Speaking to correspondents on Saturday, the Corporate Communications Manager, Securities and Exchange Commission, SEC, Naif Abdulsalam, warned Nigerians against patronising the return of Nigeria’s most notorious Ponzi scheme, MMM, stating that its activities were not regulated by the commission or the Central Bank of Nigeria.
Also speaking, the Nigerian Police Force Public Relations Officer, Donald Awunah, a Commissioner of Police, told Sunday Punch on Saturday that it does not have any directive from the government to arrest operators or participants of the MMM.
He also explained that it would not go after operators or participants in the scheme because no one had complained about being swindled by the programme.
“We are not going after the operators because there is no complaint from anyone that he was swindled by them. No one has complained against them, so we have no reason to go after them. Also, there is no directive from the government to arrest the operators or shut them down,” he explained.
Recall that the MMM scheme, which was suspended by its operators in December last year, commenced operations on Friday.
The scheme directed its members to provide ‘help and get help,’ urging them to make use of the cryptocurrency, bitcoin, for their transactions.
