House of Rep orders EFCC to 'arrest operators of MMM activities in Nigeria'

House of Rep

The House of Representatives has asked 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 strongly opposed the investment scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country.

MMM promises 30 per cent return on investment for any money put into the scheme within 30 days.

According to Punch, House of rep. members described the scheme as a “scam” and warned Nigerians not to be carried away by the “mouth-watering” returns on investments.

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.

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.