THE House of Representatives on Wednesday called on law enforcement agencies to track down promoters of a “questionable” investment scheme popularly known as ‘MMM.’








The lower chamber also mandated its committees on banking and currency and financial crimes to investigate the scheme.


The MMM is a deposit money scheme that promises a 30 per cent interest on investment per month.


Despite its popularity amongst Nigerians of all classes, critics maintain that the business is a Ponzi scheme because its operators use money from earlier investors to pay later investors.


Those behind the venture are not known to the Nigerian regulatory agencies, including the Central Bank and the Nigerian Deposit Insurance Corporation.


The business is also said not to have been registered with the Corporate Affairs Commission, making it difficult to identify its promoters.


Regulatory and anti-corruption agencies had earlier warned Nigerians against participating in the scheme.


But lawmakers said members of a syndicate who conduct seminars to train people on how to invest in the business should be arrested.



The development followed a motion of urgent national importance raised by Akinlade Fijabi from Oyo State, who described MMM as a ‘Rob Peter to Pay Paul Scheme’.


Mr. Fijabi said the operators of MMM are exploiting the economic situation of Nigerians that had left them desperate for income through any means without considering the implications.


Another lawmaker from Ondo State, Bode Ayorinde, said lawmakers should be concerned because they will likely be inundated with petitions if the scheme goes burst.


“When the business goes burst, it is the same House that people will flood with petitions,” Mr. Ayorinde said.


An Enugu lawmaker, Dennis Amadi, said the House should save Nigerians from themselves, because the collapse of MMM could make many commit suicide.


“The House will not wait until these crooks defraud Nigerians of billions of naira or until people start committing suicide,” Mr. Amadi said.


Speaker Yakubu Dogara ruled that the motion was adopted and urged the committee to expedite its investigation and report back to House within four weeks.

http://www.socialtimesng.com/2016/11/house-of-reps-orders-track-down-of-promoters-of-mmm-scheme/

Lalasticlala, mynd44

Misplaced priority..

For over a month, Merrybet refused to credit my account after funds has been debited from my bank even after uploading evidences.

These are the kind of fraud to look at..

Hmmm the nigerian govt want us to remain poor so that they will continue ridding us and impoverished us!! We will not panic. this is not TSA .this is not political party nor govt platform so they should go to hell as long as I care !!!! We will not allow them nija fG to break us so therefore this massage should go viral !

I just pity Nigerians who are into MMM. My advise to Nigerians don't put your hard earn money because if it crash na OYO ooo

Haaa.... Dem wan make some people go commit suicide be dat o

Any sensible MMM better pull out before the house is done with their investigation else cries and gnashing of teeth follows...my 5cent.

MMM---Money Making Magic

I'm not a fan of mmm but these lawmakers are mad. The people doing it know the risk in it so leave them alone. I know the risk in it and that's why I will never invest my money in it but that doesn't stop others from doing it. My advice to Nigerians now is to stop because this thing will soon crash cos of government intervention

The kind publicity wey different organ of government in Nigeria has given to MMM remains there greatest Undoing. A participants of mmm once told and I quote " I got to know of MMM due to the warning Issued by SEC And CBN on Nairaland"

Had it been the warning wasn't giving, she would have remain in her state of poverty till today, but she summoned courage and PH 400k. Now, she is living large. I believe these same warning from our REP will change someones life for the best today. Amen. If you need some word of admonition before joining. kindly chat me via 07039421858. And I will be willing to render my little advice. Your future is in your Hands. Grab it.

slimany:
The kind publicity wey different organ of government in Nigeria has given to MMM remains there greatest Undoing. A participants of mmm once told and I quote " I got to know of MMM due to the warning Issued by SEC And CBN on Nairaland"

Had it been the warning wasn't giving, she would have remain in her state of poverty till today, but she summoned courage and PH 400k. Now, she is living large. I believe these same warning from our REP will change someones life for the best today. Amen. If you need some word of admonition before joining. kindly chat me via. . And I will be willing to render my little advice. Your future is in your Hands. Grab it.

Please remove your number.. dem dey find people to arrest, you dey drop phone no..

I don't advise anyone to play MMM buy the house of reps have got this wrong ..what they are doing will only make many more Nigerians to lose their money to the fraudsters

Leave them after all they will tell you that life is all about risk

The development followed a motion of urgent national importance raised by Akinlade Fijabi from Oyo State, who described MMM as a ‘Rob Peter to Pay Paul Scheme’.

