MMM Seeks National Assembly Backing

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By Ola Adeola

A report says the MMM, a ponzi scheme to which many Nigerians are sold on, is seeking backing of the National Assembly.

The report by the New Telegraph says that the scheme Nigerian community in Abuja, led by one Mike Chukwuma, is seeking an audience with the legislature, where it aims to propose an amendment to the Banking and Other Financial Institutions Acts (BOFIA) in order to legalise MMM and similar money initiatives in the country.
Chukwuma was reported to have said the scheme had immensely helped in easing the pains of recession and seeks government’s recognition rather than its repudiation of the scheme.
Last November, the House of representatives had deplored the scheme and directed the police to arrest its promoters. The Central Bank of Nigeria and some commercial banks had also warned the public about the scheme, which returns 30 per cent interest on deposits.

The operators of the scheme ca used panic among its Nigerian subscribers last year when it suddenly froze their accounts. It assured it would de-freeze the account on January 13.

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