Now, the federal government of Nigeria, through the Securities and Exchange Commission (SEC) as finally revealed that, MMM Federal Republic of Nigeria (nigeria.) is a fraud, warning Nigerians to keep off.
SEC on its website, said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.). 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 per cent.
“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.”
Still in doubt? Read up on SEC's official website here
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