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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.

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