The House of Representatives on Wednesday ordered 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 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.
MMM Nigeria 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.
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, lawmaker from Oyo State, represents Ibadan-South/West Federal Constituencyhad in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.