MMM under threat as EFCC, SEC agree to joint war against Ponzi schemes in Nigeria

MMM under threat as EFCC, SEC agree to joint war against Ponzi schemes in Nigeria

Although the Police has said they cannot go after operators of the scheme because the government has not given them authority to do so and no report has been received from members of the public over the activities of promoters of the scheme.

But the agreement entered by the two commissions to attack Ponzi schemes in the country is a threat to the operations of the scheme.

The two commissions are ready to clampdown on fraudulent operators of such schemes in the n capital market.
According to Daily Post, the joint attack was reached when Ibrahim Magu, the acting chairman of and Mournir Gwarzo, the chairman of SEC, signed a Memorandum of Understanding for cooperation on the war against Ponzi schemes in Abuja.

The collaboration will see the providing law enforcement muscle to give bite to SEC’s regulatory mandate in the market.

Magu explained that the two agencies would join forces to combat Ponzi schemes in the country.

Gwarzo said the agreement reached will send a strong signal to fraudsters, maintaining that any operator that fails to abide with the regulation, the law will go after such a one.

Over two months ago, the had explained that it was investigating operationsof the in as confirmed by the spokesman of the commission, Wilson Uwajuren.

The SEC had earlier warned nsto desist from as it has no place in the n capital market.

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