Popular Ponzi scheme
According to the
Despite the revelation that MMM is a Ponzi scheme and CBN advising Nigerians not to invest in it, MMM has grown in popularity as more Nigerians are signing up.
MMM Nigeria donated relief materials worth N5 million to two Internally Displaced Persons (IDPs) camps in the Federal Capital Territory.
The News Agency of Nigeria (NAN) reports that the gesture was part of the community’s humanitarian week tagged ‘MMM cares’ to mark its one year anniversary on Saturday, November 19, 2016
The Gwoza and Bama IDP Camp located in Durumi area and the New Kuchingoro IDP camp were the two beneficiaries of the relief materials.
Bags of rice, beans, Garri, as well as cartons of beverages and noodles, were some of the items donated by the group.
The group also donated clothing, drugs, and educational materials for the pupils among them.
The Economic and Financial Crimes Commission (EFCC) is investigating the Mavrodi Mondial Movement (MMM) investment scheme, its spokesperson has said.
EFCC spokesman, Wilson Uwujaren, also spoke on the House of Representatives order to shut down the scheme.
“We can only arrest people based on the evidence that we have. The House made a resolution but the resolution is a public announcement,” Uwujaren told Daily Post.
The Central Bank of Nigeria (CBN) had earlier warned Nigerians not to participate in the scheme.