Skip to main content

Reps warn Nigerians against investing in MMM commission’s


House of Representatives has warned Nigerians to desist from investing in the Mavrodi Monrodi Moneybox scheme popularly known as MMM or risk loss of their funds.

The call was sequel to a unanimous adoption of a motion by Rep. Saheed Akinade-Fajabi (Oyo-APC) at plenary on Wednesday in Abuja.


Akinade-Fajabi, in the motion earlier, said the scheme was set up by three Russian nationals in 1989 and that clients were made to invest monies with the hope to make 30 per cent interest in 30 days.

He said the structure and operations of the scheme indicated otherwise as clients could have multi-level structures under them and earn bonus.

He said the scheme prided itself as a mutual fund through which recruited clients contributed money in form of assistance without any intent to engage in banking business.

According to the lawmaker, the scheme entered Nigeria in 2016, capitalising on the high-level unemployment and poverty in the country to deceive and make Nigerians fall prey of their antics.

He said a similar scheme had been launched in Russia by the same founder where investors lost millions of dollars, adding that the scheme had been banned in China to avert “financial havoc’’.

It would be recalled that the Central Bank of Nigeria, CBN, had admonished Nigerians on the MMM scheme, saying it was fraudulent.

In his ruling, the Speaker of the House, Mr Yakubu Dogara, mandated the Committee on Banking and Currency to investigate the scheme with the view of saving Nigerians participating in it from financial disaster.

Comments

Post a Comment

Popular posts from this blog

Omagbemi frees Angels, Queens for Fed Cup final

Super Falcons’ Head Coach, Florence Omagbemi, has elected to release players of Rivers Angels and Bayelsa Queens in the Senior Women National Team camp for Sunday’s potentially explosive women Federation Cup final between both teams in Lagos. Omagbemi The member of FIFA Technical Study said the ladies would be allowed to leave the team’s camp in Abuja to travel to Lagos for the big clash, which starts at 1pm at the Teslim Balogun Stadium on Sunday. That decision has freed Angels’ half dozen of goalkeeper Ibubeleye Whyte, defenders Osinachi Ohale, Ugo Njoku and Gladys Akpa and midfielders Chioma Wogu and Glory Iroka to be part of the glamour event, to be attended by the Governors of Lagos, Anambra, Nasarawa, Bayelsa and Rivers States. Bayelsa Queens’ duo of goalkeeper Alaba Jonathan and playmaker Osarenoma Igbinovia will also be on duty. The involvement of the Super Falcons’ stars will certainly boost the quality of the final match, and ensure the two teams do not miss their Falco...
Post a Comment
Read more

Supreme Court doesn’t need 21 justices – CJN

The acting Chief Justice of Nigeria, Justice Walter Onnoghen, has said appointing more judges or increasing the number of courtrooms are not the solutions to the problem of delayed justice dispensation in the country. The acting CJN said the Court of Appeal and the Supreme Court would  remain congested so long as the number of appeals proceeding there from the high courts was not regulated. Justice Onnoghen also argued that it was erroneous to believe that delay at the Supreme Court was as a result of not having up to 21 Justices prescribed by the constitution. He noted hat even the United States of America, with a higher population, had only nine Supreme Court Justices. He argued that the current 17 Justices on the Supreme Court bench were just enough for the country, if the number of appeals proceeding to the appellate and apex courts was regulated. Justice Onnoghen made this argument on Monday in Lagos while inaugurating the newly refurbished building of the Lagos Division o...
Post a Comment
Read more

Trump ex-aide Paul Manafort 'offered to help Putin'

US President Donald Trump's one-time campaign chairman secretly worked for a Russian billionaire to assist President Vladimir Putin, the Associated Press (AP) news agency reports. Paul Manafort is said to have proposed a strategy to nullify anti-Russian opposition across former Soviet republics a decade ago. AP says documents and interviews support its claims about Mr Manafort. Mr Manafort has insisted that he never worked for Russian interests. He worked as Mr Trump's unpaid campaign chairman from March until August last year, including the period during which the flamboyant New York billionaire clinched the Republican nomination. He resigned after AP revealed that he had co-ordinated a secret Washington lobbying operation on behalf of Ukraine's ruling pro-Russian political party until 2014. Newly obtained business records link Mr Manafort more directly to Mr Putin's interests in the region, AP says. Donald Trump unpaid Campaign Chairman It ...
Post a Comment
Read more