The House of Representatives on Wednesday summoned the Economic and Financial Crimes Commission and the Central Bank of Nigeria to promptly pursue the promoters of the Mavrodi Mondial Moneybox, also called MMM, in Nigeria.

Legislators unequivocally kick against the scheme of investment in which MMM is running on which has of late picked up popularity among Nigerians in the wake of the current economic recession.


The MMM guarantees 30% income for every money put into it within the space of 30 days.

The investment plot has a Russian root and "includes directing clients to make money available for a mysterious individual with a guarantee of 30% interest when returning within 30days."

In any case, individuals from the House of representatives portrayed the scheme as a trick and cautioned Nigerians not to be carried away by the mouth-watering levels of profitability that it guaranteed.

Legislators cautioned that the trick being utilized by the operators was to pull in as many Nigerians as could be expected under the circumstances to contribute considerable measures of cash before the air pocket would blast.

The House coordinated the EFCC, security organizations and the CBN to find a way to end the plan before numerous Nigerians would get to be victims of the affirmed trick.

It likewise asked its panels on Banking/Currency and Financial Crimes to explore the activities of the MMM scheme in Nigeria "with a view of saving Nigerians taking an interest in the plan from financial ruin."

The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a movement, drawn the consideration of legislators to the developing fame of the plan among the nationals.
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.

Another member from Adamawa State, Mr. Abdulrahman Abubakar, said, “What is the CBN waiting for? It should have invited security agencies to protect Nigerians already.”
 Source: punchng
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  1. At times I laugh when people say FG will shut down MMM as if mmm is one shop at ebutte-meta, oyingbo or Alaba market, as if MMM is one company at Agbara industrial estate.my take, if FG can not stop u from browsing the internet,they can't stop u from access and runing ur mmm account. Let me shock u. MMM program is not a program that started yesterday. it has survive tougher periods than this. It passed through fierce fire, yet it came out refined, crystal sparkling and purer than GOLD. your own MMM can only stop when you as a participant stop to participate. Clever sergey mavrodi saw the feature and designed MMM not to depend on anybody to survive. So, with this Strength of MMM, it is possible for MMM to stop existing in a country but mmm can never stop being in existence. Remember there are over 7billion people all over the world. Your country is just a fraction. In short who u be? Also it is possible for only you in ur country to be the only one doing mmm. That is why we have the Bitcoin which connect u to global bank and every other people in other part of the world doing mmm. If u think u don't want to continue with mmm because of what u heard, I beg park well, and let people that dare big things take the center stage of the new financial revolution that bridge the cap between the rich and the poor. The battle of life maybe for everyone, but those that conquer their fears and dare big things are called achievers. In conclusion, always remember this, with or without you mmm will achieve it's goal which is to raise multi-millionaires, why don't u face your fears today, join us in the battle for financial freedom and be counted among the self-made millionaire courtesy of MMM. Nobody can stop u from achieving what u desire except you stop urself. Together we can do alots

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