House of Reps calls for MMM ban before people “commit suicide”
As part of its ‘duties’ to ‘prevent’ Nigerians from committing suicidal acts, the House of Representatives has called for the ban of Mavrodi Mondial Moneybox, popularly referred to as MMM.
Due to tough economic situations in the country, the scheme has gained widespread acceptance since its introduction several months ago, with many defying predictions that its crash is imminent and will render a lot of prospective beneficiaries broke.
Concerned members of 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, before a lot fall victim to the scheme which is deemed a scam.
“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,” Mr. Saheed Fijabi, Chairman, House Committee on Telecommunications, stated in his motion.
“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 on his part, likened MMM to previous ponzi investment schemes by saying: “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?” he queried.
MMM involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within one month.
