SEC Issues Fresh Warning To MMM Participants

The Nigeria Police Force has said it doesn't have any order from the legislature to capture administrators or members of the MMM, a Ponzi conspire.

It likewise clarified that it would not follow administrators or members in the plan on the grounds that nobody had griped about being cheated by the program.

The police expressed this on Saturday similarly as the Securities and Exchange Commission cautioned Nigerians against disparaging the plan.

There were reports that the MMM plot, which was suspended by its administrators in December a year ago, had initiated operations on Friday.

The plan guided its individuals to give 'assistance and get help,' asking them to make utilization of the cryptocurrency, bitcoin, for their exchanges.

The Force Public Relations Officer, Donald Awunah, a Commissioner of Police, told Sunday PUNCH on Saturday that the police had no arrangements to pursue the administrators of the plan, focusing on that there were no protestations against them.

"We are not pursuing the administrators on the grounds that there is no objection from anybody that he was cheated by them. Nobody has whined against them, so we have no motivation to follow them. Likewise, there is no mandate from the administration to capture the administrators or close them down," he clarified.

The Corporate Communications Manager, SEC, Naif Abdulsalam, when inquired as to whether the commission had made any formal dissension to the security offices on the exercises of the promoters of the plan, said he would not have the capacity to remark on that.

"I won't have the capacity to talk on that now," he said and declined additionally remark.

He, be that as it may, cautioned Nigerians against belittling the Ponzi plot, expressing that its exercises were not directed by the commission or the Central Bank of Nigeria.

Abdusalam let one know of our reporters amid a phone meeting that the commission would keep on enlightening capital market speculators.