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MMM Global
MMM Global (also known as МММ-2011 / МММ-2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries. MMM Global is a new avatar of the Russian company MMM, also created by Mavrodi and which operated from 1989 to 2004. The difference between the two is that MMM Global targets developing countries. MMM Global became widely popular in various African countries such as South Africa, Nigeria, Zimbabwe, Kenya and Ghana, with some attributing this popularity to poverty and poor government regulation or law enforcement. History South Africa In 2015, MMM began operating in South Africa with the same business model as MMM-2011, claiming a "30% per month" return through a "social financial network". The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank. In response to mounting criticism and official investigations by state authorities in 2016, sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States in the 1880s through the "Ladies' Deposit". Howe offered a solely female clientele an 8% monthly interest rate and then stole the money that the wome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic And Financial Crimes Commission
The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering. The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. The agency has its head office in Abuja, Nigeria. History Under the previous EFCC chairman Nuhu Ribadu, the agency has addressed financial corruption by prosecuting and convicting a number of high-profile corrupt individuals, ranging from Nigeria's former chief law enforcement officer to several bank chief executives. By 2005, the EFCC arrested government officials including, Diepreye Alamieyeseigha. In September 2006, the EFCC had 31 of Nigeria's 36 state governors under investigation for corruption. In December 2007, the Nigerian Federal Go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Havens
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Kenya
The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge is current Governor of CBK and Sheila M’Mbijjewe is the Deputy Governor. Organizational structure Management The bank’s executive management team comprises the governor, deputy governors and heads of departments. The governor assumes the role of Chief Executive Officer of the bank and is therefore responsible for its overall management. The governor is also the bank’s official spokesperson. Governor The current governor of the bank is Patrick Ngugi Njoroge. Former governors of the Bank are: * Prof. Njuguna Ndung'u (March 2007 – March 2015) * Dr. Andrew Mullei (March 2003 – March 2007) * Nahashon Nyagah (April 2001 – March 2003) * Micah Cheserem (July 1993 – April 2001) * Eric Cheruiyot Kotut (January 1988 – July 1993) * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of Zimbabwe
The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia and Nyasaland (1956-1963) which had been liquidated at the collapse of the Federation of Rhodesia and Nyasaland in 1963. Prior to 1956, there was a Central African Currency Board from 1953, but which had been established as the Southern Rhodesia Currency Board in 1938 to provide Rhodesian currency, fully backed and bound to the British pound sterling at par face value. The local currency which Central African Currency Board was mandated to supply to Southern Rhodesia (colonial Zimbabwe), Northern Rhodesia (colonial Zambia) and Nyasaland (colonial Malawi) had been established through the Southern Rhodesia Coinage and Currency Act of 1932. The Reserve Bank of Rhodesia (which became the Reserve Bank of Zimbabwe at independence in 1980) has con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Media (communication)
In mass communication, media are the communication outlets or tools used to store and deliver information or data. The term refers to components of the mass media communications industry, such as print media, publishing, the news media, photography, cinema, broadcasting (radio and television), digital media, and advertising. The development of early writing and paper enabling longer-distance communication systems such as mail, including in the Persian Empire ( Chapar Khaneh and Angarium) and Roman Empire, can be interpreted as early forms of media. Writers such as Howard Rheingold have framed early forms of human communication, such as the Lascaux cave paintings and early writing, as early forms of media. Another framing of the history of media starts with the Chauvet Cave paintings and continues with other ways to carry human communication beyond the short range of voice: smoke signals, trail markers, and sculpture. The Term ''media'' in its modern application relating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Humanitarian
