Nigerian Lawmakers have vowed to go after the characters behind MMM. The legislature considers MMM a fraud
On Wednesday, November 9, 2016, the House of Representatives called on law enforcement to crack down on "promoters of a “questionable” investment scheme popularly known as ‘MMM.’
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".
However, critics of the organisation have begged to differ.
MMM's reputation as a Ponzi scheme precedes it, its critics say.
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.
But MMM advocates in Nigeria have told Pulse that the "noble" organisation is suffering from a gang up from the banks and the regulator--Central Bank of Nigeria (CBN).
"Stop witch-hunting MMM!", a gentleman who is a depositor with the 'wonder bank' warned Pulse, adding that "MMM is sincere and honest enough to those that are not greedy and money mongers.
"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", said the gentleman.
The MMM deposit money scheme promises a 30 percent monthly interest on investment for its customers.
The CBN has warned Nigerians to be wary of MMM's devices, but only few are listening.
"If the people involved in Naira bet open shops publicly, go to media houses and are not criminalised, why should our mutual help become their headache? Haba, this is wickedness! Let them return the money they donated for themselves to become President and we will stop helping ourselves", one MMM disciple wrote to Pulse via E-mail.
However, in a resolution during plenary today, the House of Reps asked its committees on Banking, Currency and Financial Crimes to investigate the scheme.
MMM isn't registered with regulatory agencies and isn't on the books of the Corporate Affairs Commission (CAC).
"It is a rob Peter to pay Paul scheme", said Hon Akinlade Fijabi from Oyo State.
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Hon Dennis Amadi from Enugu State urged the House to act fast in the nation's interest before MMM goes burst with investor 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.
MMM customers won't let Lawmakers have their way, however.
"Those antagonising us are exhibiting ignorance. When Jonathan and Buhari were running for Presidency, it was not a crime to gather Nigerians to donate for them....it is now an offence for poor masses to come together to assist one another", an MMM surrogate told Pulse.
A group of MMM choristers went as far as putting together a song which earned a spot on the viral charts last week.
The catchy chorus, directed at members of the public, contained the following words: "mind your business."