Tag: Ponzi scheme

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.

Officials had in the past warned Nigerians against participating in MMM.

MMM said there was no need for participants to panic.

The scheme placed a one-month ban on all withdrawals on December 13, 2016.

“I will surely join if the program returns next year," an interviewee said.

Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments.

Members of the scheme donated materials to less privileged in Abuja and Ibadan.

The MMM is a deposit money scheme that promises a 30 per cent interest on investment per month.

"How can somebody give you 50 per cent return?"