- House of Reps orders EFCC, Security operatives to arrest MMM promoters in Nigeria
- Makes moves to wreck MMM Nigeria
- MMM promoters, investors to land in EFCC custody soon
- The lawmakers announce total clamdown on MMM promoters
Let’s assume you invested N500, 000 in MMM, within some weeks you got 30% interest, and you’re later told it’s a scam. It’ll be difficult to believe it is.
30% interest on top of N500, 000 is a huge incredible turnover on investment which is still difficult to explain. Even an oil company can’t give you that turnover within such short period of time.
MMM means Mavrodi Mondial Moneybox.
The investment scheme has a Russian origin and “involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within one month.”
But let’s face it: such investor will become adamant and possibly see anyone who campaigns for the downfall of MMM as the “enemy of progress.”
And indeed I’ve seen and read successful MMM investors who called MMM enemies as ‘saboteurs of progress.’
That’s exactly the scenario in Nigeria and for Nigerian MMM investors.
Banking regulatory bodies and other financial services issued strong warnings to Nigerians about the high risk involved in the investment scheme, MMM, which has become addiction to some Nigerians who have been raking in 30% interest on every investment since the ponzi scheme penetrated Nigerian market early 2016.
This time, Nigeria’s Lower Chamber is ready to apply stiffer measure to discourage Nigerians from patronizing MMM Nigeria.
The House Wednesday asked the anti-graft agency Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters of ‘MMM’ in Nigeria.
MMM’s popularity and acceptance by the teeming unemployed Nigerian youths is incredibly shocking.
At the moment, some Nigerian bank officials engage in MMM deal, and are even MMM promoters.
YES! Quote me.
They do so in much secrecy, and only promote it to their “trusted” customers after banking hours.
The lawmakers say they strongly oppose the investment scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country.
|Revelation! MMM victim reveals how he lost over N500, 000|
At the time of writing this piece (November 11, 2016, 0024hrs), the domain name Nigeria-mmm.net according to alexa is ranked No.23 in Nigeria, and 5,670 in the world.
But it’s popularity has also touched the United States, where it’s ranked No.33, 734; United Kingdom, where it’s ranked No.10, 098; and China, ranking No.38,959.
Only Gtbank.com, a Nigerian bank domain ranks above Nigeria-mmm.net, that how popular the scheme is among financial “operators.”
But, reps described the scheme as a “scam” and warned Nigerians not to be carried away by the “mouth-watering” returns on investments.
Lawmakers warned that the “trick” used by the operators was to attract as many Nigerians as possible to invest substantial amounts of money before bringing down the entire system.
The House directed the EFCC, security agencies and the CBN to take urgent steps to halt the scheme before many Nigerians become victims of the scam.
It also asked its Committees on Banking/Currency and Financial Crimes to investigate the activities of MMM Nigeria Scheme, “with a view to saving Nigerians participating in the scheme from you financial ruin.”
The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.
Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency said, “The scheme entered the Nigerian circle in 2016, capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics.”
He said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.
As at now, MMM has recorded numerous success stories in Nigeria, but a Nigerian Chinese-based Muhammad Aminho reveals to us lately how he lost over N500, 000 to MMM, Nigerians may soon begin to experience the same thing just as it has crashed in some countries.
Over to you…
Are you a MMM investor, share your experience and stories with us.