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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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Cape Town-S.A Alleged Ponzi scheme exonerated

bycitibusinessnews
April 13, 2016
in Africa, Southern Africa
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Alleged pyramid scheme DiPESA has been exonerated by the National Consumer Commission (NCC) after an investigation showed that the business was “legitimate”.

In September 2015 the NCC launched a preliminary investigation into nine suspected pyramid schemes to establish whether they were in contravention of the provisions of the Consumer Protection Act (CPA) and its regulations.

The schemes and investment initiatives still under investigation are WorldVentures, Kipi, also known as Mydeposit241, Make Believe, NMT Investments, Instant Wealth Club, MMM South Africa, Sikhese (Pty) Ltd as well as Wealth Creation Club.

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NCC spokesperson Trevor Hattingh told Fin24 that DiPESA showed no characteristics of operating a pyramid scheme, as defined by the Consumer Protection Act.

“On completion of our assessment into the business practices and operating model of DiPESA, the NCC found that the company did not require any further assessment or scrutiny,” he said.

Hattingh said that the NCC would not update the media or public on the outcomes of its assessment on the other suspected schemes “simply to safeguard the integrity of the processes on the part of the Saps (South African Police Service).

“We have been working with the Commercial Crimes unit of Saps on this matter from the onset, and have now handed over all information and assessments to them to deal with the matter further,” he said.

DiPESA CEO Henk Van Zyl told Fin24 that his company had created a sustainable opportunity for low investment business ownership with a high residual income return, based on a four level network matrix, through the selling of airtime and electricity.

“Each Independent Business Owner (IBO) receives residual income from airtime used by members in all four levels. IBOs are DiPESA’s sales force and are compensated not only for sales personally generated but also for the sales of the other IBOs that they introduced, creating a downline of IBO vendors and a hierarchy of multiple levels of compensation,” he explained.

NCC commissioner Ebrahim Mohamed said in an exoneration letter to DiPESA CEO Henk Van Zyl that the company “appeared to be running a legitimate business”.

“The NCC investigators have finalised the investigation into your business practices and they have informed me that the evidence provided, as well as their observations, DiPESA appears to be running a legitimate business with tangible assets/products and services provided to its customers,” Mohamed said.

Van Zyl said that “unjustified media reports” had disrupted the company’s business operations and led to “great financial losses”.

–

Source: Fin 24

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