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.