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 of the
Mavrodi Mondial Moneybox, otherwise known as MMM, in Nigeria.
Lawmakers strongly opposed the
investment scheme, which has lately gained popularity among Nigerians in
the wake of the current economic recession in the country.
The MMM promises 30 per cent return on investment for any money put into the scheme for 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 of the House described the
scheme as a scam and warned Nigerians not to be carried away by the
mouth-watering returns on investment that it promised.
Lawmakers warned that the trick being
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 alleged scam.
It also asked its committees on
Banking/Currency and Financial Crimes to investigate the activities of
the MMM scheme in Nigeria “with a view to saving Nigerians participating
in the scheme from financial ruin.”
The Chairman, House Committee on
Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the
attention of lawmakers to the growing popularity of the scheme among the
citizens.
“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 the antics of the
promoters,” Fijabi stated.
He said the 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 identifiable platform to guarantee
the security of such, given the declaration by the CBN that the scheme
is fraudulent,” he told the House.
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 huge profits.
Onyeama cited the case of the infamous ‘Umana-Umana’ wonder bank, which operated in Calabar, Cross River State, years back.
He added, “We have a responsibility to
guide Nigerians before the bubble bursts. Very soon, people will begin
to commit suicide or resort to this same House by writing petitions on
how some investors took their money away.
“The profit margin promised by the MMM is too good to be real. What type of business
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