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National Assembly Orders Arrest MMM Promoters

Lawmakers say MMM scheme promoters are fraudsters exploiting Nigeria’s current poor economic condition to defraud them – The House of Reps...

Lawmakers say MMM scheme promoters are fraudsters exploiting Nigeria’s current poor economic condition to defraud them

– The House of Reps members say all those promoting MMM should be promptly arrested by law enforcement agencies across Nigeria

The House of Representatives has ordered all law enforcement agencies to start arresting those promoting the MMM Ponzi scheme. The lower house of legislature on Wednesday, November 9 agreed that the scheme meant trouble for Nigerians and should therefore be stopped. Anybody found promoting would be treated as a criminal and arrested by security agencies.

The legislators moved the motion as a matter of urgent national importance after discovering members of a syndicate who conduct seminars to train people on how to invest in the business. The motion was raised by Akinlade Fijabi from Oyo State, who described MMM as a ‘Rob Peter to Pay Paul Scheme’ which is 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: “When the business goes burst, it is the same House that people will flood with petitions.”  until it crashes Enugu lawmaker Dennis Amadi said the House should protect Nigerians because the collapse of MMM could make many commit suicide. “The House will not wait until these crooks defraud Nigerians of billions of naira or until people start committing suicide,” he said. NAIJ recalls that the Central Bank of Nigeria (CBN) has warned Nigerians against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company. Speaking during a mentoring program for students of Government Secondary School, Suleja, the head of the consumer protection department of the CBN Kadija Kassim said the activities of the scheme is not regulated by any institution.

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