Nigerian SEC warns against MMM Global investment
Nigeria has a Securities and Exchange Commission? Who knew?
Following the collapse of MMM Global, local chapters of the Ponzi scheme have been sweeping across Africa.
The South African and Zimbabwean chapters have already collapsed, however Nigeria is still chugging along.
In an effort to combat an “aggressive online media campaign” promoting the scam, the Nigerian SEC has issued a warning against MMM Global investment.
Nigeria’s local MMM Global chapter is known as “MMM Federal Republic of Nigeria”.
The SEC claim it’s an “illegitimate business” that promises investors ‘a monthly investment return of 30 per cent‘.
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.
Whether any further action is taken remains to be seen.
SEC should let participants be! How have the government (Ozedit: If you wish to discuss the government, do it elsewhere. Offtopic derail attempt removed).
MMM is a succor to the masses and it has come at the time when the country is in a state of distress. We understand the risk involve and we are taking it.
Ponzi schemes don’t relieve distress, they create more of it. Just ask the thousands who lost money in MMM Global so that a select few could make it.
Whether you understand how a Ponzi scheme works is immaterial to it being an illegal scam.
So, your solution is for people to send what little money they have to some guy you’ve never met so he can disappear with it.
How clever.
I’ve warned as many people as I can about mmm, it’s a scam I still do not understand how anyone with both eyes open and with half a brain would deliberately put his/her money into it.
The site is all whacked up, not even a business model to conceal there motive, no marketable product, other branches operating in other African countries are folding up and people still invest money into it.
Smh for when it all comes crumbling down like a stack of hay.