Category Economy & Business

CBN prioritising monetary inclusion for girls, says Cardoso — Day by day Nigerian
CBN prioritising monetary inclusion for girls, says Cardoso — Day by day Nigerian

tiamin rice

The Governor Central Bank of Nigeria, CBN, Yemi Cardoso, mentioned that the federal government was growing monetary inclusion for girls as a high precedence.

Mr Cardoso mentioned this throughout a question-and-answer session on the thirtieth Nigeria Economic Summit, NES30, in Abuja on Wednesday.

He mentioned that the CBN was taking measures to shut the gender hole inside the banking sector and empower girls economically.

According to him, girls play important roles within the nation’s economic system.

“Women present a really massive and significant slice of the workforce, they usually contribute extensively throughout numerous sectors.

“Women’s resilience and silent influence go a long way in advancing economic activities, particularly in the country and other parts of Africa,” he mentioned.

Mr Cardoso mentioned that some latest CBN initiatives had been aimed toward strengthening monetary alternatives for girls.

“Per week or so in the past, the CBN signed a code for girls entrepreneurs financing, and it’s going to implement a framework that can hopefully result in higher monetary inclusion for girls within the nation.

“This new initiative , which is backed by partnerships with the Development Bank of Nigeria and the Bank of Industry, is designed to increase monetary companies entry and enhance financial alternatives for feminine entrepreneurs.

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“We need to go back to addressing the fundamentals. Without a strong economic base, trade-offs will only offer short-term solutions,” the CBN governor mentioned.

The session additionally addressed urgent points surrounding Nigeria’s economic system, financial coverage, and rising inflation.

Mr Cardoso mentioned that the latest financial coverage choices included elevating rates of interest from 26.75 per cent to 27.25 per cent, and adjusting the financial institution’s Cash Reserve Ratio (CRR) to 50 per cent for business banks.

He mentioned that the insurance policies had been aimed toward curbing inflation.

Mr Cardoso mentioned that prime inflation eroded buying energy, discouraged funding, and finally impacted the productive sector.

“Taming inflation is vital as a result of if you don’t tame it, it has a significant throwback. It can deter funding and considerably scale back buying energy.

“We hope that as inflation begins to moderate, interest rates will start to come down,” he mentioned.

He mentioned {that a} balanced method would finally enable for lowered rates of interest as inflation moderated, making it simpler for companies to thrive.

NAN

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Dangerous staff: The silent menace inside companies
Dangerous staff: The silent menace inside companies

By Terry Mante

In any enterprise setting, staff are anticipated to behave as ambassadors of the model and custodians of the corporate’s targets. Yet, there’s a rising variety of staff whose actions are something however aligned with their employer’s pursuits.

These people, whether or not pushed by private greed, frustration, or misguided opportunism, turn out to be harmful staff. They subtly—or overtly—undermine the enterprise, resulting in losses that may cripple the group over time.

A firsthand expertise of betrayal

My spouse and I had a firsthand expertise with one such harmful worker. We have been in a retailer at a mall in Accra, trying to buy an equipment. After asking in regards to the product’s specs, the salesperson, in a conspiratorial tone, stated, “If you want, I can get you this item at a better price elsewhere.” Here we have been, inside a widely known retail outlet, and the particular person entrusted with making gross sales for the shop was actively encouraging us to purchase the product from one other supply.

It was obvious that this salesperson was working a aspect hustle. His focus had shifted from serving his employer to pursuing private achieve—even when it meant the shop would lose a sale. This was not nearly poor salesmanship; it was about betrayal from inside.

The digital world isn’t immune

This habits isn’t remoted to conventional retail settings. I’ve encountered comparable tales within the digital world, notably with ride-sharing providers like Uber, Yango, and Bolt. Many drivers on these platforms, after being matched with a rider, supply to cancel the trip on the app and as an alternative perform the journey offline for money.

