The Economic and Financial Crimes Commission, EFCC, has confirmed that it is investigating operations of the MMM investment scheme in Nigeria.

EFCC spokesman, Wilson Uwujaren, said the agency has put MMM under surveillance, and that the House of Representatives cannot direct the EFCC to investigate what he described as faceless wonder bank like MMM.

“We can only arrest people based on the evidence that we have. The House made a resolution but the resolution is a public announcement,” he said.

“We have always been advising people not to patronize wonder banks because experience over time has shown that their activities are not sustainable.

“If you get involved in it, you will eventually get hurt. What we are currently doing is to sensitize people. We know people want to make quick money as a result of recession through this MMM.

“The unfortunate thing about this MMM is that it is not a Nigerian firm but we are looking at and we will still tell the media whatever we find out,” Uwujaren said.

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