The House of Representatives has asked the Economic and Financial Crimes Commission(EFCC) and the Central Bank of Nigeria(CBN) to immediately go after the promoters of the Mavrodi Mondial Moneybox, otherwise known as MMM, in Nigeria. 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.
Fijabi said, “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. 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.”
In a related development,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. 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 gives you such return over a short period?” The Chairman, House Committee on Federal Judiciary, Mr. Aminu Shagari, supported the motion and called on the EFCC and the CBN to urgently look into the operation of the scheme.