Responsible financial and government agencies seem incapacitated by the mode of operation of the popular Ponzi Scheme called MMM.
MMM, a former Russian company that perpetrated one of the biggest scams in the 90’s has resurrected in Nigeria, and is making quite a 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. This makes them less enthusiastic about curbing its activities in the country.
(4) FG 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.
(5) MMM is faceless. There is no registered office or bank account attributed to MMM, making it hard to be targeted by the federal government.