Their reasoning is easy: by bypassing the app, they keep away from paying the platform’s fee. These drivers might imagine they’re making a bit of additional cash on the aspect, however in actuality, they’re chipping away on the integrity of the system that allows their livelihood.

These drivers are an instance of harmful staff within the gig financial system. The platforms—Uber, Yango, Bolt—present the infrastructure, advertising, and buyer base that these drivers depend on to make a residing.

If each driver gamed the system in that method, these platforms would undergo important income loss, which might result in larger charges for all drivers, lowered providers, and even enterprise closure. And when that occurs, who will give these drivers entry to paying passengers?

Why do staff undermine their employers?

What drives staff to behave in opposition to the pursuits of the businesses that make use of them? The reply is complicated. For some, it might be dissatisfaction with wages or working situations.

Others might really feel that they don’t seem to be valued by the corporate, main them to justify unethical habits as a way of “leveling the playing field.” For some, it’s merely greed—a need to make a fast revenue with out contemplating the long-term penalties.

Regardless of the rationale, the end result is identical: when staff act in ways in which hurt their employer, they turn out to be harmful to the enterprise.

The far-reaching penalties of harmful staff

The affect of such habits is far-reaching. Dangerous staff don’t simply price companies cash; they harm reputations. In in the present day’s world, the place shopper critiques and scores are solely a click on away, one dishonest worker can tarnish the picture of a whole firm. A salesman who behaves unethically might trigger a buyer to lose confidence within the model, deciding by no means to return.

Safeguarding in opposition to harmful staff

How can companies safeguard themselves in opposition to these harmful staff? One reply lies in fostering a robust organizational tradition constructed on integrity, accountability, and shared values. When staff really feel a way of possession and belonging, they’re much less prone to interact in habits that undermines the corporate.

Transparency in regards to the firm’s monetary well being and its targets can even encourage staff to see how their work contributes to the bigger image. If an worker understands that each sale issues, or that fee charges go towards enhancing the platform they depend on, they’re extra prone to act within the firm’s finest curiosity.

The position of accountability and firm tradition

Furthermore, companies should have clear insurance policies and penalties for unethical habits. Employees ought to know that in the event that they interact in practices that harm the corporate, they’ll face repercussions. This might vary from retraining applications to termination, relying on the severity of the offense. It’s important to strike a steadiness between supporting staff and holding them accountable.

On the worker aspect, there must be a shift in mindset. Employees should acknowledge that their actions don’t simply have an effect on their employers—they have an effect on their very own futures as properly. An organization that loses income due to unethical worker habits is much less prone to spend money on employees improvement, raises, or bonuses.

In excessive circumstances, constant income loss might result in layoffs and even enterprise closure. By performing with integrity, staff aren’t solely defending their employers, but in addition securing their very own livelihoods.

Employees as companions, Not saboteurs

Dangerous staff are a menace to any enterprise. Whether it’s a retail employee directing prospects elsewhere or a driver bypassing platform guidelines, these people harm belief, income, and status.

Businesses should spend money on creating environments that promote loyalty and moral habits, whereas staff should perceive that their success is tied to the success of the corporate. Only by working collectively in alignment can each employer and worker thrive in in the present day’s aggressive enterprise panorama.

——Bottom of Form

About the writer

Terry Mante is a thought chief whose expression as an writer, company coach, administration guide, and speaker supplies problem and inspiration so as to add worth to organizations and place people to operate successfully. He is the Principal Consultant of Terry Mante Exchange (TMX). Connect with him on LinkedIn, Facebook, X, Instagram, Threads, and TikTok @terrymante and www.terrymante.org.

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Nigeria’s Naira Most Aggressive in A long time, Says Prime World Bank Economist
Nigeria’s Naira Most Aggressive in A long time, Says Prime World Bank Economist

 

 

By Anthony Osae-Brown/Bloomberg

Nigeria’s forex is the most affordable it has been in a long time, due to painful however needed financial reforms to place the nation on a long-term path to restoration.

