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Reps order EFCC, CBN to go after MMM promoters in Nigeria

10 November 2016, 09:04

Abuja - The House of Representatives has ordered 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.

Members of the House during plenary on Wednesday described the scheme as a scam and warned Nigerians not to be carried away by the mouth-watering returns on investment that it promised.

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.

The House according to Punch took the decision following a motion brought by Chairman, House Committee on Telecommunications,  Saheed Fijabi.

Fijabi had in a motion, drawn the attention of lawmakers to the growing popularity of the scheme among the citizens.

Also read: Nigerian man allegedly 'scammed' by MMM cries out

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.

Other lawmakers who spoke on the motion supported it and called on the EFCC and the CBN to urgently look into the operation of the scheme.

The House 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.

News 24 recalls that the CBN had on several occasions warned Nigerians against patronising MMM investment scheme.

The apex bank had described the scheme as fraud.

The MMM scheme has lately gained popularity among Nigerians in the wake of the current economic recession in the country.

The scheme promises 30 per cent return on investment for any money put into the scheme for 30 days.

- News 24

Tags mmm abuja scam

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