Death comes knocking at one’s door, the person must have lived a fulfilled life, ready to join the great beyond at a ripe old age.

The death of a child of any age is always difficult to process, a very painful experience, excruciatingly painful, not just to the parents of the child but to everyone around. Even if you are an arch enemy of the parents, you will wish that it never happened. 

Things like these make one question if there’s really a supernatural being up there in the sky who looks after the affairs of men. If there is, why must He permit a thing like this to happen, does He have a reason for permitting it to happen? What must that reason be? 

But why must this happen to a three years old lad? The Bible says that the punishment for sin is death but a three years old kid has committed no sin, so what could be the reason or justification for this?  The fact that we will never get an answer to these questions as to why this happened is more excruciating. That is one of the certainties of life; life is cruel and everyone must die one day.

The death of a three years old sweet and cute lad, full of life, always playing around is unimaginable. He just celebrated his third birthday a few days back and the parents created a social media page for him, out of the love people have for him, and for the parents quickly grew from zero followers to thousands of followers in a matter of minutes. 

I am sure that the parents can give anything, anything at all to have their boy back. I am sure the father would gladly give up his wealth, social status, accolades, and whatever it takes in exchange to have his boy back.

I have never wished for a news to be fake the way I wished for this particular news to be fake when it broke but when it became obvious that it was not fake, I wished for a miracle. I have heard stories of God raising people from death, I wished for that. The parents can afford to pay any pastor or any spiritual actor whatever it takes to give life back to their boy. I will continue hoping for a miracle. 

While I keep hoping and wishing for a miracle, may God console the parents of the boy. The Christian holy book had earlier admonished us that we should not mourn like unbelievers, rather we should mourn knowing that on the last day we will be reunited with our lost loved ones.

The cryptocurrency market is filled with many opportunities, even in a bear market. However, only a few with the right information and those who can get in early benefit the most from such opportunities. Rocketize (JATO) is a new cryptocurrency currently on presale, and smart investors are already buying the tokens for cheap. The meme coin has breezed through its stage 1 presale and is selling fast in the second stage.

Rocketize (JATO) intends to be the next big meme coin in the market and is now a top coin to consider. Enjincoin (ANJ) and the Sandbox (SAND) are two other cryptocurrencies topping the charts. Both are metaverse coins making waves in the P2E gaming network and are promising enough as long-term investment opportunities. This article looks at these three cryptocurrencies, Rocketize, Enjin coin, and the Sandbox, as three projects with strong potential for profit in 2022.

Gaming Titan Announces Itself – Enjin Coin (ENJ)

Enjin (ENJ) is a gaming platform built on the Ethereum blockchain to provide users with immersive gaming experiences. The network offers cryptocurrency-backed value and tools, including software development kits (SDKs), game plugins, wallets, virtual item management apps, revenues, incentives and a payment gateway platform.

Traditional gaming platforms are great, but they rarely provide users incentives and earnings for the time invested in the network. Enjin is a community looking to simplify gaming experiences, offer lower transaction fees and faster assets, and earn while having premium fun. Enjin allows gaming communities to handle virtual goods and in-game assets across multiple platforms easily. Additionally, like any other decentralized platform, Enjin operates using smart contracts, enabling automated transactions without human interaction.

Sandbox (SAND)

The Sandbox(SAND) is a top metaverse coin in the crypto landscape. It is a virtual reality where users can create, develop, and monetize their gaming experiences. The sand ecosystem is a multi-player gaming community where users get to optimize their creativity and bring their imaginations to the fore.

The sandbox community is available to individuals who interact with the platform, such as gamers, creators, curators, and landowners. The Sandbox also operates a platform for virtual property where users can buy, sell, and manage plots of land, just like in real estate. The SAND token is an ERC20 token and the governance and utility token of the ecosystem. Users can also access the network’s play-to-earn gaming models and earn SAND tokens.

Star Player – Rocketize (PATO)

Rocketize token (PATO) is a meme coin project providing users with the best of meme coin features and Defi solutions. The meme coin aims to be a combination of top meme coins in the market. It provides fun like DOGE and Defi solutions from the Shiba token. Rocketize is a new meme coin launching on the Binance smart chain. Hence, scalability shouldn’t be a thing of concern for the system.

Rocketize incorporates unique elements of the Decentralized Finance (DeFi) ecosystem and has a built-in burn mechanism for reducing the number of tokens available and increasing its value subsequently. With fewer tokens available, a crypto asset’s value is often expected to rise. Rocketize intends to use this mechanism to increase PATO’s value. In addition, Rocketize intends to build an NFT marketplace as one of its core network features.

Rocketize had a decent run in its stage 1 presale and is looking to do more in the second stage of the presale. The presale stage offers the JATO token for sale at the lowest price possible. Click here to buy the JATO token, and join the bandwagon of early gainers.

Rocketize Token (JATO)

Presale: https://rocketize.io/buy

Website: http://rocketize.io

Telegram: https://t.me/RocketizeTokenOfficial