Following the decision of the House of Representatives to direct and issue warning to the Central Bank of Nigeria and the Economic and Financial Crimes Commission to immediately arrest promoters of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria, a member of the group has come out to defend it.
Ibraheem Musa Usman from Kano made a video to defend the investment scheme and blasted the House of Representatives for trying to tarnish the image of the promoters and the business scheme. He urged the House of Representatives to set their priorities straight instead of poke-nosing into affairs that doesn’t concern them.
It has been argued that the scheme is something encouraging as it delivers for most Nigerians who have been bashed by the harsh economic recession. Many people have called for a more friendly negotiation between the promoters and the CBN whereby the scheme can be registered and an office created for any avoidance of doubt.
Usman called on CBN and the House of Representatives to desist from tarnishing the image of the scheme as many Nigerians have now been made to believe that the business scheme is scam.
It would be recalled that the House of Representatives on Wednesday, ordered the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately go after the promoters. It specifically asked the EFCC to arrest MMM promoters and prosecute them. Most of the lawmakers who added to the discussion opposed the investment scheme and labeled it scam.
MMM gained popularity recently in Nigeria following the current economic recession in the country. MMM Global has swept across Africa, with branches promising returns on investment of 30 per cent a month in South Africa, Zimbabwe, Nigeria and some east African states.
It is masterminded by the former Russian politician Sergey Mavrodi, who went on the run when the original MMM – standing for Mavrodi Mondial Moneybox – collapsed in the late 1990s, losing investors an estimated $100m.
The lawmakers warned Nigerians to be careful as this is yet another trick investment fraudsters use to attract people before vanishing with their money. The House 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.
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