Why we cannot clampdown on MMM Nigeria - Police

After the month suspension, the ponzi schme MMM finally resumed operation on Friday, January 13, 2017, a day before the officially announced resumption date

- The Nigeria police force has given reasons why it cannot go after the operators of the scheme as it has not received any complaints against the operators

- However, the security and exchange commission has warned Nigerians to desist from participating in the scheme

Operators and participants of the Ponzi scheme MMM will continue with their business unchallenged as the Nigeria police have said that the force has no reason to clamp down on their activities of the participants and promoters of the scheme.

MMM Nigeria

The force public relations officer, Donald Awunah, told Punch that the police have no directive from the government to arrest MMM operators, noting that since the commencement of the scheme it has not received complaints from participants against the scheme.

Awunah explained that nobody had complained of being swindled by operators of the scheme, consequently it cannot go after promoters of the Ponzi scheme in Nigeria.

The police force public officer was quoted to have said that:

“We are not going after the operators because there is no complaint from anyone that he was swindled by them,

“No one has complained against them, so we have no reason to go after them. There is no directive from the government to arrest the operators or shut them down”.

However, the corporate communications manager of the Security Exchange Commission(SEC), Naif Abdulsalam has again advised Nigerians against patronizing the scheme, saying its activities were neither controlled by the commission nor the Central Bank of Nigeria.

Inspector General of Police, Ibrahim idris

He added the commission would continue to enlighten Nigerians and capital market investors on proper investment.

The scheme that was shut down on December 13 last year was planned to reopen on January 14, 2017 but it however, opened for operations on January 13, a day to the official resumption date.

The shutdown gave heartbreak to many as plans were shattered because it was the period of celebration. Many thought the scheme would not resume again as it did in some countries but alas it came up to the joy of investors.

While investors in the scheme whose money was frozen went ecstatic at the resumption, others were pessimistic saying the scheme may not pass the test of time and the worst would happen when a huge funds would be taken away.

In the midst of the fear, Nigerians are not willing to budge, even as some say everything about life is risk and that even life in itself is a risk.