The now moribund MMM scheme is set to make a comeback to Nigeria after it was mired in controversies leading to it being shut down early this year.
News Agency of Nigeria [NAN], reports that the warning by the SEC came after the money making scam launched a weekly promotional stunt aimed at wooing old and unsuspecting new investors to put their money in it.
A letter displayed on the pages of its Nigerian participants urged them to invite new members to register in the scheme as referrals to qualify for the new contest with the opportunity of winning cash prizes ranging from N30,000 and N500,000, under an exercise it tagged 'Promo-Task Contest’.
The letter reads in part:
'MMM Nigeria launches Promo-Task Contest:
MMM Nigeria launches the first Promo-Task Contest, which a relevant section has been created for the contest in the Personal Office.
Winners are selected based on the number of points received for completing promo-tasks. Whoever receives the biggest number of points becomes the winner.
The contest period is from Monday to Sunday while at the end of each week, winners are announced and awarded Mavros (cash prizes) available for output.
In the first contest, there are 50 prizes. First place will win N500,000; second place N300,000 and third place winner will take home N200,000.
Fourth place to 10th place winner gets N100,000 each; 11th to 30th place wins N50,000 each while participants who placed 31st to 50th win N30,000 each.
Members can complete both online and offline tasks with a focus to promoting the community and contribute to the growth of the scheme.
The Promo-Task Contest is a serious tool aimed at community growth, and as such, would be continuously adjusted and refined to enable MMM Nigeria to overcome.'
Apart from the SEC, the Central Bank of Nigeria has also warned Nigerians against participating in the scheme which they described as a scam aimed at defrauding unsuspecting participants with the promises of instant money.
The Ponzi scheme was mired in controversies after it placed a one-month freeze on all withdrawals from the scheme on December 13, 2016, with a promise to come back on February 14, 2017.
However, it made a comeback on January 13 and quickly placed a limit to the number of withdrawals from old-confirmed Mavros, drawing wild condemnation from members which saw many of them dumping the scheme.