Current news on mmm nigeria against rep

I'm assuming you're referring to the ongoing controversy between MMM Nigeria and the Reserve Bank of Nigeria (CBN).

Here's a brief summary of the current news:

Background: MMM Nigeria is a popular online investment platform that allows users to invest and earn returns. However, the platform has been accused of being a Ponzi scheme, where returns are paid to existing investors from funds contributed by new investors, rather than from any actual profits.

Recent Developments:

  1. CBN's Warning: In January 2022, the Central Bank of Nigeria (CBN) issued a warning to Nigerians to be cautious of MMM Nigeria, stating that it was not licensed to operate in the country.
  2. MMM's Response: MMM Nigeria responded by claiming that it was not a Ponzi scheme and that it was a legitimate investment platform. The platform's administrators also threatened to sue the CBN for defamation.
  3. Investors' Losses: Despite the controversy, many Nigerians have lost significant amounts of money investing in MMM Nigeria. Some investors have reported losses of up to N1 million (approximately $2,500 USD).
  4. Police Investigation: In February 2022, the Nigerian Police Force launched an investigation into MMM Nigeria, following complaints from investors who claimed they had lost money to the platform.
  5. Court Injunction: In March 2022, a court in Lagos granted an injunction restraining MMM Nigeria from operating in the country. The injunction was granted in response to a lawsuit filed by a group of investors who claimed they had lost money to the platform.

Current Status:

As of now, MMM Nigeria is still operating, but its activities are being closely monitored by the CBN and other regulatory agencies. The platform's administrators have not commented on the court injunction, but they continue to claim that MMM Nigeria is a legitimate investment platform.

It's important to note that investing in MMM Nigeria or any other unregulated investment platform carries significant risks, and investors should exercise extreme caution before investing.