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MMM Founder, Mavrodi, Dies of Heart Attack

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Russian businessman and founder of the MMM Pyramid scheme, Sergei Mavrodi, is dead.

According to Russian media, Mavrodi whose MMM pyramid scheme deprived millions of Russians their savings in the 1990s, died of a heart attack.

Radio Free Europe/Radio Liberty reports Monday that the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

Mr. Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. It also promised returns of 20 per cent to 75 per cent a month, as well as lotteries and bonuses for investors. As soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.

In 1994, Mr. Mavrodi was elected as a lawmaker, a decision he later said was to ensure he received immunity from prosecution although he later lost his parliamentary mandate.

A Moscow court found him guilty of financial fraud in 2007 and sentenced him to 4 1/2 years in a penal colony.

Mr. Mavrodi launched another pyramid scheme called MMM-2011, calling on investors to purchase so-called Mavro currency units in a bid to get rid of the “unfair” financial system. The project was however halted after a few months.

Between 2011 and 2016, Mr. Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

The operations were subsequently shut down in many countries, including Nigeria.

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Bandits Invade Kwara Community, Abduct Scores, Set Emir’s Palace Ablaze

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Suspected bandits have reportedly invaded the Yashikira community in Baruten Local Government Area of Kwara State, early this morning, setting the Emir’s palace ablaze and abducting several residents, including women and children.

It was gathered that the attack occurred late at night when the heavily armed assailants stormed the community, firing sporadically.

According to sources in the area, the gunmen attacked the palace during the invasion, setting parts of the royal residence on fire before whisking away multiple victims.

Residents said the attackers operated for hours without resistance, leaving behind destruction and fear in the border community.

Another local source described the incident as terrifying, noting that villagers were caught unaware as the gunmen invaded the town under the cover of darkness.

Sources say Security forces have launched immediate rescue operations to free victims of the Yashikira abduction, which occurred on Sunday night.

Military and police operatives have established a cordon in the area as part of the efforts to rescue about 10 persons who were reportedly taken from the community in an overnight attack on the palace of the Emir of Yashikira.

The police are yet to issue an official statement on the incident.

The development comes after bandits on Saturday night invaded a prayer ground at Ori-Oke Ajaiye, on the outskirts of Ikiran village in Ekiti Local Government Area of Kwara State, killing three worshippers and abducting 15 others during a vigil.

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Glo Celebrates Oba Adetona’s Legacies at Ojude Oba 2026

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Africa’s biggest corporate supporter of culture, Globacom, is commemorating the life and legacy of the late Awujale of Ijebuland, Oba Sikiru Kayode Adetona, at this year’s Ojude Oba Festival, marking the 21st consecutive year of its sponsorship of the cultural event.

This year’s edition, themed “Ojude Oba 2026: Celebrating the Legacy of Oba Sikiru Adetona,” is taking place at the Festival Pavilion opposite the royal palace in Ijebu Ode, Ogun State.

The celebration pays glowing tribute to the remarkable accomplishments of the late monarch, who transited on Sunday, July 13, 2025, after an illustrious reign spanning 65 years.

The departed monarch ascended the throne on April 2, 1960, and during his reign, the profile and prestige of the Ojude Oba Festival grew tremendously, making it one of Africa’s most celebrated cultural events.

In a statement issued in Lagos, Globacom posited that Oba Adetona’s unwavering dedication to preserving and promoting Ijebu culture, traditions, and values was a major factor behind the company’s continued support for the festival.

According to the company, “This year’s celebration goes beyond our traditional role as sponsor over the past two decades. It is an opportunity to honour the exceptional legacy of the revered monarch, Oba Adetona, whose vision and commitment elevated Ojude Oba to its present status.”

Globacom recalled that the late Awujale played a pivotal role in transforming the festival into a unifying platform that brought together Ijebu sons and daughters from across the world, regardless of religious affiliation.

This inclusive vision and royal leadership, said Glo,  inspired the company to begin sponsoring the festival 21 years ago. Over the years of Globacom’s sponsorship, Ojude Oba has evolved into a globally recognized cultural celebration, attracting thousands of visitors and dignitaries from within and outside Nigeria.

The company reaffirmed its commitment to sustaining its support for the festival as part of its broader objective of showcasing Nigeria’s rich cultural heritage to the world.

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Oyo Kidnap Carried Out by Dislodged JAS terrorists — DHQ

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The Defence Headquarters has said the recent kidnap incident in Oyo State was carried out by terrorists displaced from other parts of the country following intensified military operations.

The military high command stated this on Thursday while reacting to what it described as “mischievous and misleading publications” surrounding comments credited to the Defence Headquarters on the classification of terrorists and criminal elements operating in the South-West.

In a statement signed by the Director, Defence Media Operations, Maj Gen Michael Onoja, the DHQ said the attackers behind the Oyo abduction were members of the Jama’atu Ahlis Sunna Lidda’awati wal-Jihad terrorist group displaced by sustained military offensives across the country.

“The recent incidence of kidnap in Oyo State was clearly perpetrated by terrorists of the JAS Group that have been dislodged from other parts of the country due to high-intensity operations being conducted all over,” the statement read.

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