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House Of Reps Orders Arrest Of MMM Promoters

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MMM

MMM

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

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1 Comment

1 Comment

  1. Manto

    November 10, 2016 at 8:31 am

    they’re all mad. they don’t want anything good for the poor masses at all. why have they arrested the idiotic senators who go home with Ghana must go of money after every sitting.

    MMM does not take money from anyone, the payments are done by individuals to individuals.

    Rubbish… MMM must continue
    after they have dragged the economy to the mud, they don’t want us to look for a way forward….

    idiots

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National News

Tinubu Hails Protesters, Carpets Hoodlums, Pleads For Cessation

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Bola Tinubu
Tinubu Hails Protesters, Carpets Hoodlums, Pleads For Cessation

Bola Tinubu

Former Governor of Lagos State, Bola Ahmed Tinubu has hailed young Nigerians for leading the #EndSARS protests across the nation against police brutality.

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.

Also Read: ‘#EndSARS One Of The Most Successful Protest In Nigeria’: Lai Mohammed

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.

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#EndSARS: Hoodlums Have Hijacked Edo Protest – Deputy Governor

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#EndSARS: Hoodlums Have Hijacked The Protest In Benin – Edo Deputy Governor
#EndSARS: Hoodlums Have Hijacked The Protest In Benin – Edo Deputy Governor

Philip Shaibu

Deputy Governor of Edo State, Philip Shaibu has stated that hoodlums have hijacked the #EndSARS protest in Benin.

“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.

Also Read: #EndSARS Protest: Edo Govt Sets-Up Judicial Panel

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.

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‘#EndSARS One Of The Most Successful Protest In Nigeria’: Lai Mohammed

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Lai Mohammed
'#EndSARS One Of The Most Successful Protest In Nigeria': Lai Mohammed

Lai Mohammed

The Minister of Information and Culture, Lai Mohammed, has described the ongoing #EndSARS protests against police brutality as one of the most successful movements in Nigeria.

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.

Also Read: Nigerian Youth Have Right To Protest, Says President Buhari

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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