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Why EFCC, SEC, CBN Can’t Stop MMM Nigeria For Now - Business - Nairaland

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Why EFCC, SEC, CBN Can’t Stop MMM Nigeria For Now by Wunmi01: 9:39am On Nov 28, 2016
Funmi put a call through to Nairametrics last week requesting to get our opinion about the the buzz of the moment scheme “MMM”.

Her curiosity for the scheme increased recently after a colleague asked her for a loan of about N200k. On further inquiry, her colleague confessed that he needed the cash to invest in MMM and promised to pay her back within two months. She insists that rather than loan her colleague the cash, which she might never get back, she will rather take the plunge and “invest” her self.

She claims she is aware that it might be a ponzi scheme but nevertheless wanted to know what exactly the risk were and if it’s at a stage where the pyramid is about to collapse. After all, she quips, if it was illegal then why hasn’t the government stopped it?

This got us also wondering why a scheme, thought to have attracted over two million Nigerians and counting, is yet to be shut down by agencies of the Nigerian Government . This is despite warning from the Security and Exchange Commission and request by the National Assembly that authorities shut down the scheme. Yet the EFCC, SSS, Nigerian Police and all other apparatus available to stop this scheme have failed to do so. In fact sources inform Nairametrics that apprehending perpetrators of the scheme is not high on their agenda. So why is this so?

Our analysts have a few theories that can explain why law enforcement agencies and financial regulators may be unwilling to investigate or even stop the MMM scheme.

No one has complained of losing money

Another major reason is the fact that no one has complained yet of losing money or getting swindled by the scheme. Proponents of this theory believe this is probably why security agents are yet to swing into action. Typically, criminal cases (which this would have fallen into assuming it’s established as a ponzi) are typically investigated after a complaint has been laid by the accuser. If this holds true, then it will be a while before authorities even touch this scheme. More and more Nigerians are increasingly looking for ways to improve their income providing MMM with a massive pool of potential contributors that could run into tens of millions of Nigerians.

No law against it

Legal analysts also opine that there is no clear law against MMM especially as no one has complained of losing money in the scheme. The Cyber Crime Act of 2015 also doesn’t specifically classify as illegal any website use to crowd source money from Nigerians. The Security and Exchange Commission may also not have jurisdiction here as contributors to the scheme are not investing. In fact, they claim on the website that it is “not an investment program”. Without an enabling law or at least one that is close to it, MMM appears to be on a legal sound footing and can only be thwarted legally if someone complains of being swindled.



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Cc: @lalasticlala
Re: Why EFCC, SEC, CBN Can’t Stop MMM Nigeria For Now by ybalogs(m): 9:42am On Nov 28, 2016
Why should they try to stop it in the first place?

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Re: Why EFCC, SEC, CBN Can’t Stop MMM Nigeria For Now by ybalogs(m): 9:42am On Nov 28, 2016
Is MMM the reason we're in recession?

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Re: Why EFCC, SEC, CBN Can’t Stop MMM Nigeria For Now by vayne(m): 10:08am On Nov 28, 2016
I see

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