Reps warn Nigerians against investing in MMM schemes

Abuja – The House of Representatives has warned
Nigerians to desist from investing in the Mavrodi
Monrodi Moneybox scheme popularly known as MMM or
risk loss of their funds.
The call was sequel to a unanimous adoption of a
motion by Rep. Saheed Akinade-Fajabi (Oyo-APC) at
plenary on Wednesday in Abuja.
Akinade-Fajabi, in the motion earlier, said that the
scheme was set up by three Russian nationals in 1989
and that clients were made to invest monies with the
hope to make 30 per cent interest in 30 days.
He said that the structure and operations of the scheme
indicated otherwise as clients could have multi-level
structures under them and earn bonus.
He said that the scheme prided itself as a mutual fund
through which recruited clients contributed money in
form of assistance without any intent to engage in
banking business.
According to the lawmaker, the scheme entered Nigeria
in 2016, capitalising on the high level of unemployment
and poverty in the country to deceive and make
Nigerians fall prey of their antics.
He said that a similar scheme had been launched in
Russia by the same founder where investors lost
millions of dollars, adding that the scheme had been
banned in China to avert “financial havoc’’.
It could be recalled that the Central Bank of Nigeria
(CBN) had admonished Nigerians on the MMM scheme,
saying it was fraudulent.
In his ruling, the Speaker of the House, Mr Yakubu
Dugara, mandated the Committee on Banking and
Currency to investigate the scheme with the view of
saving Nigerians participating in it from financial
disaster.

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