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.