*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 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.
Another member from Adamawa State, Mr. Abdulrahman
Abubakar, said, "What is the CBN waiting for? It should have
invited security agencies to protect Nigerians already."*
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