Pandemonium as House of Reps orders EFCC to arrest MMM promoters

The heat is on as 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. Recall that we had earlier posted that NDIC had launched a plan to shut down MMM in the country, now EFCC is joining the lock down. Click here if you missed it.

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 percent 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.

[Punch]