‘It’s a scam': Nigerians warned against investing in MMM

The house of representatives has vowed to
investigate the Monrodi Moneybox (MMM) scheme
in a bid to “save Nigerians from falling prey to
fraudsters”.
The rate of Nigerians investing in the MMM scheme
has been on the rise in the last three months.
The resolution of the house to investigate the
scheme was sequel to a motion sponsored by
Saheed Fijabi.
While moving the motion, Fijabi noted that the
scheme was set up by three Russian nationals in
1989.
He said clients were made to invest monies with
the hope to make 30 percent interest in 30 days.
Fijabi said the scheme had no legal backing.
“The scheme’s structure and operations indicate
otherwise as their clients can have multi-level
structures under them and receive bonus (in
percentage) from each financial transaction of every
participant in their structures,” the legislator told
the house.
“It is worthy of note that the government of China
banned the operations of MMM on the ground that
it was a payment pyramid scheme without
registration in the country and has the capacity to
cause financial havoc in the system.”
He said that the scheme capitalised on the high
level of unemployment and poverty in the country.
On his part, Leo Ogor, minority leader of the
house, said it was not possible to invest one naira
in a business and get back one hundred naira as
profit.
“This whole thing is a scam. The Central Bank
should warn the public to avoid falling victim of it.
There is no where in the world somebody will
invest one naira in a business and get back one
hundred naira as profit,” he said.
The house mandated its committees on banking
and currency to investigate the scheme and report
back for further legislative action.
The house adopted the motion after it was put to a
voice vote, with the “ayes” having it.


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