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 referred to as MMM, in the country.
While slamming the scheme, the federal lawmakers ordered the anti-graft agency and the central bank of Nigeria to take urgent steps to halt the scheme before many Nigerians would become victims.
Mr. Saheed Fijabi, the Chairman, House Committee on Telecommunications 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, capitalizing on the high level of unemployment and poverty to deceive gullible Nigerians into falling prey to the antics of the promoters,” Fijabi expressed.
He said the very 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 recognizable platform to guarantee the protection of such, given the declaration by the CBN that the scheme is fraudulent,” he told the House.
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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 large profits.
Onyeama cited the case of the infamous ‘Umana-Umana’ wonder bank, which operated in Calabar, Cross River State, years back.
Furthermore, Mr. Aminu Shagari, the Chairman, House Committee on Federal Judiciary supported the motion and called on the EFCC and the CBN to urgently investigate the operation of the scheme.
Recall that the CBN warned Nigerians against getting involved in the Ponzi scheme, labeling it a fraud.
MMM is a scheme that at the moment, guarantees patronizing customers 30% increase in whatever amount they invest. Lots of Nigerians are pulled towards this scheme as slogans like, “MMM-Making more Money”, “MMM pays” have become the order of the day