Over the past few years, people across the world have been getting emails from “Nigerian princes”. These self-proclaimed royals promise riches in return for a small deposit. But overall, they were a scam even a child could tell.
Replacing the Nigerian princes in latest events is MMM Global, a company that has notoriously conned people off their savings in many countries, including Zimbabwe and South Africa. The hoax investment firm is now reportedly targeting Nigerian investors with its latest expansion.
Operating under the supervision of Sergey Mavrodi, a decade long supporter of Ponzi businesses, MMM has managed to attract investments from the people of Nigeria. The funds are being raised despite legal warnings from concerned authorities from all across the globe. Even with so many examples, including the recent closure of MMM’s Republic of Bitcoin scheme, it continues to attract new investors.
The Central Bank of Nigeria has issued a warning to all the consumers, asking them to refrain from depositing money into any institution or scheme that is not insured by the Nigeria Deposit Insurance Corporation. Many financial institutions across the African continent have started to shutdown accounts that may be connected to