MMM accounts remain frozen, members lobby House of Reps to legalise scheme

MMM participants want legalisation of suspected ponzi scheme
MMM participants want legalisation of suspected ponzi scheme

Advocates and subscribers of Mavrodi Mondial Moneybox (MMM) are never going to give up. They are hell bent on keeping the suspected ponzi scheme running.

Among all other pressing issues lawmakers will be faced with when plenary session resumes January 10, they will also have to deliberate on legalising ponzi schemes, if the scheme’s disciples have their way that is.

The scheme’s advocates are demanding a meeting with the House of Representatives’ committees on finance and banking and currency to seek government’s recognition.

Reports reveal that the MMM community in Abuja are planning to submit a proposal for the amendment of the Banking and Other Financial Institutions Acts (BOFIA).

They want to legalise the operations of the scheme and similar money-making initiatives in the country, New Telegraph reports.

A member of the steering committee of the MMM community, Chief Mike Chukwuma said in a statement: “We, the MMM family, are planning a meeting with the lawmakers in the House of Representatives. We want to discuss with both the committee on finance and that of banking and currency on the need to give MMM legal backing in the country.

“I am a beneficiary and I can attest to the fact that MMM came as a saviour to most of us; if not, the economic recession that this change government brought would have consumed most families.

“MMM has revived most businesses that were down, it has reunited families that were torn apart because of financial challenges and I can tell you it is putting food on our tables.”

Chukwuma, who boasted that “it is difficult to dissuade Nigerians from investing in MMM, especially those of us who have seen its usefulness,” said members “have engaged the services of financial experts and lawyers to draft a bill, which is aimed at amending the BOFIA law.”

They are in a process to establish contact with the Banking and Currency Committee chair, Hon. Jones Onyereri and his colleague in finance, he said.

Nigerians who invested in the scheme are still patiently waiting to see if their accounts would be unfrozen on January 14 as promised.

Participants have suffered varying degrees of meltdown since the announcement of the freeze in December.

Plenary session resumes in a few days and Senate has said it would launch an investigation into southern Kaduna killings upon resumption.