Nigerians lose millions to phoney investment funds
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Aduke Komolafe, a 58 year-old Nigerian civil servant, put an end to her life by swallowing rat poison, mortified at the loss of her savings to a phoney investment fund.
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Millions of pounds of public money aimed at helping the most deprived areas of Wales is being sent back unused, it has emerged.
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NEW YORK, May 30 (IPS) - Gone are the days when the scowling face of  dictator Mobutu Sese Seko gazed out from the face of Zaire's  paper currency, a denomination that inflation and corruption  eventually made so worthless it was issued in notes of 5 million.
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Ghana's greed A Nigerian national who had been living in Canada was taken into custody by Winnipeg police in connection with a West African email scam alleged to have bilked an 84-year old man of $30,000.â¦
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Nigerian stock prices dropped 0.4 percent last week as the index closed at 52,264.11 points from 52,452.49 the previous week, brokers said Sunday.
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Switzerland says it will hand back to Nigeria $500m allegedly embezzled by the late military ruler Sani Abacha.
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HARTFORD -- A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month, partly because it sold other assets at a loss to stay afloat while its gas investments plummeted, the fund told investors in a letter.
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Some aggrieved investors are turning to lawyers to pursue possible legal claims stemming from losses at two Bear Stearns Cos.  hedge funds that were virtually wiped out from large, illiquid bets on risky mortgages.
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Some of the nationÂs more than 8,000 mutual funds are shutting their doors, as their manag- ers confront a lackluster stock market, great- er regulatory scrutiny and higher costs.
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Shares in the bank plummet on fears that it is exposed to risky conduits.
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Some aggrieved investors are turning  to lawyers to pursue possible legal claims stemming from losses  at two Bear Stearns Cos.  hedge funds that were  virtually wiped out from large, illiquid bets on risky  mortgages.
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Wall Street's most important investment banks amassed about $5 billion in losses from bad loans in three months due to the credit crunch that has been squeezing the financial system.
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US mutual fund assets fell 2 percent to $7.4 trillion last month, as declining equity markets reduced the value of stock funds, according to a survey conducted by the Investment Company Institute.
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More than $900 million was misappropriated from ChinaÂs $37 billion social security fund in the countryÂs latest massive government fraud.
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The City watchdog, the Financial Services Authority, announced today that it has agreed a Â£194 million compensation fund for investors who lost money in split-capital trusts four years ago.
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Of the more than 8,000 funds available to investors, some are downright stinkers. Fortunately, it's usually easy to identify the worst of them.
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A human rights group said Wednesday its study of one of Nigeria's oil-producing states found that officials squandered or stole public money, some hospitals required patients to bring their own beds, and schools were running out of chalk.