DESPITE warnings from the House of Representatives, Economic and Financial Crimes Commission, EFCC, Central Bank of Nigeria, CBN, promoters and participants of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria, have become more resilient.




The participants are currently mounting campaign exercises to lure more Nigerians to the Ponzi Scheme as they have released branded shirts to be given as freebies to participants ready to go public about their success stories with hard evidences of financial gains.




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

The Ponzi Scheme, Social Times learnt has crashed in several countries.

The House of Representatives had last week wednesday directed the EFCC to investigate the investment scheme.




Responding to the call, Wilson Uwujaren, EFCC Spokesman, Speaking in a recent interview on the sidelines of a training programme in Port Harcourt, confirmed ongoing surveillance on the MMM investment scheme.

Wilson said the anti-graft agency was also watching other online schemes that promise huge returns on investments.

The EFCC spokesman said preliminary investigations have shown that such online schemes thrive in countries that are facing economic recession.

He warned that there was big chance of desperate subscribers on such platforms of losing their investments, he said in an interview on the sidelines of a training programme in Port Harcourt.

“We can only arrest people based on the evidence that we have. The House made a resolution but the resolution is a public announcement.

“We have always been advising people not to patronize wonder banks because experience over time has shown that their activities are not sustainable.

“If you get involved in it, you will eventually get hurt. What we are currently doing is to sensitize people. We know people want to make quick money as a result of recession through this MMM.

“The unfortunate thing about this MMM is that it is not a Nigerian firm but we are looking at and we will still tell the media whatever we find out,” Uwujaren said.



The Central Bank of Nigeria (CBN) had also warned Nigerians against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company.

Speaking during a mentoring program for students of Government Secondary School, Suleja, the head of the consumer protection department of the CBN Kadija Kassim said the activities of the scheme is not regulated by any institution.

“We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated. Desist from their activities because they are fraudulent,” Kassim said.

FrankNetter:
if When this thing crashes, I have a lot of people I'd laugh at.

Mmadu111:
Keep laughing at your ignorance till you star crying I regratted for not knowing the workings earlier .

FrankNetter:
if When this thing crashes, I have a lot of people I'd laugh at.

FrankNetter:
if When this thing crashes, I have a lot of people I'd laugh at.

Mmadu111:
Keep laughing at your ignorance till you start crying I regratted for not knowing the workings earlier .

Jcan:
Sit and wait when it will crash while people are busy making money tru MMM. Make i smile go bank MMM don pay.

FrankNetter:


Crying for what?

You think I'm as broke as your entire family? Mind you, not everyone on Nairaland lives on peanuts like your miserable self.

Kindly fvck off.

Mmadu111:
Pained you like this, chaiii,....only Chronic Brokers uses that word to others , face your poverty stinky personality to your self. I careless of your sever ignorance....F.UcK off you puppy.

FrankNetter:


Crying for what?

You think I'm as broke as your entire family? Mind you, not everyone on Nairaland lives on peanuts like your miserable self.

Kindly fvck off.

FrankNetter:


Crying for what?

You think I'm as broke as your entire family? Mind you, not everyone on Nairaland lives on peanuts like your miserable self.

Kindly fvck off.

FrankNetter:
if When this thing crashes, I have a lot of people I'd laugh at.

FrankNetter:


Crying for what?

You think I'm as broke as your entire family? Mind you, not everyone on Nairaland lives on peanuts like your miserable self.

Kindly fvck off.