It
is a showdown between 'MMM' promoters and the House of Representatives
as lawmakers have ordered EFCC to arrest those involved in the scheme.
The Nigerian House of Representatives
It is bad news for the promoters of Mavrodi Mondial Moneybox,
otherwise known as ‘MMM’ in Nigeria as the House of Representatives on
Wednesday, ordered the Economic and Financial Crimes Commission(EFCC)
and the Central Bank of Nigeria (CBN) to immediately go after the
promoters.
It specifically asked the EFCC to arrest MMM promoters and
prosecute them. Most of the lawmakers who added to the discussion
opposed the investment scheme and labeled it scam.
MMM gained popularity recently in Nigeria following the current economic recession in the country.
MMM Global has swept across Africa, with branches promising returns
on investment of 30 per cent a month in South Africa, Zimbabwe, Nigeria
and some east African states.
It is masterminded by the former Russian politician Sergey Mavrodi,
who went on the run when the original MMM – standing for Mavrodi
Mondial Moneybox – collapsed in the late 1990s, losing investors an
estimated $100m.
On its website, MMM Global unashamedly advertises itself as a
scheme whereby new members “assist” older members by paying a fee to
join.
Older members are allowed to withdraw money after a certain period
of time, and receive bonuses for encouraging others to sign up.
The lawmakers warned Nigerians to be careful as this is yet another
trick investment fraudsters use to attract people before vanishing with
their money.
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.
The House further directed it 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.
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