Reps to probe MMM monetary scheme, caution citizens

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Only religion is at the same level at Manchester United on social media

According to reports, the House of Representatives yesterday resolved to probe the internet-based wonder bank known as Mavrodi Mondial Moneybox (MMM) so as to save innocent Nigerians from falling prey to fraudsters and further experiencing financial ruin during recession.

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Consequently, the lower legislative chamber has mandated its committees on banking and currency as well as that of financial crimes to look into the matter and submit its report in four weeks.

The resolution was sequel to the adoption of a motion of Saheed Akinade Fijabi, APC, Oyo lamenting the widespread acceptance by Nigerians of the unregulated scheme, established in 1989 by three Russian nationals with a promise that participants would make 30 per cent on investment after 30 days.

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Fijabi observed that every Nigerian participating in the scheme, which he said has no legal backing, was vulnerable to losing his/her investment, as there was no identifiable platform to guarantee the security of invested funds.

He claimed that the Central Bank of Nigeria had already described it as fraudulent, recalling that many Nigerians had been victims of similar schemes in the past.

According to him, the exercise prides itself as a mutual fund through which recruited members contribute money in form of assistance without any intent to engage in banking business.

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“But the scheme’s structure, operations and intendment indicate otherwise as their clients can have multi-level structures under them and receive bonus (in percentage) from each financial transaction of every participant in their structures,” he said.

He added that the scheme entered the country this year, by capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to heir antics

9 thoughts on “Reps to probe MMM monetary scheme, caution citizens

  1. please oooooo,its nt a scheme in da name of jesus ,reps ooooo pack ur load and go dnt destroy our business fr us

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    1. @Kunle, MMM is 100% real. Illiteracy and laziness are what is affecting those that are against it. I have been in it now for 7months and have not got any cause to regretting it.

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      1. Just wait bro! That was the story in Kenya too. The bubble burst when they were most vulnerable. They made gains until the natural law of temptation set in, then it became too late. Now Kenyans are pleading with their government to recover what can never be recovered. Be warned.

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  2. I keep smiling to the bank every month end to cash out my cash. Even with a foreign certificate, getting a job in this country is a big deal, you have to know the ogas at the top before one gets a phone call for an interview. The thunder wey go fire house of rep , dey road dey come. Long live MMM and thank you Sergie Mavrodi for establishing such a wonderful platform. Which bank will give you 30 percent interest rate in even a year? Long hiss .

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  3. We can not blame Nigerian rushing into "MMM", all our leaders should take the blame. They occupy places of authority for their own and their family members gain. Nepotism has ravaged our beloved country, there is no justice anywhere. They are unconcerned about the common people's plight. Governors are owning salaries of 9, 10 months and more and the APC government has not been able to do anything about it. Pensioners are dying untimely death because the wicked that are ruling have refused to give them their money. God will judge them soon. They say they are fighting corruption but the Governors of APC are stealing people's money in their states. The present government is deaf to people's plight, they and their families are enjoying while the masses are dying and mourning: the scripture says: "when the wicked beareth rule the people will mourn......". APC govt should alleviate peoples suffering now be4 revolution erupts in this country. Long live Nigeria, longer live MMM.

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  4. MMM FOR LIFE.......TOGETHER WE WILL CHANGE THIS GOVRNMENT. END OF STORY. THEIR FRIENDS THE BANKS WILL NOT DECLAR BIG PROFITS THIS YEAR SO THE ARE WARRIED, BECAUSE EASY MONIES WILL NOT GET TO THEM THROUGH THE BANKS THATS WHY THEY ARE SAYING ALL THIS CRAP......F**K HEADS.......CALLED MEMBERS OF REPS.

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