The MMM scheme has been reported here before as one of the biggest and most dubious services operating out of Nigeria currently. Recently it has caught the attention of the SEC, the Securities and Exchange Commission of Nigeria, who have voiced concern over the operation of the MMM scheme. The investment program and its practices were discussed earlier as the SEC branded the service a Ponzi scheme officially and a intangible business model reinforcing claims that the service has illegal ties.
“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,”
The SEC have identified the main site used to operate the scheme is Nigeria.mmm.net please do not invest in the site as the SEC have warned that it may put you in a awkward legal position, a part of the global network. Citing registration as part of the reason the commision is opposed to the scheme, theyhave highlighted the online ads plaguing Nigerians in a attempt to take advantage of the vulnerable financial situation of the economy in the country.
To conclude the attention brought by the SEC should help to educate the majority of the population on the dangers of relying on investment models similar to the MMM scheme. Condemned as illegal the SEC offers no protection for victims of the scheme as it has publicized the illegality and risk associated with the MMM Federal Republic of Nigeria scheme.