Regulatory Alerts2016-08-30
Public Alert on the Activities of MMM Federal Republic of Nigeria (nigeria.mmm.net)
The Securities and Exchange Commission of Nigeria has issued a public alert regarding the unregistered online platform MMM Federal Republic of Nigeria, which promises 30% monthly returns through a mutual aid model. The Commission determined that the scheme operates as a Ponzi structure, funding payouts directly from new investors' contributions rather than tangible business operations. The public is advised to distance themselves from the platform and subscribe at their own risk.
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