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.”
Source:The Punch
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