FG moves against MMM, Twinkas, other ponzi schemes
- Ponzi schemes have been trending in Nigeria and Nigerians are being defrauded under various platforms
- Internet Association in Nigeria is making moves to stop these fraudulent schemes
- The association has established a law enforcement desk to handle complaints on domain name abuse
The federal government owned Nigeria Internet Registration Association (NIRA) said it had mapped out strategies to deal with issues of Internet abuse by various forms of Ponzi schemes such as MMM, Twinkas, Ultimate Cycler and others.
In a statement issued on Friday, March 3, Sunday Folayan, the president of NIRA, said an Internal Procedural Process to manage and deal with such complaints has been received.
He said a law enforcement desk which will handle complaints on domain name abuse has been established and the association would work in conjunction with relevant law enforcement agencies to deal with the menace.
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“If you discover any form of Internet abuse with .ng websites please send an email to abuse@nira.org.ng. We will deal with it. Together we can make the internet safe for us and our children,’’ he said.
Folayan noted that many Nigerians were being defrauded by various forms of Ponzi schemes operated by fraudsters under various names and platforms.
According to him the fraudsters were feeding on peoples’ greed and the poor economic situation to lure more victims into their fraudulent schemes.
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The federal government has warned Nigerians severally not to invest or get involved in Ponzi schemes but it has fallen on deaf ears.
Nigerians have continued to patronize different Ponzi schemes which came up after the fall of the popular MMM Nigeria.
According to the Nigerian Deposit Insurance Corporation (NDIC), an estimated three million Nigerians lost N18billion in the popular Ponzi scheme, MMM.
Watch Nigerians open up about MMM in the video below.
Source: Legit.ng
