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Reps warn Nigerians against investing in MMM scheme

10 November 2016, 07:07

Abuja - The House of Representatives has warned Nigerians to desist from investing in the Mavrodi Monrodi Moneybox scheme popularly known as MMM or risk loss of their funds.

The call was sequel to a unanimous adoption of a motion by Rep. Saheed Akinade-Fajabi (Oyo-APC) at plenary on Wednesday in Abuja.

Akinade-Fajabi, in the motion earlier, said that the scheme was set up by three Russian nationals in 1989 and that clients were made to invest monies with the hope to make 30 per cent interest in 30 days.

He said that the structure and operations of the scheme indicated otherwise as clients could have multi-level structures under them and earn bonus.

He said that the scheme prided itself as a mutual fund through which recruited clients contributed money in form of assistance without any intent to engage in banking business.

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

According to the lawmaker, the scheme entered Nigeria in 2016, capitalising on the high level of unemployment and poverty in the country to deceive and make Nigerians fall prey of their antics.

He said that a similar scheme had been launched in Russia by the same founder where investors lost millions of dollars, adding that the scheme had been banned in China to avert “financial havoc’’.

It could be recalled that the Central Bank of Nigeria (CBN) had admonished Nigerians on the MMM scheme, saying it was fraudulent.

In his ruling, the Speaker of the House, Mr Yakubu Dugara, mandated the Committee on Banking and Currency to investigate the scheme with the view of saving Nigerians participating in it from financial disaster.

- NAN

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