House of Reps To Investigate on MMM Activities in Nigeria

The Nigeria’s House of Representatives have ordered an investigation into the activities of Mavrodi Mondial Moneybox (MMM) scheme in Nigeria.

According to the Speaker, House of Representatives, Hon. Yakubu Dogara a committee on Banking, Currency, and Financial Crimes will investigate the ponzi scheme. Dogara says the investigation is to combat fraudulent activities of the body in other countries such as China and Russia.

He wrote on social media, “Today in the House of Representatives, we consolidated bills, passed some through second reading and adopted motions on a range of issues. One of these was on the need to investigate subversion of due process in the award of contracts for oil pipelines protection & maintenance.

The House also adopted a motion on the need for caution on the Mavrodi Mondial Moneybox (MMM) scheme, as the antecedents of its founders cannot guarantee security of investments in the long run, and reports indicate that similar schemes by its founders had been launched in Russia where investors lost money running into millions of Dollars.

The scheme was also reportedly banned in China as it was considered a pyramid scheme with potential to wreak havoc on the financial system. Members expressed concern that the scheme is not regulated by any law & Nigerians participating stand the risk of losing their investments.

The CBN has also declared the scheme fraudulent & the situation is worrisome because Nigerians had been victims of such schemes in the past. The House, therefore, mandated the Committees on Banking&Currency, and Financial Crimes to investigate the activities of MMM Nigeria with a view to saving Nigerians participating in the scheme from financial ruin.”

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