House of Reps Debunk MMM... Orders investigation and Arrest of Promoters.

Members of the House of Reps have ordered its committee on Banking, Currency, and Financial Crimes to investigate the activities of Mavrodi Mondial Moneybox (MMM) scheme in Nigeria.

According to the Speaker of the House of Representatives, Yakubu Dogara, the house called for the investigation following growing concerns that the scheme is a scam. They worry that the scheme in Nigeria is not being regulated by any financial regulatory body and that many Nigerians may lose their investments like other participants of the scheme in Russia that have previously lost their investments.
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.

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L.M Blug

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