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House of Reps Orders Prosecution of MMM Promoters

It is bad news for the promoters of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria as the House of Representatives on Wednesday, ordered EFCC and the Central Bank to immediately go after its promoters.

It specifically asked the EFCC to arrest MMM promoters and prosecute them. Most of the lawmakers who added to the discussion opposed the investment scheme and labeled it scam.  MMM gained popularity recently in Nigeria following the current economic recession in the country.

MMM Global has swept across Africa, with branches promising returns on investment of 30 per cent a month in South Africa, Zimbabwe, Nigeria and some east African states.
It is masterminded by the former Russian politician Sergey Mavrodi, who went on the run when the original MMM – standing for Mavrodi Mondial Moneybox – collapsed in the late 1990s, losing investors an estimated $100m.

On its website, MMM Global unashamedly advertises itself as a scheme whereby new members “assist” older members by paying a fee to join.  Older members are allowed to withdraw money after a certain period of time, and receive bonuses for encouraging others to sign up. The lawmakers warned Nigerians to be careful as this is yet another trick investment fraudsters use to attract people before vanishing with their money.

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.
The House further directed it 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.”

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