BUSINESS ROUNDUP: MTN’s Momo service loses N22.3bn; Cryptoqueen dupes investors of $4bn; Other stories | TrendyNewsReporters

BUSINESS ROUNDUP: MTN’s Momo service loses N22.3bn; Cryptoqueen dupes investors of $4bn; Other stories

by Ebor Cletus Ralph Jr

• Nigeria’s foreign reserve stabilises, hits $39.1bn for second month
• Cryptoqueen joins most wanted fugitives list, after duping investors of $4bn
• Nigerian govt announces new tax regime on cigarettes, to collect N3,000 per litre of Shisha
• MTN’s Momo service experiences security breach, loses N22.3bn

Nigeria’s foreign reserve increased by $674.4 million last month, the Central Bank of Nigeria has revealed.

The latest figure extracted by Ripples Nigeria from the CBN’s daily external reserve tracker, revealed that Nigeria’s foreign reserves rose from $38.48 billion at the start of June to $39.1 billion at the end of the month

The central bank of a nation uses assets kept in reserve called foreign reserves to support obligations and shape monetary policy.

In an effort to apprehend Ruja Ignatova, also known as the Cryptoqueen, one of the top ten most wanted fugitives in the nation, the US Department of Justice has offered a $100,000 reward.


Ignatova was charged with defrauding cryptocurrency investors out of $4 billion in three years through the sale of OneCoin, a cryptoasset that she had advertised as the successor to bitcoin eight years earlier.


2014 saw the Cryptoqueen launch the digital coin, and after raking in $4 billion in investments, she vanished from view. Investors had contributed money to buy OneCoin and its educational resources.

The Federal Government has announced that it has reviewed its taxes on tobacco products in the country.

In a message posted on its Social media accounts on Thursday, It noted that tax on cigarettes increased by 30 per cent as part of its control measures against public health.

The message quoted the Minister of State for Health, Olorunnimbe Mamora speaking at the launch of the Tobacco Control Data Initiative Dashboard in Abuja.

MTN Nigeria subsidiary, Momo Payment Service Bank Limited lost N22.3 billion following a security breach on the fintech’s system, which forced the company to shutdown operation temporarily.

On May 24, 2022, the incident took place after Momo PSB executed 700,000 transactions and transferred funds to around 8,000 third party accounts held by 18 banks. The firm filed a lawsuit against the financial institutions six days after making attempts to recover the funds.

In the suit marked FHC/L/CS/960/2022, it was gathered that the N22.3 billion were transferred to Zenith Bank, Guaranty Trust Bank, First Bank, Access Bank, Union Bank, Wema Bank, Sterling Bank, and Polaris Bank.

On NSE ROUNDUP: Investors trade N24.4bn worth of shares as financial sector leads activities

Investors in the Nigerian capital market traded 1.348 billion shares worth N24.487 billion in 22,155 deals this week.

This surpassed 1.121 billion shares valued at N13.703 billion which exchanged hands in 22,350 deals last week.

The Financial Services Industry led the week’s activity with investors trading 1.009 billion shares valued at N 6.796 billion in 11,352 deals.

The Conglomerates Industry followed after 79,616 million shares worth N144.549 million exchanged hands in 689 deals.

On the tech scene, planet3R,, Wattpad, AlGooru, Amazon, Moove, Sava, SnapChat were some of the names that made the headlines this week.

A Lagos-based classified marketplace,, has launched service as a platform connecting sellers and buyers.

Also, Amazon, an American e-commerce company, says it is looking to recruit qualified persons for seven positions based in Lagos, Nigeria.

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