Breaking news in nigeria on mmm

I'm assuming you're referring to the MMM Nigeria Ponzi scheme that was popular in the country a few years ago. Here are some breaking news updates on MMM Nigeria:

Latest News:

• MMM Nigeria has been shut down by the Nigerian government, according to a statement by the Economic and Financial Crimes Commission (EFCC) on January 8, 2017.
• The scheme's founder, Sergey Mavrodi, was arrested in Russia in 2017 and charged with fraud.
• In 2019, the Nigerian government launched a new investigation into MMM Nigeria, accusing the scheme of defrauding millions of Nigerians.

Background:

• MMM Nigeria was a Ponzi scheme that was launched in Nigeria in 2015 by Sergey Mavrodi, a Russian businessman.
• The scheme promised investors high returns on their investments, often in the form of cash or other goods and services.
• However, the scheme was later exposed as a fraud, and many investors lost their money.

Consequences:

• The collapse of MMM Nigeria led to widespread financial losses for many Nigerians, with estimates suggesting that over 3 million people lost money in the scheme.
• The scheme also led to a loss of trust in the financial system and a decline in economic activity in Nigeria.
• The Nigerian government has since taken steps to prevent similar schemes from emerging in the future.

Reactions:

• Many Nigerians have expressed outrage and disappointment at the collapse of MMM Nigeria, with some calling for the government to take action against those responsible.
• Others have expressed relief that the scheme has been shut down, citing concerns about the safety of their investments.
• The collapse of MMM Nigeria has also led to a renewed focus on financial literacy and education in Nigeria, with many experts calling for greater awareness of the risks associated with investment schemes.

I hope this information is helpful. Let me know if you have any other questions!