MMM Nigeria subscribers allegedly set to meet National Assembly, to legalise scheme

The controversial Ponzi scheme, Mavrodi Mondial Moneybox (MMM), Nigeria subscribers are undaunted despite temporary closure of the operations as they plan to meet with the House of Representatives’ committees on finance and banking and currency to seek for government’s recognition of the scheme.


The MMM community in Abuja, which is coordinating the planned meeting, said it hopes to submit a proposal for the amendment of the Banking and Other Financial Institutions Acts (BOFIA) to legalise the operations of the scheme and similar money initiatives in the country.

A member of the steering committee of the MMM community, Chief Mike Chukwuma, who told New Telegraph, that MMM has helped immensely in easing the pains of recession.

He said instead of discouraging Nigerians from participating in the financial self-help scheme, the government should rather legalise its activities so that it could be monitored and regulated.

Recall that theHouse of representatives had, in November last year, passed a resolution seeking the abolition of the financial policy and probe of its promoters in the country.

The resolution was sequel to the adoption of a motion moved by Saheed Akinade Fijabi (APC, Oyo) who lamented the widespread acceptance by Nigerians of the unregulated scheme, established in 1989 by three Russian nationals with a promise that participants would make 30 per cent on investment after 30 days.