Your Morning Snippets – August 12, 2021
On this day in 1920, Charles Ponzi is arrested for financial fraud in Boston after taking in more than $6 million from thousands of investors. He repaid each $1,000 invested with $1,500 just 90 days later–but only by taking more money from newcomers.
Happening in the Markets
Crude Oil: $69.11
Naira/US Dollar: N410.12/$ (NAFEX) | N515/$ (Parallel)
Happening in the Homeland
FG reintroduces toll plazas, Nigerians to pay N500, N200 per trip [Punch]
The Federal Executive Council has approved the reintroduction of toll collections on some selected dual carriageways across the country. This is as it exempted diplomatic, military, para-military vehicles, tricycles, motorcycles from the scheme. Read more
Shell pays N46bn to Ogoni community in final compensation [TheSun]
Nigeria generated a N1tn in the first half of the year, consisting of N512.25bn in the second quarter and N495.39bn generated in the first quarter. The figures were contained in the ‘Sectoral distribution of Value Added Tax’ report released on Tuesday by the National Bureau of Statistics. Read more
Nigeria to lift Twitter ban soon, minister says [Reuters]
Nigeria will soon lift its ban on Twitter after resolving some of its differences with the social media platform, Information Minister Lai Mohammed said on Wednesday, signaling the end of a policy widely condemned as an affront to freedom of expression. Read more.
Happening In Foreign Lands
EBay forecasts revenue below estimates as shoppers venture out [Reuters]
EBay Inc on Wednesday forecast current quarter revenue below analysts’ estimates, signaling that reopening economies and vaccine rollouts could be putting an end to the pandemic-led shopping boom. Read more
Robinhood Agrees to Buy Say Technologies for $140 Million [Bloomberg]
Robinhood Markets Inc. agreed to buy Say Technologies, a tool for shareholder voting and communication, in its first acquisition as a public company. The approximately $140 million all-cash deal will give Robinhood access to Say’s software, which helps company shareholders exercise their right to vote proxies and ask questions of management, according to a blog post Tuesday. Read more
EU looking into new possible side-effects of mRNA COVID-19 shots [Reuters]
Three new conditions reported by a small number of people after vaccination with COVID-19 shots from Pfizer and Moderna are being studied to assess if they may be possible side-effects, Europe’s drugs regulator said on Wednesday. Read more
Naira tumbles to 515 as dollar scarcity persists
FG Okays $2.5m, N498.2m for Four Power projects
NNPC incurred N473bn loss operating moribund refineries – Report
U.K. Economy Sees Faster Growth in June as Lockdown Eases
Sports merchandise company Fanatics now valued at $18 billion with new investors including hip-hop mogul Jay-Z
Google may cut pay of staff who work from home
Ethereum overtakes Mastercard in market valuation
Samsung announces two new phones with folding screens
Learn the Lingo
What is a Ponzi Scheme?
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. [Investor]
We are a financial education company focused on helping young professionals acquire the knowledge, develop the attitude, build the confidence and gain access to the opportunities they need to exercise the money management decisions that would help them navigate the path towards abundance.