“The naira’s real exchange rate is at its most competitive in at least 20 years,” mentioned World Bank’s Chief Economist Indermit Gill. “This is a great opportunity for the private sector,” he instructed the Nigerian Economic Summit Group on Monday within the capital, Abuja.

Currency and gas subsidy reforms by President Bola Tinubu final yr have pulled Africa’s largest oil producer again from the brink of fiscal collapse, Gill mentioned, after years of misrule left Nigeria with the biggest variety of individuals dwelling in excessive poverty on the earth.

The naira’s worth has fallen by greater than 70% to round 1,553 per greenback on Monday from 465 per greenback earlier than the reforms, the price of gasoline has greater than quintupled and the central financial institution has stopped printing cash to finance authorities spending.

“This is only the beginning. Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy,” he knowledgeable the viewers, which muttered audibly at this warning. “It is very difficult to do these things, but the rewards are massive.”

Foreign alternate guidelines to prop up the naira ended by Tinubu after taking workplace in May 2023, plus gas subsidies that he has additionally rolled again had been costing Nigeria 10 trillion naira a yr, value round $15 billion on the time.

“You can do a lot with $15 billion,” Gill mentioned.

Read extra on Nigeria’s economic system: Nigerian Firms Slim Down Dollar Debt as Naira Hits a Fresh LowDangote Says Time for Nigeria to End Fuel Subsidy, Boost Naira Reforms May Buffer Nigerian Naira From Oil Price Drop, Citi Says

While welcomed by worldwide buyers, the devaluation of the naira and elimination of gas subsidies has fanned inflation and prompted a cost-of-living disaster for atypical Nigerians, sparking protests in latest months that led to a lethal crackdown by safety forces.
“The government must do everything in its power to protect the most vulnerable citizens against hardships,” Gill mentioned, recommending that it ramp up short-term funds to poor households and roll out a social security web financed with the cash saved on gas subsidies.

The central financial institution, which has raised rates of interest aggressively to curb inflation and quell naira volatility, should additionally keep targeted on worth pressures, whereas build up international reserves and resisting what he known as the “lure of short-term capital inflows that might push up the naira value too quickly and crimp non-oil growth.”

“If you stay the course you will surely reap the rewards,” Gill mentioned. “Failure sets back the continent and ruins the future of another generation.”

— With help from Ruth Olurounbi

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NP (SL) Leads the Approach in Smart Energy Options & Distinctive Customer Care |
NP (SL) Leads the Approach in Smart Energy Options & Distinctive Customer Care |


By Amin Kef (Ranger)

In Sierra Leone’s ever-evolving socio-economic panorama, NP (SL) has solidified its function as a key participant within the nation’s improvement. As the main petroleum advertising and marketing firm within the nation, NP (SL)  has earned a stellar status, not simply inside Sierra Leone however throughout the broader West African area, the place its operations lengthen to neighboring nations comparable to Guinea, Liberia, Ivory Coast and The Gambia. With an unwavering dedication to high quality, reliability and innovation, NP (SL) continues to gas progress, taking part in a pivotal function in shaping the nation’s future.

NP (SL)’s significance was lately underscored throughout its week-long celebration of Customer Service Week, which concluded on October 11, 2024. The firm used the event to specific its gratitude to its loyal buyer base. In a press release, NP-SL Management stated, “We internationally recognize all of you for your patronage. Continue to stay loyal to us.” This gesture displays the corporate’s long-standing custom of acknowledging the significance of its prospects in driving its success.

Petroleum merchandise are important to on a regular basis life in Sierra Leone, from powering autos and producing electrical energy to fueling industries and houses. As Sierra Leone experiences important financial and social transformation, the demand for dependable vitality options has risen sharply. NP (SL), as the biggest indigenous petroleum firm within the nation, has positioned itself as the highest supplier, supplying the high-quality gas that’s essential to Sierra Leone’s improvement and financial actions.

