Tag: Ponzi scheme

In a statement on Wednesday, police spokesperson Anthony Placid said the fugitive fled to Nigeria after committing the crime.

Ponzi schemes have continued to thrive in Nigeria, targeting citizens seeking quick financial relief amid high inflation, unemployment, and a ...

EFCC said the investors reportedly deposited a cumulative N51,680,050 into the company’s account.

EFCC said the charges stemmed from a complex fraud allegedly orchestrated in collaboration with other conspirators.

EFCC said it has already received from Ms Achimugu a refund of N58 million identified as proceeds of crime.

On Page 28 of his very provocative book, The Present Darkness: A history of Nigerian Organized Crime (2016), Stephen Ellis, ...

In addition to the forfeited shares, the judge also ordered the final forfeiture of about N42.5 million (N42,461,096.66) and $26.44 ...

EFCC says their victims paid between $790 and $850 (approximately ₦1,462,000) as a registration fee and for product purchases.

The anti-graft agency said the defendant disguised as a bureau de change operator to defraud his victims of N1.3 billion.

At about 6:48 p.m. on 14 October, the EFCC raided Urban Radio 94.5 FM Enugu and arrested a presenter.

EFCC had raided Urban Radio 94.5 FM Enugu and arrested a presenter at about 6:48 p.m. on Monday.

Mr. Umana Okon Umana, who was governorship candidate of the All Progressives Congress (APC) in Akwa Ibom State during the ...

If you have ever thought of victims of Ponzi schemes as a bunch of dim-wits, lacking in brain power to ...

Securities and Exchange Commission (SEC) announced this year that three million Nigerians had lost an estimated N18 billion to Ponzi ...

Items recovered from the company are computer units and a sum of N459,300.

The MMM scheme, which collapsed in 2016 in many countries including Nigeria, has been a subject of controversy globally.

The scheme promises to double donations in less than 25 minutes.

Mr Mavrodi, an ex-convict, died of heart attack on March 26.

The senators want the CBN to make a 'clear statement' on cryptocurrency.

The scheme also blamed the media and government for its failure.

A letter displayed on the pages of participants of the scheme, urges them to invite new members.

Participants allegedly lost millions of naira to the scheme.

The two were accused of deceiving the complainants that the business would provide 30 per cent returns within 30 days.

An estimated three million Nigerians lost N18 billion to MMM.

Nigerians partook in MMM despite warnings by officials.