Reps ask security agencies to arrest ‘MMM’promoters

Today, the House of Reps asked the EFCC and the CBN to immediately go after the promoters Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria. Lawmakers strongly opposed the investment scheme, which promises 30% return on investment for any money put into the scheme within 30 days.

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.

“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.