A lot of Nigerian people have been asking the question Is mmm legal in Nigeria. Is it real, ponzi scheme, genuine and not scam?
First of all let’s define Ponzi scheme. Ponzi scheme, according to Merriam-Webster dictionary, an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks.
Now, there is no formal organization, no legal person in MMM. And of course there is no central bank account, no other activity in any form. Neither close, nor open. There is nothing! There are only millions and millions of simple participants, simple private persons. And their bank accounts. And nothing more.
And of course there is no special registrations, permission and licenses in here.
(Permissions and licenses for what and for what reason? For money transfer from one man to another? And whom this licenses and permissions should be given? :-))
Thus, MMM is absolutely legal and does not break any laws. Because there are only money transfers between private persons and nothing more.
It is impossible to forbid MMM. The same way it is impossible to forbid people manage their own money the way they like. Thus they need to forbid the whole private property institution.
So everything is absolutely clear with the lawfulness. There are no violations and they won’t be! Let’s now talk about the other. About honesty. It is important to underline, that MMM doesn’t cheat or abuse anyone. In other words it is not a cheat or fraud in any case! Everyone is informed about the possible and impossible risks fully and from the very beginning (And everyone put a mark during the registration, confirming that he was informed about the warning.)
Get full information about mmm nigeria here.