Despite competitors available in the market, NP (SL) has set itself aside via distinctive customer support. The firm’s concentrate on buyer satisfaction earned it the title of “1st for Customer Care,” a testomony to its dedication to excellence. NP (SL) understands that its prospects are integral to its progress and this customer-centric strategy has enabled the corporate to domesticate sturdy, lasting relationships.

At the core of NP (SL)’s success is its dedication to transparency, effectivity and buyer care. The firm’s Filling Stations are geared up with fashionable services, providing extra than simply gas. Customers expertise a welcoming atmosphere with well-calibrated pumps that guarantee they obtain the precise amount of gas they pay for. Some NP (SL) stations even function procuring marts and social areas, permitting prospects to chill out whereas they refuel, additional enhancing the general expertise.

A frontrunner in technological development, NP (SL) launched the NP Smart Card, a cashless cost system that permits prospects to buy gas with out the necessity for bodily money. The Smart Card presents each comfort and safety, enabling customers to recharge and make transactions seamlessly. This innovation has been extensively embraced for saving time and minimizing the dangers related to carrying money.

Building on the success of the NP Smart Card, NP (SL) has launched the NP Energy Pass. This new sensible card presents extra options, together with prompt SMS notifications for each transaction and enhanced safety via a One-Time Password (OTP) system. Still in its pilot part, the NP Energy Pass is already accepted at a number of key areas throughout Freetown, making it simpler for patrons to handle their vitality wants.

NP-SL’s dedication to innovation is additional demonstrated via its cellular gas tanks, which offer refueling companies at essential areas. These 10,000-liter tanks are geared up with state-of-the-art security options, together with explosion-proof know-how and fireplace suppression methods. This cellular answer ensures that gas is obtainable the place it’s most wanted, highlighting NP (SL)’s dedication to assembly the rising vitality calls for in Sierra Leone.

In addition to its contributions to the gas trade, NP (SL) had been advertising and marketing NP Gas, a clear and inexpensive cooking answer obtainable in numerous cylinder sizes. NP Gas is obtainable in any respect NP Filling Stations, offering Sierra Leonean households with a dependable and environmentally pleasant various for cooking. This initiative has acquired widespread reward for its comfort, security and affordability.

Beyond its enterprise achievements, NP (SL) is dedicated to giving again to the neighborhood. Through its Corporate Social Responsibility (CSR) initiatives, the corporate actively helps charitable causes, neighborhood improvement tasks and environmental sustainability efforts, all of which display its dedication to bettering the lives of Sierra Leoneans.

NP (SL) is greater than only a petroleum firm; it’s a very important participant in Sierra Leone’s journey towards financial progress. With its steady drive for innovation, distinctive service supply and a concentrate on buyer satisfaction, NP (SL) stands as a shining instance of indigenous enterprise success. As Sierra Leone continues to develop, NP-SL stays dedicated to fueling the nation’s progress and contributing to a affluent future for all.

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Nigerian govt unveils new scheme to manage inflation, create jobs — Every day Nigerian
Nigerian govt unveils new scheme to manage inflation, create jobs — Every day Nigerian

Mr Edun stated this on the thirtieth Nigeria Economic Summit, NES30, in Abuja on Tuesday.

He stated that authorities was centered on agriculture, manufacturing, oil, and housing as important drivers of Nigeria’s financial system.

He stated that the intention was to deal with poverty by enhancing agricultural productiveness and meals safety, which is crucial to reducing the excessive inflation price.

Mr Edun stated that the federal government was partnering with the African Development Bank, AfDB, to determine agricultural processing zones, which would offer a sturdy provide of uncooked supplies for home industries.

He stated that the federal government would additionally handle housing affordability, launching a mortgage scheme that will provide near-single-digit rates of interest on loans spanning as much as 25 years.

“This initiative goals to spark a building growth by rising entry to reasonably priced housing, a essential space for job creation and financial development.

“In partnership with the private sector, we are delivering mortgages that will support Nigeria’s housing and real estate sector,” the minister stated.

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He stated that the latest reforms had attracted important investments, together with a further 10 million {dollars} from ExxonMobil and different key business gamers.

