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.
The investment scheme has a Russian origin and “involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within one month.”
But, 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.
It also asked its Committees on Banking/Currency and Financial Crimes to investigate the activities of MMM Nigeria Scheme, “with a view to saving Nigerians participating in the scheme from you financial ruin.”
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.
Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency.
“The scheme entered the Nigerian circle in 2016, capitalising on the high level of unemployment andpoverty to deceive unwary Nigerians into falling prey to their antics”, Fijabi stated.
He said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.
Source: Punchng
No comments:
Post a Comment
Please share your thoughts by clicking on POST A COMMENT link or posting in FACEBOOK COMMENT BOX above:
DISCLAIMER:
Opinions expressed in comments are strictly those of the comment writers alone and does not reflect or represent the views of PoliFocus.
Calling the CONTACTS on the comments is at your own risk, PoliFocus is not liable for any SCAM that may arise in the course of that.