The Securities and Exchange Commission has raised alarm over the activities of some people online regarding an investment scheme tagged 'MMM Federal Republic of Nigeria'. The release was made via the Commission's website on Monday.
The warning says, "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."
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