EFCC & SEC Takes Action on Ponzi Scheme MMM (Check out Details)

The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have agreed to jointly fight Ponzi schemes in the country

The two commissions have signed an agreement to pull resources together to jointly combat the unlawful schemes in Nigeria

Their agreement is posing a threat to the operation of MMM, one of the most widely known Ponzi scheme in Nigeria

The operation of MMM in Nigeria is under threat as the Economic and Financial Crimes Commission and the Security and Exchange Commission have agreed to pull resources to attack Ponzi schemes in the country.

The MMM, which has been operating in Nigeria for over a year, has been seen as a Ponzi scheme that has no regulation in Nigeria.

SEC, EFCC to jointly fight Ponzi schemes
Although the Nigeria Police has said they cannot go after operators of the scheme because the government has not given them authority to do so and no report has been received from members of the public over the activities of promoters of the scheme.

But the agreement entered by the two commissions to attack Ponzi schemes in the country is a threat to the operations of the scheme.