EFCC, SEC to jointly attack Ponzi schemes in Nigeria
- The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have agreed to jointly fight Ponzi schemes in the country
- The two commissions have signed an agreement to pull resources together to jointly combat the unlawful schemes in Nigeria
- Their agreement is posing a threat to the operation of MMM, one of the most widely known Ponzi scheme in Nigeria
The operation of MMM in Nigeria is under threat as the Economic and Financial Crimes Commission and the Security and Exchange Commission have agreed to pull resources to attack Ponzi schemes in the country.
The MMM, which has been operating in Nigeria for over a year, has been seen as a Ponzi scheme that has no regulation in Nigeria.
SEC, EFCC to jointly fight Ponzi schemes
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Although the Nigeria Police has said they cannot go after operators of the scheme because the government has not given them authority to do so and no report has been received from members of the public over the activities of promoters of the scheme.
But the agreement entered by the two commissions to attack Ponzi schemes in the country is a threat to the operations of the scheme.
The two commissions are ready to clampdown on fraudulent operators of such schemes in the Nigerian capital market.
According to Daily Post, the joint attack was reached when Ibrahim Magu, the acting chairman of EFCC and Mournir Gwarzo, the chairman of SEC, signed a Memorandum of Understanding for cooperation on the war against Ponzi schemes in Abuja.
The collaboration will see the EFCC providing law enforcement muscle to give bite to SEC’s regulatory mandate in the market.
Magu explained that the two agencies would join forces to combat Ponzi schemes in the country.
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Gwarzo said the agreement reached will send a strong signal to fraudsters, maintaining that any operator that fails to abide with the regulation, the law will go after such a one.
Over two months ago, the EFCC had explained that it was investigating operations of the MMM in Nigeria as confirmed by the spokesman of the commission, Wilson Uwajuren.
The SEC had earlier warned Nigerians to desist from MMM as it has no place in the Nigerian capital market.
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