MMM IN DANGER AS EFCC AND SEC COMBINE TO COMBAT PONZI SCHEMES IN NIGERIA

The operation of MMM in Nigeria appears to be under a new threat as the Economic and Financial Crimes Commission and the Security and Exchange Commission agree to pull resources to attack all Ponzi schemes in the country.

The agreement was sealed in Abuja when Ibrahim Magu, the acting chairman of the EFCC and Mournir Gwarzo, the chairman of SEC, signed a Memorandum of Understanding for cooperation on the war against Ponzi schemes in Nigeria.

Read also_ SEC at MMM’s Throat again, Warns Nigerians against Investing in Bitcoin and Other Digital Currencies.

There are so many Ponzi schemes in Nigeria and many are still springing up from God Knows where. So far however, MMM has gained outstanding popularity over the others leaving no doubt that this new plot by EFCC and SEC (only if it materializes) will gravely impede the operations of the scheme.

The two Commissions seem to be ready to clampdown on fraudulent operators of such schemes in the Nigerian capital and MMM market and MMM in particular because EFCC has been investigating the operations of the scheme for over two months now.

Nonetheless, it might interest you to know that EFCC’s investigations do not usually materialize so MMM will be safe for a fairly long time.