FG Tackles Ponzi Schemes: Plans To Stop MMM, Twinkas, Others


FG Tackles Ponzi Schemes: Plans To Stop MMM, Twinkas, Others

The federal government of Nigeria has disclosed plans to clamp down on the operations of Ponzi Schemes in the country.

The government through the Nigeria Internet Registration Association (NIRA) said it had mapped out strategies to deal with issues of Internet abuse by various forms of Ponzi schemes.

Ponzi schemes such as MMM, Twinkas, Ultimate Cycler and others have been trending in Nigeria.

READ ALSO:  NDIC Says 3 Million Nigerians Lost N18 Billion To The Failed MMM Ponzi Scheme

According to a report by the Nigeria Deposit Insurance Corporation, millions of Nigerians lost N18 billion to Ponzi.

The Internet Association in Nigeria is making moves to stop these fraudulent schemes from defrauding Nigerians.

The association has established a law enforcement desk to handle complaints on domain name abuse.

President of NIRA, Sunday Folayan, in a statement issued on Friday, March 3, said an Internal Procedural Process to manage and deal with such complaints has been received.

FG Tackles Ponzi Schemes And Fraudulent Websites

He said a law enforcement desk which will handle complaints on domain name abuse has been established.

Folayan further stated that the association would work in conjunction with relevant law enforcement agencies to deal with the menace.


He said:

“If you discover any form of Internet abuse with .ng websites please send an email to [email protected]

“We will deal with it.

“Together we can make the internet safe for us and our children.’’

Folayan noted that many Nigerians were being defrauded by various forms of Ponzi schemes operated by fraudsters under various names and platforms.

READ ALSO:  Ponzi Schemes: Yet Another Ponzi Scheme, QuickCashOut Emerges

According to him the fraudsters were feeding on peoples’ greed and the poor economic situation to lure more victims into their fraudulent schemes.

The federal government has warned Nigerians severally not to invest or get involved in Ponzi schemes but it has fallen on deaf ears.

Unwary Nigerians have continued to patronize different Ponzi schemes, most of which sprang up following the supposed crash of the popular MMM Nigeria.