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Home Business

SEC warns investors on activities of MMM Nigeria

1st September 2016
in Business
7
SEC warns investors on activities of MMM Nigeria
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By Chinenye Anuforo and Chinwendu Obienyi

The Securities and Exchange Commission (SEC), has warned the investing public on the activities of some online investment scheme tagged ‘MMM Federal Republic of Nigeria.
According to SEC, the promoters of the scheme carry out their business activities via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.
SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other peoples’ invested funds.
Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.
The notice on SEC’s website thus read, “The attention of SEC, Nigeria 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 per cent.
“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.”
SEC, therefore, advised the general public to be wary of the online scheme, adding that anyone that subscribes to this illegal activity does so at his/her own risk.
In a related development, SEC said its attention had been drawn to the activities of one Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State, allegedly engaging in capital market activities without any registration within Anambra State and its environs.
“Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration,” it said in a post on its website.

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Comments 7

  1. Doris J says:
    6 years ago

    MMM Is Real And MMM Pays

    Reply
  2. Doris J says:
    6 years ago

    And let me notify you media’s that in mmm there is no central account where all d money go’s in d givers pay in money direct into d participate account that need’s help so I tell u again oooooo mmm is Real oooooo incase you never hear am well make you try hear am well now and if you care to join the flying team of MMM
    then meet me Doris J I go tell you how Thanks once again

    Reply
  3. Dr Clifford says:
    6 years ago

    If they say MMM is a Scam, no qualms but…. Ask them this questions ,

    When Nepa over bills/gives estimated bills…it is not a scam.

    When DSTV still charges you for not using ur subscription due to no NEPA light….it is not a scam

    When filling stations adjust pump and sell at 160 per liter in disguise…it is not a scam

    When bank deduct several money/charges from your account for nothing…it is not a scam

    When politicians loot national treasury without probe while our infrastructures gets dilapidated, no jobs for the youth, no money to pay workers salaries….. This too no be scam stall

    What about the fake Immigrations recruitment that claimed lots of innocent lives….that one sef no be scam Abi?

    Police recruitments that requires only N10,000 men yet they charged 1,000 for form that over 100,000 youths bought….. More like scam to me.

    Rubbish!!!

    The same Punch Newspaper/ media houses used to advertise sport betting, baba ijebu and national lottery and gambling and yet, thats not a scam!!!!

    When poor tax payers pay for the development of Nigeria and buhari uses the money for abroad trips and medical treatment is a scam.

    When buhari sells dollars for N420 so that his Hausa aboki brothers can make more money is a pure scam

    When buhari gas agreed to swap Boko Haram members with chibok girls is a pure scam because that’s not his campaign promise

    When buhari keeps quite to allow herdsmen to Kill innocent Nigerian is a scam on humanity

    When governors refuses to pay salaries and yet they move in convoy and drive cars with the millions of naira is a scam

    When they claim to be fighting terrorism and send soldiers without enough ammunitions to die but share arms money amongst themselves while chibok girls are been used as sex slaves…. Dem no see scam for these ones too.

    Only because MMM is bringing ordinary people worldwide together to help one another financially freely and get rewarded 30% for it..

    Nigerians, shine your eyes oooo!
    MMM is not a scam, rather the government wants you to be more poor so they can use you during campaign as thouts and thugs and after election they will still send police to arrest you as a criminal but they are the ones that teach you how to commit the crime

    I just wanna make Mavro Sense. Happy New Month Mavrodians!!!!

    Reply
  4. DON says:
    6 years ago

    Last week i still got 76k and SEC is out saying this is fraud? This is funny and SEC is delusional. I love MMM come rain come shine. Leave us with our scam. We know it is a risk and we are happy taking it.

    Reply
  5. Dutch says:
    6 years ago

    MMM is blessing lives. We know it is risky but we have accepted the risk. Thank you

    Reply
  6. Doris J says:
    6 years ago

    DORIS J

    Who has the government helped?
    Who has bank helped?
    Who has SEC helped?
    Who has the politicians helped?
    Even our Nigerian forces, have they helped anyone?
    I guess the obvious answer is NO
    Back then in 2009 when Bitcoin was introduced, the government and SEC warned us that its a scam, we should not invest out money in it but today 1 bitcoin is close to $600 if not more than, you can check the equivalent in Naira. Thank God for the young man that invested just $27 as at then. After like 4, 5 years, bitcoin increased in value and the financial status of the young man change.
    Government and SEC deprived you of diving into the wealth from bitcoin, is that fair?
    Banks will be like, your money is safe with us, and my question is, is our money really safe? They use our money (because without u and I, nothing like bank) to give loans to companies and make huge interest, if they are giving me 5% monthly, i won’t be shouting instead they charge me for using my money for business. Billing you unnecessary charges and the worse part of it is that you can’t talk, even if you do, who will hear you? Bank will send you a credit alert or interest alert of #0.50k and charge #4 for the sms. And you said that one is not a legalized scam (you are wicked).
    Politicians will be like vote for us, when you vote for us, we will do this do that. Your vote counts. Liars, the worst scams ever seen are the politicians, deceivers. The less privilege are the ones languishing in poverty but you are there living in luxuries, you denied us from going to the best schools because of the high fees but your children are in the best school outside the country. And you think you are not a scam? You are deceiving yourself.
    School will be like read your book and make sure you pass very well so that you can get a good job, where is the job? 6Years in primary, 6yrs secondary school that is if you didn’t repeat any class then 4 yrs in tertiary institution as the case may be plus another 1yr of youth service and after all these years no job to be found and you said that is not a scam?
    You subscribe to DSTV, after you might have paid your NEPA bill of which you only get light in the middle of the night around 1am -5am, tell me who want to use the light? And DSTV management could not even pause the operation for you since you are not using the service, that is non of their business and at the end of the month, NEPA will still come with an estimated bill of which you can’t shout, if you do, they will cut your wire and assume you did nothing to it for a month, you still pay for that month despite you didn’t use light and when you want to reconnect, you will pay reconnection fee. is that not a scam?
    If I should continue disclosing all their scams, facebook won’t be enough to accommodate it.
    We have been in this slavery long enough, we can’t take it any more. It is obvious they do not want the average man to live the better life that we suppose to.
    MMM has come to stay and not SEC nor Government can stop it
    They said MMM is a scam, yes we know
    is a ponzi scheme, yes we are aware of that
    is a fraud, yeeeessss we know about that also
    Ah, the founder is a thief, yes we read about that, we even read that he was jailed, and so what?
    MMM is too risky (Abeg shut up that dirty mouth)
    I’ve been taking risk since i was born, living in Nigeria (where there is no security, if its not boko haram today, it will be fulani herdsmen or some stupid avengers and their kinsmen kidnappers etc) is the greatest risk one can take and if i have been living in it for more than 40yrs with the risk attached, i tell you the truth, i can overcome any risk.
    We are risk takers
    We are scammers
    We are ponzians
    We are Mavrodian
    We are MMM
    We love who we are
    SEC, who you don epp?
    Make una face wetin dey face una for this country and leave us alone. You can only steal my money, you can’t teach me how to spend my money.
    A word is enough for the wise. Long live MMM. IRepSustainability of MMM…✅✅✅✅✅

    Reply

    Reply
  7. Doris J says:
    6 years ago

    MMM I LOVE YOUUUUUUUUUUUU

    Reply

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