Former
Russian company, MMM that perpetrated one of the biggest scams in the 90’s has
resurrected in Nigeria, and is making wave.
Thousands of
Nigerians have invested in the ponzi scheme, and despite warnings from the
Central Bank of Nigeria and a threat from the EFCC to desist from it, many
people are still putting their money into the scheme, which could crash any
moment from now.
Here are 6
reasons why CBN or EFCC can’t do anything about shutting down MMM operations in
Nigeria at the moment:
1.
There is
no law against it
2.
No one
has complained of losing money. There hasn’t been a significant amount of
complaint from the public about losing money to the scheme.
3.
Law
enforcement agents also invest in it. It is alleged that policemen and EFCC
officials have shares in the scheme.
4.
This
makes them less enthusiastic about curbing its activities in the country.
5.
Federal Government is
busy. The EFCC and CBN have more
pressing matters to deal with. Their hands are already full with the anti
corruption war so fighting MMM is not on their priority list.
6.
MMM is
faceless. There is no registered
office or bank account attributed to MMM, making it hard to be targeted by the
federal government.
7.
The
Presidency is silent about it.
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