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.
The MMM is a deposit money scheme that promises a 30 per cent interest on investment per month.
Despite its popularity amongst Nigerians of all classes, critics maintain that the business is a Ponzi scheme because its operators use money from earlier investors to pay later investors.
Those behind the venture are not known to the Nigerian regulatory agencies, including the Central Bank and the Nigerian Deposit Insurance Corporation.
The business is also said not to have been registered with the Corporate Affairs Commission, making it difficult to identify its promoters.
Regulatory and anti-corruption agencies had earlier warned Nigerians against participating in the scheme.
But lawmakers said members of a syndicate who conduct seminars to train people on how to invest in the business should be arrested.
The development followed a motion of urgent national importance raised by Akinlade Fijabi from Oyo State, who described MMM as a ‘Rob Peter to Pay Paul Scheme’.
Mr. Fijabi said the operators of MMM are exploiting the economic situation of Nigerians that had left them desperate for income through any means without considering the implications.
Another lawmaker from Ondo State, Bode Ayorinde, said lawmakers should be concerned because they will likely be inundated with petitions if the scheme goes burst.
“When the business goes burst, it is the same House that people will flood with petitions,” Mr. Ayorinde said.
An Enugu lawmaker, Dennis Amadi, said the House should save Nigerians from themselves, because the collapse of MMM could make many commit suicide.
“The House will not wait until these crooks defraud Nigerians of billions of naira or until people start committing suicide,” Mr. Amadi said.
Speaker Yakubu Dogara ruled that the motion was adopted and urged the committee to expedite its investigation and report back to House within four weeks.
Source: Premium Times
Tinubu Hails Protesters, Carpets Hoodlums, Pleads For Cessation
The APC National leader also commended Nigerian youths for the level of organisation that went into the protests, saying it showed a new level of consciousness that could strengthen Nigeria’s democracy.
He, however, warned the protesters against creating a platform that would lead to the destruction of Nigeria’s democratic process.
Tinubu pointed out that protesters must not abuse their right of demonstration by impeding the country’s democratic rights.
He, however, stated that the protesters must admit that President Muhammadu Buhari had “acted with commendable dispatch by not only scrapping SARS but also accepting the five-point demand that triggered the protests.”
He said it would only be fair for the youths to call off the protests and give the regime a chance to implement the reforms they had demanded.
Tinubu urged the youths to be careful not to fritter away the considerable gains they had made within a very short period with “lack of moderation and strategic thinking.”
He also condemned hoodlums who had begun to take advantage of the protests to perpetrate violence and disrupt civil life.
#EndSARS: Hoodlums Have Hijacked Edo Protest – Deputy Governor
“Hoodlums actually have taken over the exercise,” Mr. Shaibu said.
The deputy governor’s statement comes following the jail break by hoodlums in Benin City, the state capital.
Mr. Shaibu made this known while speaking on Channels Television’s Politics Today.
He revealed that many persons injured in the attack, he, however, could not confirm how many persons were killed.
He also stated that many inmates escaped from the prison, however, was not specific on how many.
He pleaded with the protesters to give the government a chance to implement the demands already made.
‘#EndSARS One Of The Most Successful Protest In Nigeria’: Lai Mohammed
He noted that after the #EndSARS protest Nigerians will experience a better country where fundamental human rights will be respected.
Mohammed stated this while speaking at a Special NAN Forum on Monday in Abuja.
He pointed out that the Federal Government would be able to act if the protesters end the protest and allow the Government to attend to their demands
The Minister expressed that the protest has been hijacked by hoodlums and people with a selfish motive to destabilise the country.
He said the government had started the process of unprecedented reform of the police and the entire internal security structure following the #EndSARS protest.
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