Representatives on Wednesday asked EFCC,and the Central Bank of
Nigeria to immediately go after the promoters Mavrodi Mondial
Moneybox, otherwise known as 'MMM' in Nigeria.
NDIC had already, according to them,launched a plan to stop MMm In
Nigeria and now the EFCC is also involved.
Could this be the end of MMM in Nigeria?
Lawmakers opposed this investment scheme which boomed in Nigeria
following the economic recession in town.
They operate by means of directing members to pay money to an
anonymous person with the promise of getting it back with a 30 percent
return within a month.
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.
As a result of this,the house has directed EFCC and CBN to join hands
and put an end to MMM in Nigeria.
"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.
Source :Punch
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