MMM, other ponzi schemes cost Nigerians N18bn – SEC

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MMM, other ponzi schemes cost Nigerians N18bn – SEC   Over three million Nigerians have lost about N18 billion through Ponzi schemes, the Securities and Exchange Commission (SEC) has disclosed. Lamido Yuguda, director-general, SEC, said this during a webinar organised by the commission on Tuesday. Ponzi schemes are fraudulent investing scams which generate returns for early investors with money taken from later investors. They are similar to pyramid schemes in that both are based on using new investors’ funds to pay the earlier backers. Speaking at the webinar, Yuguda said,…

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