Tag "Ponzi scheme"

    EFCC arrests ponzi scheme operator who ‘defrauded Nigerians of N7bn’

EFCC arrests ponzi scheme operator who ‘defrauded Nigerians of N7bn’

The Economic and Financial Crimes Commission (EFCC) has arrested Babagana Dalori, chief executive officer of Galaxy Transportation and Construction Services Limited, for allegedly defrauding Nigerians through a ponzi scheme.The commission said 27,400 Nigerians lost N7 billion through fake promises of high returns on their investment in Dalori's companies.In a statement, Tony Orilade, EFCC spokesman, said Dalori was discovered to have [...]

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    End of a famous ponzi scheme — MMM announces ‘irreversible’ closure

End of a famous ponzi scheme — MMM announces ‘irreversible’ closure

The Mavrodi Mondial Movement (MMM) ponzi scheme has announced that it is shutting down — for good.The scheme said on its website that the closure is as a result of the death of its founder, Sergei Mavrodi.Mavrodi died in March after suffering from heart attack.“After much deliberation, we have made the conclusion that continuing the system operation, without our leader [...]

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    Again, MMM leaves Nigerians stranded, goes on ‘restart’ mode

Again, MMM leaves Nigerians stranded, goes on ‘restart’ mode

Controversial Ponzi scheme MMM has announced a “restart”, leaving over three million Nigerians who participated in the scheme stranded.In a message posted on its participants’ website on Saturday, the scheme said it has struggled to sustain its operations since the beginning of this year.MMM blamed the development on the “incautious actions” of the government and the media.“Unfortunately, we were unable to [...]

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    Ashimolowo: I didn’t invest $5m in Ponzi scheme, my church did

Ashimolowo: I didn’t invest $5m in Ponzi scheme, my church did

Matthew Ashimolowo, senior pastor of Kingsway International Christian Centre (KICC), says the former trustees of his church, not him, made the decision to invest $5 million dollars, which was lost to a ponzi scheme.Ashimolowo said this in a statement signed on his behalf by Dipo Oluyomi, chief executive officer and James McGlashan, chief operating officer for KICC.The statement said the [...]

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    ‘Let’s postpone Christmas and New Year’ and other Twitter reactions to MMM freeze

‘Let’s postpone Christmas and New Year’ and other Twitter reactions to MMM freeze

Since online Ponzi scheme, MMM, announced on Tuesday that it was freezing the accounts of its members for one month, the social media has been charged with comments, particularly from those against the scheme.From suggesting Christmas should be postponed to January and asking if Buhari or Jonathan be blamed for the sudden freeze, here's how Nigerians are responding:https://twitter.com/iam_hidris/status/808633058157096960https://twitter.com/pojugreat/status/808612095877140484https://twitter.com/Army_kiz/status/808631545007407105https://twitter.com/Hon_Funshoiju/status/808631198457204736https://twitter.com/D_iiW/status/808616469084905472https://twitter.com/Naijablogger/status/808640881888817152https://twitter.com/Obividic/status/808619426132197376https://twitter.com/Emperor_Vinny/status/808625537778405377https://twitter.com/Omojuwa/status/808619075886841856https://twitter.com/SammieStarks/status/808623638752722944https://twitter.com/OfficialChuks/status/808639934794002436https://twitter.com/oh_nixx/status/808640306061213697https://twitter.com/AttahBr/status/808620392449527808https://twitter.com/Hisroyaldopenez/status/808616229309136896https://twitter.com/NoChill4D/status/808577732661694464https://twitter.com/splufik_/status/808632255870537728https://twitter.com/Martins_Foundat/status/808635693484347392https://twitter.com/iam_daroam/status/808608147317358592https://twitter.com/Mrjemba/status/808628158173999104 [...]

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    MMM founder writes Buhari, says ‘you know nothing about our system’

MMM founder writes Buhari, says ‘you know nothing about our system’

Sergey Mavrodi, founder of MMM, has written an open letter to the Nigerian government to justify the importance of the popular Ponzi scheme.The News Agency of Nigeria (NAN) reports that the letter was displayed on the page of all participants of the scheme.Mavrodi warned the federal government that if the Ponzi scheme collapses, millions of Nigerians will suffer, noting that [...]

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November 06, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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