“This is because there are a lot of able bodied young school leavers who are responsible for taking care of their families and they deserve the right to make legitimate income. But if they see that government is always seizing our goods, they will not want to take that risk. So a lot of them are taking to crime.”

With the first official purging of the microfinance sector in 2010, four years after the introduction of the microfinance policy in Nigeria, depositors of the closed banks can now heave sighs of relief as the Nigeria Deposit Insurance Corporation (NDIC) has concluded payment of the first batch of depositors.

The Director-General, Raw Materials Research and Development Council (RMRDC), Prof. Peter Onwualu, said that the council would develop business clusters in the 774 Local Government Areas. Onwualu said in Abuja that the council had already started the process of technologically developing those clusters.

Investors have been warned not to delve into Foreign Exchange (FOREX) trading without adequate knowledge of the market to avoid losing their money as was the case in the Nigerian capital market during the global financial meltdown.

Optimism about corporate earnings, bolstered by JPMorgan, lifted U.S. stocks on Friday and set the S&P 500 on the path for seven straight weeks of gains.