Humanitarianism is an active belief in the value of human life, whereby humans practice benevolent treatment and provide assistance to other humans to reduce suffering and improve the conditions of humanity for moral, altruistic, and emotional reasons. One aspect involves voluntary emergency aid overlapping with human rights advocacy, actions taken by governments, development assistance, and domestic philanthropy. Other critical issues include correlation with religious beliefs, motivation of aid between altruism and social control, market affinity, imperialism and neo-colonialism, gender and class relations, and humanitarian agencies. A practitioner is known as a humanitarian. An informal ideology Humanitarianism is an informal ideology of practice; it is "the doctrine that people's duty is to promote human welfare." Humanitarianism is based on a view that all human beings deserve respect and dignity and should be treated as such. Therefore, humanitarians work towards adv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charitable Organization
A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, religious or other activities serving the public interest or common good). The legal definition of a charitable organization (and of charity) varies between countries and in some instances regions of the country. The regulation, the tax treatment, and the way in which charity law affects charitable organizations also vary. Charitable organizations may not use any of their funds to profit individual persons or entities. (However, some charitable organizations have come under scrutiny for spending a disproportionate amount of their income to pay the salaries of their leadership). Financial figures (e.g. tax refund, revenue from fundraising, revenue from sale of goods and services or revenue from investment) are indicators to assess the financial sustainability of a charity, especially to charity evaluators. This information can impact a c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Redeemed Christian Church Of God
The Redeemed Christian Church of God (RCCG) is a Pentecostal megachurch and denomination founded in Lagos, Nigeria. The General overseer (most senior pastor) is Enoch Adeboye, ordained in 1981. The church in Lagos had an average church attendance of 50,000 in 2022. History The RCCG was founded in 1952 by Rev. Josiah Olufemi Akindayomi (1909–1980) following his involvement in other churches. Rev. Akindayomi chose Enoch Adejare Adeboye as the next General overseer. Enoch Adeboye was a lecturer in mathematics at the University of Lagos, Nigeria, as at the time he joined the church in 1973. Adeboye initially became one of the interpreters translating Akindayomi's sermons from Yoruba to English. He was ordained a pastor of the church in 1975, and his appointment as the leader (General overseer) of the church was formalized by the posthumous reading of Akindayomi's sealed pronouncement. In 1990, the Redeemed Christian Church of God Bible School was founded. In 1981, Pastor Enoch A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lagos State
Lagos State ( yo, Ìpínlẹ̀ Èkó) is a state in southwestern Nigeria. Of the 36 states, it is both the most populous and smallest in area. Bounded to the south by the Bight of Benin and to the west by the international border with Benin Republic, Lagos State borders Ogun State to the east and north making it the only Nigerian state to border only one other state. Named for the city of Lagos—the most populous city in Africa—the state was formed from the Western Region and the former Federal Capital Territory on 27 May 1967. Geographically, Lagos State is dominated by bodies of water with nearly a quarter of the state's area being lagoons, creeks, and rivers. The largest of these bodies are the Lagos and Lekki lagoons in the state's interior with the Ogun and Osun rivers flowing into them. Many other rivers and creeks flow throughout the state and serve as vital means of transportation for people and goods. On land, non-urbanized areas are within the tropical N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitec Bank
Capitec Bank is a South African retail bank. As of August 2017 the bank was the second largest retail bank in South Africa, based on number of customers, with 120,000 customers opening new accounts per month. Overview The bank maintains 850 retail branches nationwide, 3418 own or partnership ATMs and has over 6.2 million customers, according to the 2015 Chief Financial Officer's Report. Of these customers, 309 000 are online banking customers and 3.5 million are mobile banking customers. According to the annual results for the 2015 financial year, the asset base of Capitec Bank was in excess of R53.9 billion, with R11.6 billion in equity, and with retail savings deposits increasing by 32 percent for the year to R19.3 billion and retail fixed savings increasing by 19 percent to R10.7 billion for the year. Earnings and headline earnings for the 2015 financial year amounted to R2.547 billion compared to R2.017 billion in 2014, and net transaction fee income amounted to R2.6 bill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sergei Mavrodi
Sergei Panteleevich Mavrodi (russian: Серге́й Пантеле́евич Мавро́ди; 11 August 1955 – 26 March 2018) was a Russian financial fraudster, financial criminal and previously a deputy of the State Duma. He was the founder of the МММ, a scheme that defrauded millions of people around the globe. In 2007 Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million). "Sergei Mavrodi Convicted of Fraud in MMM Trial" by Kevin O’Flynn, The St. Petersburg Times. Mavrodi claimed he was not the beneficiary of the donations and that he was not used to a flamboyant lifestyle. The charge of which he was later convicted was |
