Lawmakers charge Police, DSS to crack down on MMM promoters in Nigeria

By Odunewu Segun

The Nigerian House of Representatives has called on law enforcement agencies to crack down on the promoters of a questionable investment scheme popularly known as MMM.
In a resolution during plenary on Wednesday, November 9, the House of Reps asked its committees on Banking, Currency and Financial Crimes to investigate the scheme.

Speaking at the session, Hon Denis Amadi from Enugu State urged the House to act fast in the nation’s interest before MMM goes away with investors’ funds like everyone expects it to.

“The House will not wait until these crooks defraud Nigerians of billions of Naira or until people start committing suicide,” Amadi said.

The House committees charged with investigating the activities of MMM will report to Speaker Yakubu Dogara and the rest of the lawmakers in another month.

However, some of the scheme customers have come out to defend it. One of the investors who craved for anonymity told National Daily that MMM is suffering from a gang up from the banks and the regulator.

“No one is cheating another. You contribute to make others smile, which also will be done onto you. The banks are just jealous because MMM has been taking away their customers”, he explained.

MMM prides itself as a “global social financial network” which “offers you a technical platform helping millions of participants worldwide to connect those who need help to those who are ready to provide help, for free”.

The organisation also says it is “a community of people providing each other financial help on the principle of gratuitousness, reciprocity and benevolence”

The organisation commenced operations in Russia but was forced to close shop in that European country in the ’90s following concerns about its business model.

MMM was also called out for scamming its customers in South Africa and Zimbabwe.
Financial analysts say MMM relocated to Nigeria after it failed in other countries in a bid to continue its exploitation game in Africa’s biggest market.

The MMM deposit money scheme promises a 30 percent monthly interest on investment for its customers.