The Federal House of Representatives has ordered the Economic and Financial Crimes Commission (EFCC) to shut down MMM in Nigeria.
DailyPost reports that the House of Representatives on Wednesday directed the Economic and Financial Crimes Commission, EFCC, and the Central Bank of Nigeria, CBN, to immediately go after the promoters of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria.
This is as the NDIC had earlier kick-started moves to shut down the MMM scheme.
The lawmakers also observed that the current economic recession in the country gave popularity to the scheme which offers 30 per cent return on investment for any money put into the scheme within 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.”
Lawmakers described the scheme as a “scam” and warned Nigerians to stop dealing in it.
While directing the EFCC, security agencies and the CBN to halt the scheme by all possible means, the House asked its Committees on Banking/Currency and Financial Crimes to investigate the activities of MMM Nigeria Scheme, “with a view to saving Nigerians participating in the scheme from you financial ruin.”
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi (APC – Oyo), had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.
“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 their antics”, he said.