MMM Nigeria subscribers allegedly set to meet National Assembly, to legalise scheme | Nigeria News Today. Your online Nigerian Newspaper f

The controversial Ponzi scheme, Mavrodi Mondial Moneybox (MMM), Nigeria subscribers are undaunted despite temporary closure of the operations as they plan to meet with the House of Representatives’ committees on finance and banking and currency to seek for government’s recognition of the scheme.

The MMM community in Abuja, which is coordinating the planned meeting, said it hopes to submit a proposal for the amendment of the Banking and Other Financial Institutions Acts (BOFIA) to legalise the operations of the scheme and similar money initiatives in the country.

A member of the steering committee of the MMM community, Chief Mike Chukwuma, who told New Telegraph, that MMM has helped immensely in easing the pains of recession.

He said instead of discouraging Nigerians from participating in the financial self-help scheme, the government should rather legalise its activities so that it could be monitored and regulated.

Recall that theHouse of representatives had, in November last year, passed a resolution seeking the abolition of the financial policy and probe of its promoters in the country.

The resolution was sequel to the adoption of a motion moved by Saheed Akinade Fijabi (APC, Oyo) who lamented the widespread acceptance by Nigerians of the unregulated scheme, established in 1989 by three Russian nationals with a promise that participants would make 30 per cent on investment after 30 days.

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  1. Hahahaha! CBN warned them; The National Assembly warned them; Banks warned them - Inaa! Now it is clear that they are about to lose their money and they want to rush to National Assembly. Make una continue because you needed no law to operate. Even if una get the law through the back door, who will you force to participate? And who will you now hold for lost money?
    Mark you NNN don de also and others too! Remember you were told to put the money una don't need meaning that if una should lose it; no problems. That caveat takes care of a lot and also mark you that they say it is a community that provides help to those who need it.
    It is now very clear to some of that put in their money that a hitech 419 has been unleashed on them. Una sorry oooo! Pele!
    ....But na O ju kokoro the twins of greed cause am. By the way, which business,investment or services una render that you people were getting such a high returns that you want a law to back it for you to continue?
    My last word- The main game been targeted by a hunter is more valuable than the baits used to lure or entice the game (animal)
    That is the case of MMM.
    Few may have made some money But millions of people and hundreds of billions of naira has been lost to these hitech fraud. O to!

    1. Mumu, Omo ode. You don't ever mind your business.

  2. National Assemblies has nothing to do in this matter, it's a private enterprise and not under obligation. This seen as an enterprise who succeeded and it's willing to help the unfortunate citizens in Nigerian who could not get government attention. This has nothing to do with National Assembly, nobody is compelled to join, life is all about risk. National Assemblies members has Nigerian enough troubles to sort out, to move this country out of her present state of mess.


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