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Reps Order Arrest Of ‘MMM’ Promoters

By Bright Bassey

The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission, EFCC, and Central Bank of Nigeria, CBN, to arrest promoters of the Mavrodi Mondial Moneybox, MMM scheme in Nigeria.

The scheme, which recently gained popularity in the country, has been strongly opposed by the lawmakers.

MMM promises 30% return on investment, ROI within a 30-day period for any money paid into the scheme.

Members who describe it as a scam and have warned Nigerians to beware of the returns the scheme promises.

They said the operators trick as many vulnerable Nigerians to invest in the business, and then before they know it, the “bubble would burst”.

In order to help Nigerians not to fall victims of the scam, they have directed the EFCC, CBN and security agencies to stop the scheme with immediate effect.

The House has also demanded the Committee on Banking/Currency and Financial Crimes thoroughly investigate the activities of the scheme in Nigeria.

 

Saheed Fijabi, Chairman, House Committee on Telecommunications, representing Ibadan South/West had drawn the attention of the house on the rate the scheme is gaining popularity 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.

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