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Reps Order EFCC, CBN To Clampdown On MMM Promoters

mmm-ponzi-scheme

By Modupe Gbadeyanka

The Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) have been directed by the House of Representatives to immediately crackdown on promoters of the fast-growing money doubling in Nigeria called Mavrodi Mondial Moneybox (MMM).

At the plenary on Wednesday, after deliberations on the scheme, which is fast gaining grounds in the country, the House ordered the EFCC, security agencies and the CBN to take urgent steps to halt the programme before many Nigerian lose their life savings in it.

Members of the lower chamber of the legislative arm of government described MMM as a scam, warning citizens not to fall for the mouth-watering returns on investment that it promised.

Chairman of the House Committee on Telecommunications, Mr Saheed Fijabi, had raised a motion on the popularity of the scheme among the citizens, explaining that, “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.”

According to him, “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.”

MMM is a scheme that promises 30 percent return on investment for any money put into the scheme for 30 days. It has a Russian origin.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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