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:
- There is no law against it
- 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.
- 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.
- 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.
- MMM is faceless. There is no registered office or bank account attributed to MMM, making it hard to be targeted by the federal government.
- The Presidency is silent about it.