MMM NIGERIA IN TROUBLE AS NIGERIA LAWMAKERS MOVE AGAINST IT.

1. MMM NIGERIA FACES ANOTHER HURDLE

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3. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   .....with a view to saving Nigerians participating in the scheme from financial ruin.

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4. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   The House, therefore, mandated the Committees on Banking&Currency, and Financial Crimes to investigate the activities of MMM Nigeria...

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5. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   The CBN has also declared the scheme fraudulent & the situation is worrisome because Nigerians had been victims of such schemes in the past

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6. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   Members expressed concern that the scheme is not regulated by any law & Nigerians participating stand the risk of losing their investments.

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7. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   The scheme was also reportedly banned in China as it was considered a pyramid scheme with potential to wreak havoc on the financial system.

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8. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   ....launched in Russia where investors lost money running into millions of Dollars.

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9. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

   .....cannot guarantee security of investments in the long run, and reports indicate that similar schemes by its founders had been....

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10. Rt Hon Yakubu Dogara ‏@SpeakerDogara  2h2 hours ago

    The House also adopted a motion on the need for caution on the Mavrodi Mondial Moneybox (MMM) scheme, as the antecedents of its founders...

The House of Representatives on Wednesday called on law enforcement agencies to track down promoters of a “questionable” investment scheme popularly known as ‘MMM.’
The lower chamber also mandated its committees on banking and currency and financial crimes to investigate the scheme.