MMM: SEC warns Nigerians against the social capital scheme

• As police denies moves to ‘arrest of operators’

The Securities and Exchange Commission (SEC), has restated its warning to the public against investing in MMM with crypto currencies such as OneCoin, Bitcoin and such other virtual or digital currencies.

Recall that the Mavrodi Mondial Movement recently introduced Bitcoin, said to be the world’s best performing currency in 2016, for its operations.

But SEC advised the public to exercise caution as none of the persons, companies or entities promoting crypto currencies had been authorised by it or by other reglatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services.

In a fresh warning, Corporate Communications Manager, SEC, Naif Abdulsalam, at the weekend warned Nigerians not to invest in any ponzi scheme.

He stated that “the activities were not regulated by the commission or the Central Bank of Nigeria.”

Abdusalam however assured that SEC would continue to enlighten capital market investors.

Meanwhile, the Police has said it does not have any directive from the government to arrest operators or participants of the MMM.

It also explained that it would not go after operators or participants in the scheme because no one had complained about being swindled by the programme.

“We are not going after the operators because there is no complaint from anyone that he was swindled by them,” Force Public Relations Officer, Donald Awunah explained.

“No one has complained against them, so we have no reason to go after them. There is no directive from the government to arrest the operators or shut them down,” he added.