The House of Representatives on Wednesday plenary session asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to go after the promoters of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria.
The lawmakers opposed the investment scheme, which has gained popularity among Nigerians in the wake of the current economic recession in the country.
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.
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 stated; “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”.
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.
The house 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.
PUNCH
Join our twitter community :