Ponzi Record

Nigeria ยท Active in 2016, according to the Securities and Exchange Commission Nigeria

MMM Federal Republic of Nigeria

In a public alert of 30 August 2016, the Securities and Exchange Commission Nigeria said the platform promised a 30 percent monthly return and had no tangible business model, and described it as a "PONZI SCHEME where returns are paid from other people's invested sum". This is a regulator warning, not a court finding.1

Losses as statedNot stated by an authority in the sources reviewed.
Victims as statedNot stated by an authority in the sources reviewed.
Recovered for investorsNo official recovery or distribution process was found in the sources reviewed.

People and outcomes

MMM Federal Republic of Nigeria (nigeria.mmm.net)

The subject of a public alert by the Securities and Exchange Commission Nigeria on 30 August 2016, which said the platform was not registered with the Commission and described its activity as illegal. No court finding is recorded here.1

Response: The SEC Nigeria alert quotes the platform's own description of itself as a "mutual aid financial network".1

Timeline

  1. SEC Nigeria issues a public alert advising the public to stay away from MMM Nigeria.1

Sources

  1. Securities and Exchange Commission Nigeria, Public alert on the activities of MMM Federal Republic of Nigeria (nigeria.mmm.net) (30 August 2016)