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.


http://www.blackberrybabes.com/2016/11/house-of-reps-ask-efcc-to-arrest-mmm.html

ENEMIES OF PROGRESS

misplaced priorities. Is it their money? Why won't these pigs concentrate on why they were elected in the first place?

I am not involved in MMM and I don't care what they do over there but I do care that prices of things have skyrocketed and someone needs to fix it.

P

I don't wanna say these people are jobless, wait oh is it their money. Nawa oh

Please HOA! Please leave me! It isbmy money, don't pity me, for the past twenty something years I have spent on earth in dis bleeped up country called Nigeria,
You all never cared if I was scamed or not!

Please leave MMM alone for us. Let the bubble burst, it is not your business.

I don't do this MMM of a thing but to be sincere it pays, I see testimonies of most of my colleagues that do it but the problem is even if it doesn't crash on its own, the Government can take it down, which is what I think they are about to do.

mmm sucks

My money ooooooooooooooo
They shld pls wait till January


But honestly where will they see them?

chilet4cici:
At times I laugh when people say FG will shut down MMM as if mmm is one shop at ebutte-meta, oyingbo or Alaba market, as if MMM is one company at Agbara industrial estate.my take, if FG can not stop u from browsing the internet,they can't stop u from access and runing ur mmm account. Let me shock u. MMM program is not a program that started yesterday. it has survive tougher periods than this. It passed through fierce fire, yet it came out refined, crystal sparkling and purer than GOLD. your own MMM can only stop when you as a participant stop to participate. Clever sergey mavrodi saw the feature and designed MMM not to depend on anybody to survive. So, with this Strength of MMM, it is possible for MMM to stop existing in a country but mmm can never stop being in existence. Remember there are over 7billion people all over the world. Your country is just a fraction. In short who u be? Also it is possible for only you in ur country to be the only one doing mmm. That is why we have the Bitcoin which connect u to global bank and every other people in other part of the world doing mmm. If u think u don't want to continue with mmm because of what u heard, I beg park well, and let people that dare big things take the center stage of the new financial revolution that bridge the cap between the rich and the poor. The battle of life maybe for everyone, but those that conquer their fears and dare big things are called achievers. In conclusion, always remember this, with or without you mmm will achieve it's goal which is to raise multi-millionaires, why don't u face your fears today, join us in the battle for financial freedom and be counted among the self-made millionaire courtesy of MMM. Nobody can stop u from achieving what u desire except you stop urself. Together we can do alot.

Yes, they might not have physical office. But I'm sure you understand how internet works?... They only have to shut down their website and voila, all money gone!!!

All this MMM agents should stop quoting me, I don't reply anyhow quote. Keep investing your money, I hope you are happy now!!!!

enemy of the masses

All dis ppl dey craze

na we get our money

I'll advice anybody involved should slow down for a while and see where the whole thing heads, because the FG has been planning to ban this HYIP called MMM.

Cursing govt is not the solution, they have the power to ban it and there's nothing anyone can do. Even heard MMM was banned in China.

Aiit

for what?

But come to think of it, some of them in that House might be confirmed MMM subscribers

It is well oo

The laws of Nigeria are made to keep the paupers poor permanently. If we don't stand up to these people they would keep oppressing ordinary Nigerians.

What I do with my money is entirely my business. Even if they ruin mmm, many more schemes are still on the way.

Useless government... no wonder my Igbo brothers want to pull out of this madness called Nigeria

Mtchewwww

finally1:
mmm sucks

NO
U Suck
Hv u been scammed b4? Tel me

that REDEEM church......EFCC ,take note!

Dem dey mad ni We dey follow una loot

See bad belle dem oo, For years u stuuuupid politicians have scammed Nigerians, now d only hope of d poor man u looters still want to take it away from us. May gods of Recession strike u looters called politicians.

Abeg leave our MMM for us.

Good job by the House.

Those of you old enough will recall that many Nigerians were defrauded in similar fashion in 2006/2007 through such investment with Real and Cool, Wealth Solution, etc. The return was even more fantastic than this. Many people lost huge money and some later committed suicide.

It mustn't happen again in Nigeria. A word is enough for the wise.

Wetin concern agbero with aeroplane?
Wetin concern Law makers with MMM,
Shit dey worry them, trying to divert EFCC attention from picking their sorry corrupted asses, SMH.

That means they go arrest millions of people for Nigeria. because most of them are MMM participants and promoters.

As much as I agree its a ponzi scheme, it is working for Nigerians now. So till it fails, Reps should mind their business.

E dey pain them. Jobless reps.
They want us not to be enriched......

Mtchew......

Lol. MMM. Na wao. That was close. *sigh*

Thunda fire those house of rep members... imagine wat is giving dem heart trouble.. Useless pple..