MMM Nigeria: Reps To Probe Ponzi Scheme Operations

The House of Representatives has mandated its committee on banking and currency and financial crimes to investigate the operations of the internet based wonder bank, known as “MMM Nigeria scheme”.

This resolution was adopted by the House after debating a motion sponsored by Representative Saheed Akinade-Fijabi on the need to check the scheme which he says is capitalizing on the high level of poverty in the land.

The lawmakers also observed that every Nigerian participating in the MMM scheme which has no legal backing is vulnerable to losing their investment as there is no identifiable platform to guarantee the security of the invested funds.
The senators recalled that many Nigerians had been victims of similar schemes in the past, all in the name of making quick money.
The joint committee has four weeks to report back to the House.