MMMThe House of Representatives has called on the various law enforcement agencies to clamp down the operators of ‘MMM’.

Hon. Akinlade Fijabi had raised a motion of urgent national importance on what he described as a ‘Rob Peter to Pay Paul Scheme’.
Fijabi said the operators of MMM are exploiting the economic situation of Nigerians. This made them desperate for income through any means without considering the implications.

Also, another lawmaker, Bode Ayorinde, said lawmakers should be concerned. This is because they will likely be inundated with petitions if the scheme goes burst.

“When the business goes burst, it is the same House that people will flood with petitions.”

Similarly, Hon. Dennis Amadi, said the House should save Nigerians from themselves. This is because the collapse of MMM could make many commit suicide.

“The House will not wait until these crooks defraud Nigerians of billions of naira or until people start committing suicide.”

Meanwhile, Speaker Yakubu Dogara ruled that the motion was adopted. He mandated its committees on banking and currency and financial crimes to investigate the controversial money scheme. He asked the committee to expedite its investigation and report to House within four weeks.

Lawmakers Join Calls Against MMM

The MMM is a deposit money scheme that promises a 30% interest on investment per month.

Despite its popularity amongst Nigerians of all classes, critics maintain that the business is a Ponzi scheme. Its operators use money from earlier investors to pay later investors.

Those behind the venture are not known to the Nigerian regulatory agencies, including the Central Bank and the Nigerian Deposit Insurance Corporation.

The business is also said not to have been registered with the Corporate Affairs Commission. This makes it difficult to identify its promoters.

Regulatory and anti-corruption agencies had earlier warned Nigerians against participating in the scheme.

The lawmakers ordered the police and other law enforcement agencies to arrest members of the syndicate who conduct seminars to train people on how to invest in the business.

 

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With over a decade experience in publishing (print and online), Lordson is the Editor of Concise News. His favourite pastimes are reading, writing, football and chess.

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