Below are 7 reasons
why neither the federal government, CBN or EFCC can't do anything about
shutting down:
1. Nobody has raised valid allegation against it
Another major reason is the fact that no one has complained yet
of losing money or getting swindled by the scheme. Proponents of this theory
believe this is probably why security agents are yet to swing into action.
Typically, criminal cases (which this would have fallen into assuming it’s
established as a ponzi) are typically investigated after a complaint has been
laid by the accuser. If this holds true, then it will be a while before
authorities even touch this scheme.
2. Top government officials are involved
There are rumors that policemen, top government and EFCC
officials have shares in the scheme which makes them less concerned about
curbing its activities in the country.
3. There are no laws in place against it for now
Legal analysts also opine that there is no clear law against MMM
especially as no one has complained of losing money in the scheme. The Cyber
Crime Act of 2015 also doesn’t specifically classify as illegal any website use
to crowd source money from Nigerians. The Security and Exchange Commission may
also not have jurisdiction here as contributors to the scheme are not
investing. In fact, they claim on the website that it is “not an investment
program”. Without an enabling law or at least one that is close to it, MMM
appears to be on a legal sound footing and can only be thwarted legally if
someone complains of being swindled.
4. Buhari may lose the support of Nigerians if he shuts down MMM
5. It has the support of a lot of people
6. At this period of economic recession, it is a source of
income for many Nigerians
More and more Nigerians are increasingly looking for ways to
improve their income providing MMM with a massive pool of potential
contributors that could run into tens of millions of Nigerians.
7. MMM has no face
There is no registered office or bank
account attributed to MMM, making it hard to be targeted by the federal
government.
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