The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immed...
The House of
Representatives on Wednesday asked the Economic and Financial Crimes
Commission and the Central Bank of Nigeria to immediately go after the
promoters Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria.
Lawmakers strongly opposed the
investment scheme, which lately gained popularity among Nigerians in the
wake of the current economic recession in the country.
MMM promises 30 per cent return on investment for any money put into the scheme within 30 days.
The investment scheme has a
Russian origin and “involves directing clients to make money available
for an anonymous person with a promise of 30 per cent return within one
month.”
But, members described the
scheme as a “scam” and warned Nigerians not to be carried away by the
“mouth-watering” returns on investments.
Lawmakers warned that the
“trick” used by the operators was to attract as many Nigerians as
possible to invest substantial amounts of money before the bubble would
burst.
The House directed the EFCC,
security agencies and the CBN to take urgent steps to halt the scheme
before many Nigerians would become victims of the scam.
It also asked its Committees on
Banking/Currency and Financial Crimes to investigate the activities of
MMM Nigeria Scheme, “with a view to saving Nigerians participating in
the scheme from you financial ruin.”
The Chairman, House Committee on
Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the
attention of the House to the growing popularity of the scheme among
Nigerians.
Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency.
“The scheme entered the Nigerian
circle in 2016, capitalising on the high level of unemployment and
poverty to deceive unwary Nigerians into falling prey to their antics”,
Fijabi stated.
He said the fact that MMM was
not regulated by law or approved by the CBN as a secure business
venture, made Nigerians more vulnerable.
