It has been confirmed by the Economic and Financial Crimes Commission, EFCC, that the operations of MMM Nigeria is currently being investigated by the agency. This was revealed by the spokesman of the EFCC, Wilson Uwujaren, during an interview with Daily Post.
Speaking on the sidelines of a training programme in Port Harcourt, Uwujaren also disclosed that other online schemes that promise huge returns on investments were also under surveillance.
Recall that one week ago, the House of Representatives gave an order to its committee on banking, currency, and financial crimes to investigate the activities of MMM scheme in Nigeria. It also directed all law enforcement agencies to start arresting those promoting the MMM Ponzi scheme.
However, Mr. Wilson Uwujaren said the House of Representatives cannot direct the EFCC to investigate what he described as faceless wonder bank like MMM.
“We can only arrest people based on the evidence that we have. The House made a resolution but the resolution is a public announcement.
“We have always been advising people not to patronize wonder banks because experience over time has shown that their activities are not sustainable.
“If you get involved in it, you will eventually get hurt. What we are currently doing is to sensitize people. We know people want to make quick money as a result of recession through this MMM.
“The unfortunate thing about this MMM is that it is not a Nigerian firm but we are looking at and we will still tell the media whatever we find out.”
The Central Bank of Nigeria (CBN) has warned Nigerians against patronizing the scheme which it said was fraudulent, not regulated and not in tandem with any known business model.
Unfortunately, all these warning have fallen on deaf ears as more and more Nigerians are investing in MMM with promoters of the scheme always quick to criticize anyone who tries to advise them against investing in the ponzi scheme.