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Bank of Zambia uncovers fraud scheme which duped victims of K17.9m

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The Bank of Zambia (BoZ) has uncovered a fraudulent scheme where victims were duped of over K17.9 million this year alone.

Governor of the Zambian Central Bank, Denny Kalyalya, who disclosed this at the 2023 World Savings Day commemoration held in Lusaka on Tuesday, said from the money, only 8.2 per cent of it was likely to be recovered as the operators of the scheme had “most likely already used the funds.”

Kalyalya went on to explain how unsuspecting members of public fell prey to the fraudulent investment schemes.

“In most cases, the fraudulent investment schemes promise higher and quicker returns than those available on legitimate investment or savings products. In many cases,” he said.

“These schemes do not have any underlying business activity that can generate income to distribute to investors.

“What normally happens is that the promoters or organisers use much of the money they collect on personal expenses and then some money is paid to a few investors to create the impression that the scheme is capable of giving investors an irresistible return on sums invested,” he said.

Kalyalya cautioned members of the public to be vigilant as they had much more power to stop these criminal enterprises altogether by simply stopping to deal with them.

“In recent years, the BoZ has observed a rise in the number of people that have fallen prey to money circulation scheme promoters and lost their hard-earned income thereby jeopardising their future.

“This development is troubling. Over the past five years, members of the public have lost a lot of money,” the BoZ boss said.

Metro

Death toll from Cyclone Chido in Mozambique hits 94

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he death toll from the Cyclone Chido which stuck Mozambique last week has risen to 94 with hundreds still missing.

According to the country’s National Institute of Risk and Disaster Management (INGD), the
powerful storm which made a landfall last week, also injured 768 people and affected over 622,000, leaving a trail of destruction across northern provinces.

The Cyclone hit Mozambique on December 15 with winds reaching 260 km/h (160 mph) and 250 mm of rainfall within the first 24 hours, first striking the Cabo Delgado province before moving inland to Niassa and Nampula, regions frequently battered by cyclones.

A report from the INGD said the Indian Ocean archipelago, Mayotte, bore the brunt of the storm.

Officials in Mayotte, which is one of France’s poorest overseas territories, said they have only been able to confirm 35 fatalities from Chido, but some have said they fear thousands could have been killed.

“The cyclone severely impacted Mozambique’s already fragile education and health sectors,” a report by the United Nations said on Monday.

“Over 109,000 students were affected as schools sustained significant damage, while 52 healthcare units were left inoperable, cutting off access to essential medical services in areas already underserved.

“The same Cyclone Chido had first wreaked havoc in the French Indian Ocean territory of Mayotte, before moving on to Mozambique, Malawi and Zimbabwe.

“While Mayotte experienced its worst storm in 90 years, Mozambique continues to face a compounding crisis driven by climate change,” the report added.

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Nigeria on the right path despite hardship, criticism— President Tinubu

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Nigerian President, Bola Ahmed Tinubu, has insisted that the country is moving in the right direction despite the criticism of his economic policies by political opponents and the hardship being experienced by citizens.

Tinubu, who made the assertion during his maiden presidential media chat on Monday in Lagos, reiterated that though his reforms and policies may not be popular at the moment, they were all aimed at placing the country on the path to economic recovery.

The President, who also spoke on the 2025 national budget proposal of N49.7 trillion, christened ‘restoration of hope’, also called for understanding and cooperation from Nigerians amid the prevailing economic realities.

“Nigeria is moving forward regardless of critics. This is a budget of restoration of hope, and Nigeria is on the path of recovery. We can’t finish the job in one calendar year,” Tinubu declared.

The Nigerian leader who also gave reasons for removing subsides on fuel as well as the controversial tax reforms he initiated, said he has no regret whatsoever in removing the fuel subsidy.

Tinubu stated that removing petrol subsidy was in a bid to save generations to come, noting that the country was already spending its future while giving freebies to neighbouring countries.

He also insisted that there is no going back on the tax reforms bills despite dissenting voices from different sections of the country.

Tinubu noted that the tax reforms were necessitated by the need to eliminate colonial-based assumptions in the nation’s tax environment.

The President stressed that the tax reform he has proposed was pro-poor and aimed at widening the tax net, noting that it was typical for tax reforms to be accompanied by outcries.

“Tax reform is here to say. We cannot just continue to do what we were doing yesteryears in today’s economy.

“We cannot retool this economy with the old broken tools. The essence of the tax reform is to eliminate colonial-based assumptions in our tax environment. Every tax situation without outcry is not a tax.

“You cannot satisfy uniformly the larger community of tax evaders. This tax reform is pro-poor; the vulnerable are not to pay taxes. All we are asking for is to widen the tax net and bake the cake larger so that we can share a larger meal.

“They will still ask for this consultation no matter how long I delay it. The hallmark of a good leader is the ability to do what you have to do at the time it has to be done. That is my philosophy,” President Tinubu said.

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