FG set to Recover all Money lost to Ponzi Schemes like Ultimate Cycler, MMM, Givers Forum etc

Federal Government of Nigeria now set to recover all money looted by Ponzi schemes Like MMM, Ultimate Cycler, Givers Forum, NNN, Twinkas, Swiss Gold, Bitcoin etc

Federal Government of Nigeria believes it is high time they go after those internet fraudsters who come to defraud Nigerians in the name of helping them have financial freedom.


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The Nigeria Internet Registration Association (NIRA) on Friday, said it was going to clamp down on internet abuses by various forms of Ponzi schemes such as the Mavrodi Mondial Moneybox, MMM, Ultimate Cycler, Givers Forum and more.

Mr Sunday Folayan, the President of NIRA, made this known in a statement in Lagos.

Read what he said:
If you discover any form of Internet abuse with .ng websites please send an email to abuse@nira.org.ng. We will deal with it. ”Together we can make the internet safe for us and our children,’’ he said.

According to him, most Nigerians are being defrauded by various forms of Ponzi schemes while the fraudsters are operating under various names and platforms.He said that many had fallen victims as the schemes had impoverished more people than they claimed to have helped. He, however, said that the scammers were feeding on the greed of the people and the poor economic situation to lure more victims.



He added that this was in spite of warning by the Federal Government that Nigerians should not invest or get involved in such fraudulent schemes. Folayan said that recently, innocent people’s contact details such as phone numbers and emails, were being used as administrative contacts for these schemes.

According to him, the victims of the identity theft only get to know when defrauded victims start calling and demanding for payments. He said that several people had received threatening phone calls regarding their fate, if they do not pay up. Folayan said that NIRA had taken concrete steps to further assist law enforcement agencies to deal with the menace.
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