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.
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.