MMM Alert: Security Agencies Declare War, Says Ponzi Scheme is Fraudulent

The Economic and Financial Crimes Commission, EFCC, and the Securities and Exchange Commission, SEC, on Thursday vowed to clamp down on fraudulent operators in the Nigerian capital market.

Ibrahim Magu, Acting Chairman, EFCC, and his SEC counterpart, Mournir Gwarzo made the pledge while signing a Memorandum of Understanding, MoU, for cooperation at the EFCC head office, Abuja.

The collaboration will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.

Speaking, Magu stressed the need for both agencies to “pool resources together” in dealing with the menace of Ponzi schemes, which many Nigerian were currently at their mercy.

Gwarzo, on his part declared that the signing of the MoU will send a strong warning to fraudsters added that, “any operator of the capital market that crosses the red line will certainly be dealt with”.

The development signals onslaught against promoters of ponzi schemes like Mavrodi Mondial Movement, MMM, Get Help Worldwide, among others.

Recall that the Securities and Exchange Commission,SEC, had issued warnings against ponzi schemes.