Senate alerts Nigerians: MMM will soon burst | Nigeria News Today. Your online Nigerian Newspaper f

The Senate Committee on Banking, Insurance and other Financial Institutions has warned that the ponzi investment scheme, MMM, is a pyramid that would soon burst.

It then called on Nigerians to be wary of the investment model that originated from Russia. MMM involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within a month.

Speaking in an interview with Saturday Vanguard, Chairman of the committee, Senator Rafiu Adebayo Ibrahim and other members of the committee alerted Nigerians to the dangers of investing in MMM.

“Any Financial institutions of any kind that is not under the regulation of a Regulator such as MMM is a pyramid that will soon burst. We engaged the CBN and they have issued a statement in the recent past. So Nigeria should be wise and know that there is no free money anywhere. One wonders which investment can yield 30% flat any where in the world,” he said.

For Senator Gbolahan Dada, APC, Ogun West, “It is unfortunate that some unscrupulous Nigerians are capitalizing on the current economic hardships to defraud unsuspecting Nigerians by encouraging them to part with their hard earned money with mouth-watering interest or returns.

“MMM does not contribute or add value to the economy because the records of such transactions are not kept and not made open to the public or regulatory authorities. It is a product of fraud and nothing good comes from fraud.

Speaking about the financial implications of investing in MMM, Dada said, “The money involved in MMM are usually spent by the promoters on frivolities. The promoters engage in ostentatious lifestyles. They hardly have concern for the unsuspecting investors. It is fool hardy for any members of the public to fall prey to the scheme despite warnings from stakeholders. Those patronizing MMM will have a tale of woes to tell after losing their deposits.”

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  1. What is d problem with u people. For the fact that u can not think out of the box dos not means that pple can not. MMM is doing wonders dat thousands of u can not do and u are shouting. What did u guys know than to share our money, leave us alone cos they ve done us well better than wat u pple can ever imagined

  2. What are u even preaching here, if u r less busy and u don't hv any work to do, go n sleep. While u share Nigeria money after each sittings to discuss nothing, u just interfere in other Citizens progress. No Loans or aids to help d poor masses u only talk bcos u want to talk. Long live MMM, Together we change d world

  3. You people are idiots, it is your concern if we loose our money? let you people do what you suppose to do as our leaders

  4. Ur just being selfish. Maybe those that used to com licking ur toes has stopped and opted for MMM,ur here complaining.u know nothing abt MMM. We are financially free cos of MMM. Go and sleep young man

  5. Busy Body Senators who do noting only to loot the nations treasury. Don't worry, No one will give you bribe in MMM. Just leave it the way it is. We love MMM. Since you guys in government cannot come up with any meaningful policy on job creation, what then do you expect? Note also that even your aids are MMM participants. Foolish people.

  6. Even so, go and perform your constitutional duty which am sure many of you don't even know.

  7. Why is mmm giving these looters of our common wealth sleepless nights? How many will I tell you idiots to leave us you people have any plan for the common man than greed? The writer is a complete fool to say that mmm has not contributed anything to the economy? Do you know how lives mmm has saved? Do you know mullions of families are smiling this Xmas because of mmm?....look enough is enough oooooo....if u be senator...Senate am well make una fix the country mmm will if at all die a natural death...but I doubt it...
    Long live mmm worldwide

  8. Gorefill group spokesmanDecember 12, 2016 at 1:28 AM

    I guess the only free money is the senators allowance... Mmm is doing youth empowerment what you senator or Buhari can not do... And you open ur mouth tell people what to do with their money, save ur advice to urself and buhari


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