Millionaires African Leaders Club, MALC is a Ponzi scheme just like MMM, ULTIMATE CYCLER, LOOM, etc, with their head office at No. 79, Nike Road, Abakpa Nike, Enugu, Enugu State, Nigeria.
The three promoters and staff of the so called Millionaires African Leaders Club, were arrested by the law enforcement agency, the South East Zonal Office of the Economic and Financial Crimes Commission, EFCC on Thursday, following the intelligence received from an unknown sister.
Nwonu Priscilla Chika, the Coordinator of the organization, MALC, told her interrogators that the club operates a collaborative contribution scheme, mostly transacted in cash on two class basis: first class and business class. Both attracts registration fees and monthly contribution of N3,000 and N25,000; and N2,000 and N12,500 respectively, according to the EFCC official facebook page.
According to Nwonu, who claimed that the scheme's corporate headquarters is at Nsukka with one Princess Benny as chief executive, said the Enugu office commenced operations barely two months ago and that the scheme promises their "investors" 50% return on the sum invested.
According to the post made by EFCC official facebook page,
since the suspect could not confirm the registration of the " firm" with the regulatory bodies such as the Securities and Exchange Commission, SEC, and the Central Bank of Nigeria, CBN, the coordinators were all arrested.
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