National Assembly Orders The Arrest Of The MMM Promoters

Lawmakers 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.'
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The lower chanmber 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.