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. Click to signup for FREE news updates, latest information and hottest gists everyday
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Please leave mmm alone. Let us risk our money than risking our life with you people called lawmakers.
ReplyDeleteOmg you spoke well my dear.insecurity dey worry them.
Deletewetin concern una. this are people who are looting the nation dry.
ReplyDeletepls focus on the more imoportant things facing the country.
Nice one. This action is long overdue. This is clear scam and it is going on to the full knowledge of relevant authorities.
ReplyDeleteIs this the social intervention scheme which APC promised?
Chanji dole!
Sai Baba!
Sai Tibuhu!
Isiaka or Ishaka ur name.
DeleteU don't use your brain... U just talk out-of-sense.
"Isiaki", coconut head. Thunder fire you and the nonsense phone you posted that rubbish with. Bastard.
DeleteOga Isiaka...y e dey vex u na...na ur money we dey use do MMM. Make people wey no wan do mind their business for God's sake...every body is aware of the risk including us doing it...
DeleteNigeria will never do what will benefit her citizens, but lotting our public found, but some one is coming to save us now... but you are againsting it. God will punished looter of Nigeria that call themselves Senators and Reps.
ReplyDeleteWait God will come 26 of December to punish them...funny people
DeleteStop hurting MMM, go after thief politician. eg Dino MaLaaasa, Sarakkiiiiiki and host of others. jobless people.
ReplyDeleteBigger thieves. Leave us and our stupidity alone ooooooooh.how can you talk rubbish when you dungs have no idea about mmmm idealogy, u people plunged us into this . please allow us die in it and was our life savings mbok!!!.when did the Nigerian government started caring for its citizens. Now that we know that there is still something going wrong in all these financial sectors because of mmm.you guys can now go to hell and burn to ashes for all we care
ReplyDeleteTo the laws makers, if you love the your citizens especially the youth you should have done what will benefit your people. rather than propergader about.
ReplyDeleteHow does mmm concern you Mr lawmaker. When do you start caring for us? I beg face your looting biz and let us face our mmm biz. Very soon we will move and remove lawmakers from our government system bcos you guys are the one drying Nigeria economy with your unending desire for wealth. God will judge you all
ReplyDeleteGovernment says “Participate in MMM at your own risk”
ReplyDeleteThis is laughable. useless House of Rep wants EFCC to make Arrest? In Nigeria, I sleep at my own risk, I wake up at my own risk, I go out at my own risk, I come in at my own risk, I put my MONEY in the bank at my own risk, Even in banks, CARS are parked at OWNERS risk. I do everything at my own risk. So there’s nothing special about doing MMM at my own risk… Long Live MMM Nigeria…Mavrodians, enjoy jor
Nothing else left to say.
DeleteYou looters of our common wealth when have you people turn to be our on our side. Can you people leave us alone with our mmm which have freed us from begging you for handouts. Jibrin have exposed you all. We will continue with it till dead do us part. Shegu kawai.
ReplyDeleteYou looters of our common wealth when have you people turn to be on our side. Can you people leave us alone with our mmm which have freed us from begging you for handouts. Jibrin have exposed you all. We will continue with it till dead do us part. Shegu kawai.
ReplyDeleteThis the time our leaders should that Nigerian are ready to do anything to get them out of this recession.
ReplyDeleteplease mr lawmakers leave mmm and face your economic, this mmm have done alot you lawmakers can not do
ReplyDeleteThe Financial system of this country is such that only the Rich and Super Rich can access Loans financial institutions at the very expense of the poor masses....now the Thieves are sensing that the poor are beginning to have a sigh of relief amidst this economic recession which obviously the Govt is Confused and more confused about...Banks have turned as transit centers for the discentralization of funds that was hitherto the exclusives of the Rich....these same financial institutions that will never ever advance even the softest Loan to young business Starters without Earth shaking Collaterals are now sponsoring these Dishonourable Members of House of Rep or should i say the National Assembly Self to dissuade people from seeking self help from this seemingly unending recession...the funny thing is that suddenly they are acting as if they ''CARE ABOUT US' with the Corruption cases hanging on almost all their HEADS....Nonsense wish all Nigerian or Marvorodians thinks like me nowwwwwww i dey vex
ReplyDeleteMMM should be discouraged because it encourages LAZINESS and UNPRODUCTIVITY.
ReplyDeleteEverything is becoming crystal clear now.
ReplyDeleteWe were scammed into voting for you people, you promised us goodies but today hunger is every where. When we lost our money in the banks where were you people, when Baba Ijebu was milking us dry where were you people? As if you care, pls leave MMM to kill us we want to die
ReplyDeleteNigerian law maker you are and why are you concerned about individual investments? Nigerians have taken their faith as they see it and believe in struggling to make ends meet. The question now is, as individuals are we not free to invest on what we think is good for us and our family? Even though we pay regular tax to government and other essential commodities at threeple the price ,which we hardly enjoy because there's no one to complain to, so what again?
ReplyDeleteCBN, EFCC, SEC and the rest of you guys... Screw u all.. U r say that if mmm crashes we would come back complaining that the law should take action against them..
ReplyDeleteBut let me shock you...
I wont o... All mavrodians wont...
If MMM wants to crash let it crash on top my head...
See me see trouble.. Na only money i use? Am not a civil servant self..am self employed, so let me use my money how i deem fit..
U had better work on improving this country rather than been jealous of the soft lives nigerians are now having because of mmm
LONG LIVE MMM!!!
I LOVE YOU SERGEY MAVRODI
COME AND BE OUR PRESIDENT PLS..
MMM for life. As long as MMM is active, we will continue to do it. They know it's impossible to crash the site that's why they are directing EFCC to arrest people. You should concentrate on arresting those that looted nigeria money
ReplyDeleteSenseless LAWMAKERS.... 😠😈🙉🙈😷
ReplyDeleteFuck MMM they are thieves and they deserve to be stopped. They are putting innocent people in temporary moratorium after working hard to get money to provide help then they block you from getting your cash. If you were in moratorium before why will they allow you to provide help only to take it away from you.
ReplyDelete#say no to MMM
ReplyDelete