The Security and Exchange Commission of Nigeria (SEC) has issued a scam alert over an online investment scheme, “MMM Federal Republic of Nigeria”, found on the website nigeria.mmm.net.
SEC says the website does not have the Commission’s backing and has advised the Internet community to purported “mutual aid financial network.”
[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]According to SEC, 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%.[/quote]SEC warns that 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%.
SEC says that its attention was drawn to the “disreputable activity online” and is calling on the general public and investors not to pay attention to such group for them not to be scammed of their hard earned resources.
“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 warns.
According to the Commission, “the general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.”