MMM Days Numbered, Say EFCC, SEC

Mavrodi Mondial Moneybox, MMM, Nigeria, has come under the searchlight of the

Economic and Financial Crimes Commission, EFCC, and the Securities and Exchange Commission, SEC, as chairmen of both agency have vowed to clamp down on fraudulent operators in the capital market.

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

According to a release issued by Wilson Uwugiaren, head of Media, “the collaboration will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.”

Magu stressed the need for both agencies to pool resources together in dealing with the menace of Ponzi schemes, which many Nigerian are 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”.

Though the organizers of the Ponzi scheme have kept to their promise to start paying the ‘poor’, meaning participants with small investment, there is still uncertainty and anxiety as many in this category are still queuing up and hoping it gets to their turn soon.