“The oil sector is our first avenue for foreign exchange and global revenue,” he stated.

Mr Edun stated that manufacturing would additionally profit from new tax incentives and cheaper funding.

He stated that this insurance policies had been designed to chop operational prices and enhance job alternatives throughout the sector.

“We are offering specific incentives, including excise tax and withholding tax reliefs, to stimulate the manufacturing sector,” he stated.

He stated that these measures had inspired Nigerian producers to put money into the nation’s financial prospects.

NAN

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Nigerian govt unveils new scheme to manage inflation, create jobs — Every day Nigerian
GTBank clients specific blended reactions amid system improve — Day by day Nigerian

Speaking with the News Agency of Nigeria (NAN) on Tuesday, clients at varied GTBank branches in Lagos, expressed frustration over difficulties in accessing their accounts and finishing transactions.

NAN correspondent who visited a number of GTBank branches, together with Victoria Island, Costain, Bode Thomas, and Allen Avenue, noticed that banking actions had been ongoing, with some ATMs meting out money.

The financial institution had earlier introduced the transition from its present Core Banking Application to a brand new enhanced model of the Finacle Core Banking Application, on Friday, Oct. 11.

To facilitate this improve, all branches nationwide closed early at 12:00 p.m. on Friday and had been scheduled to reopen at 9:00 a.m. on Monday, Oct. 14.

GTBank additionally knowledgeable clients of service disruptions throughout its digital banking platforms for 11 hours, from 10:00 p.m. on Sunday, Oct. 13, till 9:00 a.m. on Monday, Oct. 14.

Although, the financial institution assured clients that important companies corresponding to transfers, invoice funds, and airtime and information purchases would stay obtainable, many purchasers confronted difficulties.

Miss Tolulope Ogundeji, a GTBank buyer, advised NAN that she had been unable to carry out transactions for 4 days as a result of improve however acquired reassurance from the financial institution on Tuesday.

“I just left the GTBank branch at VI near Eko Hotel, and they told me the system is gradually coming back online,” she mentioned.

Similarly, Mrs Basira Lawal, a foodstuffs dealer in Dopemu, shared her frustration, stating that she had been promoting on credit score as a result of her clients with GTBank accounts had been unable to make funds via any digital platforms.

A civil servant, Mr Ayodele Emmanuel, expressed his difficulties in transferring cash, citing the instability of the financial institution’s app.

“The app has been inconsistent. It’s a bit worrying attempting to switch cash proper now, however I’m hopeful that issues will quickly return to regular.

“I know they are working on the system upgrade,” Emmanuel mentioned.

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Another civil servant, Mr Olawaiye Gabriel, shared related issues, explaining that whereas his preliminary switch try on Saturday was profitable, he had since been unable to make further transfers.

At the Bode Thomas department in Surulere, a buyer who reported failed ATM transfers mentioned he was in a position to full the transaction over-the-counter with the assistance of customer support.

Meanwhile, an ATM consumer on the Costain department expressed reduction at with the ability to withdraw money after days of unsuccessful makes an attempt.

“I’ve been attempting since Thursday, and at last this morning I used to be in a position to withdraw some cash.

“The weekend was tough because nothing worked,” he mentioned.

At one other department in Abule Egba, a 70-year-old girl, Mrs Oluwunmi Adesegun, mentioned she resolved to go the financial institution to get some money after unable to make use of her debit card and entry the USSD code for days.

“On attending to the financial institution, I met a crowd and the safety personnel advised us to queue in turns.

“After ready for hours, I used to be advised I may solely withdraw simply N10,000 over-the-counter.

“Beside the bank was a PoS operator where bank customers rushed to in order to get more cash,” she added.

On Monday evening, GTBank introduced the profitable completion of the system transition, with a message to clients stating that every one branches would stay open till 6:00 p.m. that day.

“We are pleased to inform you that we have successfully transitioned to a new and robust suite of Finacle Core Banking Application Systems, and all our branches will be open till 6 p.m. today to serve you,” the message learn.

