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MMM: EFCC, SEC declare total war on ponzi schemes

20 January 2017, 07:05

Lagos - The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have signed a Memorandum of Understanding to promote efficient investigation and conclusion of cases reported in the Capital Market.

The MoU was signed on Thursday at the EFCC head office, Abuja.

The collaboration according to Daily Post will see the EFCC provide law enforcement muscle to give bite to SEC’s regulatory mandate in the capital market.

The development signals onslaught against promoters of ponzi schemes like Mavrodi Mondial Movement, MMM, Get Help Worldwide, among others.

The Director General of SEC, Mounir Gwarzo, commended the relationship between both organizations,  adding that the commission could not discharge its responsibilities effectively without collaborating with the anti graft agency.

Also read: Reps order EFCC, CBN to go after MMM promoters in Nigeria

According to him, the collaboration has been of tremendous benefit to the SEC, especially in areas of investigation and enforcement.

Ibrahim Magu, Acting Chairman, EFCC stressed the need for both agencies to “pool resources together” in dealing with the menace of Ponzi schemes, which many Nigerian were currently at their mercy.

News 24 recalls that SEC  had issued warnings against ponzi schemes.

The commission also warned Nigerians against the risk involved in investing in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin.

In a public notice on its website, SEC said that none of the individuals or companies promoting the use of the currencies is recognized by it or any other regulatory agency in the country.

- News 24

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