EFCC, SEC Join Hands to Fight MMM, Others

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

Ibrahim Magu, acting chairman, EFCC, and Mournir Gwarzo, his SEC counterpart, 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 earnings against Ponzi schemes.

SEC said: “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). 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%”

“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”.




 

 




 

 


 

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