Another Warning From SEC Over MMM Nigeria

The Nigeria Police has said it does not have any directive from government to arrest operators or participants of the MMM Ponzi scheme.

It also explained that it would not go after operators or participants in the scheme because no one had complained about being swindled by the programme.

But the Securities and Exchange Commission has come out with another warning for Nigerians to stop patronising the Ponzi scheme.

There were reports that the MMM scheme, which was suspended by its operators in December last year, had commenced operations on Friday.

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

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 “I won’t be able to speak on that now.”


He, however, warned Nigerians against patronising the scheme, stating that MMM activities are not regulated by the commission or the Central Bank of Nigeria, as required by law.

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