The Lower Chamber of Nigeria National Assembly, House of
Representatives has called on Nigerians to desist from investing in the Mavrodi
Monrodi Moneybox scheme popularly known as MMM or risk loss of their funds.
This call was unanimous adopted by the green Chamber after
the motion was moved by Rep. Saheed Akinade-Fajabi (Oyo-APC) at plenary on
Wednesday in Abuja.
According to Akinade-Fajabi, in the motion disclosed that
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 that the structure and operations of the scheme
indicated otherwise as clients could have multi-level structures under them and
earn bonus. He said that 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.
He stated further
that the scheme entered Nigeria in 2016, capitalising on the high level of
unemployment and poverty in the country to deceive and make Nigerians fall prey
of their antics.
He said that 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 could be recalled
that last week, the Central Bank of Nigeria (CBN) had admonished Nigerians on
the MMM scheme, saying it was fraudulent.
Meanwhile, in his ruling, the Speaker of the House, Mr
Yakubu Dugara, mandated the Committee on Banking and Currency to investigate
the scheme with the view of saving Nigerians participating in it from financial
disaster.
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