John Ameh, Abuja

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 Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria.

Lawmakers strongly opposed the investment scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country.

MMM promises 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.”

But, members described the scheme as a “scam” and warned Nigerians not to be carried away by the “mouth-watering” returns on investments.

Lawmakers warned that the “trick” 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 scam.

It also 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, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.

Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency.

“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”, Fijabi stated.

He said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.

Cc: lalasticlala

http://punchng.com/reps-ask-security-agencies-arrest-mmmpromoters/

GBAM

I know many of them here on nairaland

My life savings o

Young03:
I know many of them here on nairaland

bros, make i comot my money sharp sharp

Young03:
I know many of them here on nairaland

OsusuMustFlow:

bros, make i comot my money sharp sharp

no leave am .e go multiply soon

I know my people

If na play make them stop am oo. They want to stop it because it's changing the life of common man in the street but if it only favour the rich no body will talk about it.

what? people will die o

Isiokpukpu:
If na play make them stop am oo. They want to stop it because it's changing the life of common man in the street but if it only favour the rich no body will talk about it.

one spotted

OsusuMustFlow:
My life savings o

imagine

Young03:


no leave am .e go multiply soon

i invested 100k. I have made more than that

OsusuMustFlow:
My life savings o

i pity your condition

OsusuMustFlow:


i invested 100k. I have made more than that

continue...

OsusuMustFlow:

i invested 100k. I have made more than that

if to say reps know how the can make mmm crash..
they for don do am since

Young03:



if to say reps know how the can make mmm crash..

they for don do am since

you mind them. I will keep making my cash.

It can't happen In this Recession My december MMM money.

DONSMITH123:


i pity your condition

bros, nothing dey happen

gengemmmmm

stephnie1:
what? people will die o

nobody will die

God, why are these people this wicked, they want thr poor to remain poor

OsusuMustFlow:


bros, nothing dey happen

ok

Nonsense!

OsusuMustFlow:

you mind them. I will keep making my cash.

yes keep making till u loose
u no say there must be a lost in business

Young03:


yes keep making till u loose

u no say there must be a lost in business

what i have made is more than what i invested. Which Bank will give you 30% in naija?

stephnie1:


one spotted

Aporoko, e concern you . No be my money.

OsusuMustFlow:


what i have made is more than what i invested. Which Bank will give you 30% in naija?

is that the tactics using to fake you guys?

Isiokpukpu:

Aporoko, e concern you . No be my money.

na your money but when he happen no come nairaland come shout

OsusuMustFlow:


nobody will die

ok o

OsusuMustFlow:


what i have made is more than what i invested. Which Bank will give you 30% in naija?

just be patience please. Those guys has history of fraud