Business MMM Nigeria: SEC Issues Fresh Warning Over Ponzi Scheme



The Securities and Exchange Commission issued fresh warning to Nigerians against patronising the ponzi scheme, MMM Nigeria.

The scheme, which was suspended by its operators in December last year, had commenced operations on Friday.

MMM had directed its members to provide ‘help and get help,’ urging them to make use of the cryptocurrency, bitcoin, for their transactions.

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The Corporate Communications Manager, SEC, Naif Abdulsalam, when asked if the commission had made any formal complaint to the security agencies on the activities of the promoters of the scheme, said he would not be able to comment on that.

“I won’t be able to speak on that now,” he said and declined further comment.

He, however, warned Nigerians against patronising the Ponzi scheme, stating that its activities were not regulated by the commission or the Central Bank of Nigeria.