By Dipo Olowookere
The Securities and Exchange Commission (SEC) has warned Nigerians to be careful of activities of MMM Federal Republic of Nigeria (nigeria.mmm.net) so as not to lose their investments to fraud.
SEC said it has every reason to believe that the organisation is involved in fraudulent activities, which some Nigerians might not be aware of.
The Commission posted on its website that the organisation has “no tangible business model”, describing the platform as a “Ponzi Scheme where returns are paid from other people’s invested sum.”
SEC 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).”
It said further that, “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.”
Adedapo Adesanya