The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission, EFCC to go after the promoters of the Mavrodi Mondial Moneybox, otherwise known as MMM, in the country.
While condemning the scheme, the federal lawmakers ordered the EFCC and the Central Bank of Nigeria to take urgent steps to halt the scheme before many Nigerians would become victims.
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of lawmakers to the growing popularity of the scheme among the citizens, reports Punch.
“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 the antics of the promoters,” Fijabi stated.
He said the fact that the MMM was not regulated by law or approved by the CBN as a secured business venture made Nigerians more vulnerable.
“Any Nigerian, who is participating in the MMM scheme, which is not regulated by law, is vulnerable to losing his/her investment, as there is no identifiable platform to guarantee the security of such, given the declaration by the CBN that the scheme is fraudulent,” he told the House.
The Deputy House Minority Leader, Mr. Chukwuka Onyeama, recalled that in the past, Nigerians had fallen prey to ponzi investment schemes and banks that promised huge profits.
Onyeama cited the case of the infamous ‘Umana-Umana’ wonder bank, which operated in Calabar, Cross River State, years back.
The Chairman, House Committee on Federal Judiciary, Mr. Aminu Shagari, supported the motion and called on the EFCC and the CBN to urgently look into the operation of the scheme.
MMM is a scheme that at the moment, promises patronizing customers 30% increase on whatever amount they invest. Lots of Nigerians have been pulled towards this scheme as slogans like “MMM pays”, “MMM-Making More Money” have become the order of the day
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