Nigeria: MMM, Other Ponzi Schemes Thrive in Nigeria, Despite Past Woes

In spite of the bitter experience that millions of Nigerians have had since the foremost Ponzi scheme in the country, MMM, pulled a break on its operation last December, similar schemes are springing up and many Nigerians are investing in them.

Nigeria's public financial and anti-graft institutions, including the Central Bank of Nigeria, Securities and Exchange Commission, SEC, Nigerian Deposit Insurance Corporation, NDIC, and Economic and Financial Crimes Commission, EFCC, have repeatedly warned that the schemes are fraudulent and that those investing in them may lose their money.

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