Mmm’ Nigeria: Reps Ask Cbn, Efcc To Arrest  promoters

SAN FRANCISCO, November 09, (THEWILL) – The House of Representatives has tasked the Economic and Financial Crimes Commission, EFCC, and the Central Bank of Nigeria, CBN, to immediately go after promoters of Mavrodi Mondial Moneybox, better known as 'MMM' in Nigeria.

The investment scheme, which has gained popularity among Nigerians in the wake of the current economic recession in the country, 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 the lawmakers on Wednesday strongly opposed the scheme, which they described as a “scam” and warned Nigerians against being carried away by the “mouth-watering” returns on investments.

The Reps members pointed out that the gameplan of the operators was to attract as many Nigerians as possible to invest substantial amounts of money before the bubble would burst.

The House therefore 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 his colleagues to the growing popularity of the scheme among Nigerians.

The APC lawmaker representing Ibadan-South/West Federal Constituency said, “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 said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.