Business Hilights
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Relief as NASS orders arrest of drivers of ‘MMM’ wonder bank

Considering the growing cases of bolting away with people’s hard earned money and the strange nature of the business, the House of Representatives on Wednesday asked the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately go after the promoters Mavrodi Mondial Moneybox, (MMM) in Nigeria.

Already, over 30 victims are now sending their petitions to the EFCC office in Enugu as one of the promoters in the state, though already arrested have bolted away over N4bn.

At plenary yesterday, lawmakers strongly opposed the investment scheme, which seems to be relying on the lack of job syndrome and recession to grow as a business with high risk.

One of the key strategies of the business according to investigations is that MMM promises 30 per cent return on deposit for any money put into the scheme within 30 days, but what the money will be used so as to yield the percentage was not known.

Observers say 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.”

However, lawmakers clearly described the scheme as a “scam” and warned Nigerians not to be carried away by the “mouth-watering” returns on investments.

The House therefore directed the EFCC, security agencies and the CBN to take urgent steps to halt the scheme before many Nigerians would become victims of the scam.

MMM was not regulated by law or approved by the CBN as a secure business venture in Nigeria.