Finally, the Securities and Exchange Commission, SEC has issued a definite warning to all Nigerians to stay away from MMM, a Ponzi Scheme getting huge popularity in Nigeria.
In a press statement released by the SEC, the commission said:
“The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a monthly investment return of 30%”
“The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission”.
“The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk”.
It would be recalled that PageOne.ng had published a widely trending article on MMM warning the general public to stay away from the scheme because of its unreliability, over-generalised promises and the background of the founder of the scheme.
We have also received many backlash emails from MMM members, many of which were confrontational, insultive and diversionary. However, one of the coherent replies written by Awonusi Oluwole, argued that MMM is just a scam just like the conventional banking and financial system.
However, because of the cardinal role we play, we still maintain our stand that MMM is a scam and a Ponzi Scheme, and the general public should refrain in getting involved in it.
PageOne.ng will amongst other things continue to educate the public on this and many more.