ADVERTISEMENT

EFCC investigating popular Ponzi scheme

EFCC spokesman, Wilson Uwujaren, also spoke on the House of Representatives order to shut down the scheme.

EFCC boss, Ibrahim Magu

EFCC spokesman, Wilson Uwujaren, also spoke on the House of Representatives order to shut down the scheme.

“We can only arrest people based on the evidence that we have. The House made a resolution but the resolution is a public announcement,” Uwujaren told Daily Post.

“We have always been advising people not to patronize wonder banks because experience over time has shown that their activities are not sustainable.

ADVERTISEMENT

“If you get involved in it, you will eventually get hurt. What we are currently doing is to sensitize people. We know people want to make quick money as a result of recession through this MMM.

“The unfortunate thing about this MMM is that it is not a Nigerian firm but we are looking at and we will still tell the media whatever we find out,” Uwujaren added.

The Central Bank of Nigeria (CBN) had earlier warned Nigerians not to participate in the scheme.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Ex-Governor's son dies in road accident in Kaduna

Ex-Governor's son dies in road accident in Kaduna

Those who sold their votes suffering the most now - Embattled PDP chair, Damagum

Those who sold their votes suffering the most now - Embattled PDP chair, Damagum

Katsina Gov donates $10,000 for renovation of mosque in Niger Republic

Katsina Gov donates $10,000 for renovation of mosque in Niger Republic

France Trip: Tinubu free to go anywhere he likes - Presidency replies critics

France Trip: Tinubu free to go anywhere he likes - Presidency replies critics

EFCC declares chairman of Total Grace Oil, Akinduro wanted for alleged fraud

EFCC declares chairman of Total Grace Oil, Akinduro wanted for alleged fraud

Reps want to create Bola Tinubu University to teach Nigerian languages

Reps want to create Bola Tinubu University to teach Nigerian languages

Nigeria needs T-pain to make economic progress - Reno Omokri

Nigeria needs T-pain to make economic progress - Reno Omokri

FG begins construction of Gateway Inland Dry Port in Ogun

FG begins construction of Gateway Inland Dry Port in Ogun

Declare state of emergency on egg production in Nigeria - Poultry owners tell FG

Declare state of emergency on egg production in Nigeria - Poultry owners tell FG

Pulse Sports

Ex-Chelsea striker Tammy Abraham desperate to return to Nigeria after rejecting Super Eagles

Ex-Chelsea striker Tammy Abraham desperate to return to Nigeria after rejecting Super Eagles

Super Eagles 1-0 Libya: Nigerians compare Fisayo Dele-Bashiru to legend Jay-Jay Okocha

Super Eagles 1-0 Libya: Nigerians compare Fisayo Dele-Bashiru to legend Jay-Jay Okocha

Nigeria vs Libya: Fisayo is the new Okocha, another Boniface stinker among 3 things we learnt from Super Eagles triumph

Nigeria vs Libya: Fisayo is the new Okocha, another Boniface stinker among 3 things we learnt from Super Eagles triumph

Super Eagles star Victor Boniface matches Okocha’s record

Super Eagles star Victor Boniface matches Okocha’s record

Naija stars abroad: Boniface shines in disappointment as Okoye makes Super Eagles starting claim

Naija stars abroad: Boniface shines in disappointment as Okoye makes Super Eagles starting claim

Victor Osimhen and Tosin Demehin: Super Eagles and Super Falcons stars link up in Galatasaray

Victor Osimhen and Tosin Demehin: Super Eagles and Super Falcons stars link up in Galatasaray

ADVERTISEMENT
ADVERTISEMENT