The financial institution additionally thanked clients for his or her endurance throughout the improve course of and offered a listing of accessible channels for inquiries.(NAN)

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Court grants businessman GH¢2m bail over fraud 
Court grants businessman GH¢2m bail over fraud 

An Accra Circuit Court has granted a businessman, Hamza Ali, bail of GH¢2 miillion for defrauding by false pretence. 

The 47-year-old allegedly took $105,000 from one other businessman below the pretext of exchanging for the equal of GH¢1,627,500, however didn’t comply with via.  

Charged with defrauding by false pretenses, Ali pleaded not responsible.  

The court docket, presided over by Mr. Samuel Bright Acquah, set the bail circumstances to incorporate three sureties, with one required to have justified landed property.  

The case was adjourned to October 21, 2024. 

The prosecution, led by Chief Inspector Daniel Danku, knowledgeable the court docket that the complainant, Mr. Gideon Oppong, a businessman residing in Kokomlemle, Accra, approached Ali, who operates a foreign exchange bureau in Kasoa, on May 23, 2024. 

Oppong’s enterprise accomplice sought to ship cash and inquired if Ali would settle for U.S. {dollars}, to which Ali offered his overseas account quantity. 

The prosecution acknowledged that Oppong’s enterprise accomplice then transferred $105,000 into Ali’s account, with Ali confirming that the fee would yield the equal of GH¢1,627,500 for Oppong.  

However, after the funds had been deposited, Ali started to vow the cedi equal however did not ship and subsequently went into hiding.  

Following this, on July 18, 2024, Oppong filed a criticism with the police, resulting in Ali’s arrest on July 23, 2024. 

Ali admitted to the offenses in his warning assertion and requested further time to contact a buddy named Emmanuel, whom he claimed owned the account he had offered to Oppong.  

The prosecution mentioned that the investigation was nonetheless ongoing. 

Source: GNA 

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Chief Minister Commends Newly Refurbished Government Printing Press
Chief Minister Commends Newly Refurbished Government Printing Press

Chief Minister Dr. David Sengeh on Monday lauded the newly refurbished Government Printing Department, hailing it as a main instance of a profitable Public Private Partnership (PPP).

The shock go to was made alongside the Ministers of Information and Civic Education.

Taking to his X web page (previously Twitter), Dr. Sengeh highlighted the constructive outcomes of the refurbishment, stating, “This is an excellent example of what a good Public Private Partnership can look like.” He additional defined that the venture adopted a construct, function, and switch mannequin, which initially concerned non-public sector participation however is now totally managed by the Government of Sierra Leone.

The renovation of the Government Printing Department is anticipated to reinforce the standard and effectivity of official publications and doc manufacturing within the nation. The printing press, which had been in dire want of modernization, now boasts state-of-the-art gear and is geared towards enhancing service supply for public sector wants.

The go to underlines the federal government’s dedication to revitalizing essential infrastructure by revolutionary partnerships and funding in key sectors. The Chief Minister’s reward for the venture displays broader authorities efforts to strengthen the nation’s administrative capacities whereas fostering financial collaboration with the non-public sector.

The refurbishment is anticipated to streamline operations on the printing press, which performs an important position in producing authorities paperwork, official notices, and academic supplies. By adopting the construct, function, and switch mannequin, the federal government efficiently leveraged non-public sector experience within the preliminary phases, guaranteeing the sustainability of the venture.

This improvement is seen as a big step towards reaching effectivity in public service supply, with the power now totally below authorities management.


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Sowere visits Barker-Vormawor in police detention
Sowere visits Barker-Vormawor in police detention




Oliver Barker-Vormawor

Nigerian activist and author Omoyele Sowore, Sunday October 13, 2024 visited Ghanaian lawyer and activist, Oliver Barker-Vormawor who’s being held in police custody.

