National Assembly Orders The Arrest Of The MMM Promoters

Lawmaker in the House of Representatives on Wednesday called on law enforcement agencies to track down promoters of a “questionable” investment scheme popularly known as ‘MMM.’

The lower chamber also mandated its committees on banking and currency and financial crimes to investigate the scheme.

The MMM scheme is a deposit money scheme that promises a 30 per cent interest on investment per month.

The scheme which is described as fraudulent by the Central Bank of Nigeria, gained popularity amid economic recession.

The CBN has described it as a Ponzi scheme because its operators use money from later investors to pay earlier investors.

Lawmakers at plenary today said members of a syndicate who conduct seminars to train people on how to invest in the business should be arrested.

The development followed a motion of urgent national importance raised by Akinlade Fijabi from Oyo State, who described MMM as a ‘Rob Peter to Pay Paul Scheme’.

Mr. Fijabi said the operators of MMM are exploiting the economic situation of Nigerians that had left them desperate for income through any means without considering the implications.

Another lawmaker from Ondo State, Bode Ayorinde, said lawmakers should be concerned because they will likely be inundated with petitions if the scheme goes burst.

“When the business goes burst, it is the same House that people will flood with petitions,” Mr. Ayorinde said.