Imagine our house of Rep member talking of robbing Peter to pay Paul

If the HOR isn't treading softly on this issue, the outcome may be beyond their power o!

dunkem21:


Please remove your number.. dem dey find people to arrest, you dey drop phone no..

lol. Brotherly, I fear no foe. They are not informed, if a WHOLE South Africa President who was against mmm when it got launched in SA can be bold enough to despise the odds and enjoin all South Africans to join mmm after the veil on his eyes was removed. Then , who are these rogues called REPS ?

They ought to be ashamed to say this.
Brotherly, when last did you collect busary ? Brotherly, Did you know these crooks called Legislathieves only dish out 10percent of the constituency allowance to there electorate. Brother, I Don dey vex. Make I stop here or else I fit break my screen.

NIGERIA government is the worst and most wicked government in the world. You guys ( government) can't make anything work but the only thing working in Nigeria ( MMM) is now a pain in your necks. Listen and listen well, you guys are just blabbing and making noise. MMM is not a scam rather your government s are the scam. Cheats and liars pretending to be good and kind. All you guys know about is to steal our money to enrich yourselves. Work you guys can't provide for jobless youths, salaries you can't play the ones you employed. It should be a big shame on you guyz that MMM is helping to change the lives of Nigerians positively.
This is a sadist government.
*Spits*

Foolish people.

All ye people who dey blame govt, I sorry for u o. Did u even knw dt that was the same thing was used to p bring down MMM in Russia after it was created in 1989 by Sergei Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova?

The company is not registered and it is operating as a fruad if it is not..

So, don't cry now... Your money don enter the usual ponzi...

Justiyke4u:
Leave them after all they will tell you that life is all about risk

Dog we go lost no dey listen to hunter whistle.

One of my friends is into MMM but didn't tell me cos of my stand against pyramid schemes so I likewise pretend that I didn't know he's into it.

I just hope he pulls out before the bubble burst.

Tolexander:
Imagine our house of Rep member talking of robbing Peter to pay Paul

If the HOR isn't treading softly on this issue, the outcome may be beyond their power o!

As in they have no shame at all....

slimany:


lol. Brotherly, I fear no foe. They are not informed, if a WHOLE South Africa President who was against mmm when it got launched in SA can be bold enough to despise the odds and enjoin all South Africans to join mmm after the veil on his eyes was removed. Then , who are these rogues called REPS ?

They ought to be ashamed to say this.
Brotherly, when last did you collect busary ? Brotherly, Did you know these crooks called Legislathieves only dish out 10percent of the constituency allowance to there electorate. Brother, I Don dey vex. Make I stop here or else I fit break my screen.

keep lying to yourself..MMM crashed in SA on April 2016. Before then, e don crash for Zimbabwe.

http://www.google.com/url?sa=t&source=web&cd=1&ved=0ahUKEwiJnNyBjJzQAhUfM8AKHeevB0MQFggZMAA&url=http%3A%2F%2Fm.fin24.com%2Ffin24%2FMoney%2FInvestments%2Falleged-sa-ponzi-scheme-mmms-global-pyramid-collapses-20160412&usg=AFQjCNFvc1K4aQERF-qqDX-Lo3ggfrBthg

Instead of them to focus on throwing out that evil Islamic sharia bill, they are here fighting for the banks.

[quote author=PaulIdu post=

is better u watch carefully
50900376]I don't advise anyone to play MMM buy the house of reps have got this wrong ..what they are doing will only make many more Nigerians to lose their

[quote author=Oyekunle200 post mmm is a scam, pls better becarfu my pple

Ipob youth, better listen, cos u like money dan ur life

this people should not even try this,because my 50k is at hand

this people should not even try this,because my 50k is at stack

Oyekunle200:
Ipob youth, better listen, cos u like money dan ur life

Na afonjas play MMM pass any other region...
you people like yahoo gambling alot

Nice move by the fg.
MMM is wrong.

roof on Fire

They are just making it more popular.

Their only fear is that mmm will reduce the number of political thuggery in 2019, which will be detrimental to their political career.
THEY DERIVE JOY WHEN PEOPLE DEPEND ON THEM.

Why are you leaders selfish, and greedy? Instead of you to find solution to the problem on ground, you are causing another problem. There are millions of graduate out there jobless you didn't find solution to that, millions of civil servants are working for you but you are paying them 10%, 25% monthly, but you do have your full salary 100% monthly.
You owns banks and banks are working for you, people do save their money to bank and banks make use of it but how much are they giving in return... even the interest they do gives don't cover the charges of SMS alert monthly.
You promise things will be better... but things are harder.

Is this what we sent them to do in the chambers?

Was anybody forced to risk their money in MMM?

Very soon they'll inaugurate a committee to investigate FOREX and stock markets.

Awon werey.