In a Facebook publish, Barker-Vormawor expressed his gratitude to Sowere coming all the best way from Nigeria to pay him a go to whereas he’s being held in detention.

 

He wrote “I want to specific my honest gratitude to comrade Omoyele Sowere (Omoyele Sowore) for travelling from Nigeria to go to me yesterday on the police cell the place I’m being detained!

The emergence right this moment of a brand new technology of African leaders, who refuse to just accept mediocre management and the indignity of poverty evokes me that the way forward for this continent will look nothing like its present station.

Our wrestle is linked; and Africa can be free in our lifetime!”

Barker-Vormawor, who additionally heads the civil society organisation, Democracy Hub was arrested about three weeks in the past with others, when he led members of the general public to display towards the devastating results on the nation, of unlawful mining, also referred to as galamsey. The concern has reached excessive proportion as there’s clear proof of state failure to curb the menace that has been occurring for a really very long time. The actions of the unlawful miners have polluted many rivers and streams throughout the nation.

Barker-Vormawor was denied bail when he appeared in court docket, regardless that his lawyer had argued towards his continued detention for an offence that’s categorized as a misdemeanour.

Sowere himslef has been held in detention many occasions in his house nation Nigeria for demanding for good governance.

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𝐅𝐚𝐥𝐥𝐨𝐮𝐭 𝐅𝐫𝐨𝐦 𝐊𝐨𝐧𝐨 𝐃𝐢𝐚𝐦𝐨𝐧𝐝… 𝐁𝐞𝐧 𝐌𝐚𝐫𝐫𝐞𝐫 𝐀𝐜𝐜𝐮𝐬𝐞𝐝 𝐎𝐟 𝐄𝐦𝐛𝐞𝐳𝐳𝐥𝐞𝐦𝐞𝐧𝐭
𝐅𝐚𝐥𝐥𝐨𝐮𝐭 𝐅𝐫𝐨𝐦 𝐊𝐨𝐧𝐨 𝐃𝐢𝐚𝐦𝐨𝐧𝐝… 𝐁𝐞𝐧 𝐌𝐚𝐫𝐫𝐞𝐫 𝐀𝐜𝐜𝐮𝐬𝐞𝐝 𝐎𝐟 𝐄𝐦𝐛𝐞𝐳𝐳𝐥𝐞𝐦𝐞𝐧𝐭

The complainant within the alleged 264 carat diamond matter from Kono, Benjamin Marrer, has been accused of embezzlement and lack of transparency by his enterprise associate and sponsor, Tom Efrati of Tomax Capital Management Incorporation primarily based in Los Angeles, USA.

𝐁𝐞𝐧 𝐌𝐚𝐫𝐫𝐞𝐫

The Chief Executive Officer of Tomax Capital Investment Incorporation, Tom Efrati, has written a letter of criticism towards Ben Marrer whom he described as his enterprise associate. He accused Ben Marrer of embezzlement and lack of transparency.


The Los Angeles-based firm proprietor, Tom Efrati, claimed in his letter dated eighth August, 2024 that he was the financier of all mining actions undertaken in Kono by Ben Marrer and Sheku Kabba alias ID Card.
He additional claimed that, he had despatched cash, tools and autos to Ben Marrer for mining actions in Kono however Ben had did not be accountable to and clear with him.
In addition, Mr Efrati claimed that, Ben had been “mining and exporting diamonds from Kono” for a while now with out his data and consent.
The letter addressed to the Chairman of the Parliamentary Committee on Mines and Mineral Resources was despatched to the Global Times for publication.
When contacted by the Global Times, Ben Marrer denied all of the allegations however admitted realizing Tom Efrati as his former enterprise associate.
Mr. Tom Efrati reacted by describing Ben Marrer as “a little man that thrives on conning people”. He didn’t elaborate.
We have determined to publish verbatim Mr. Tom Efrati’s letter addressed to the Chairman of the Parliamentary Committee on Mines and Mineral Resources, SLPP Member of Parliament for Kono district, Hon. Saa Emerson Lamina.

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