Senate Moves To Expose Banks Aiding MMM Ponzi Scheme

Advertisement

The Nigeria Senate on Thursday vowed to expose all commercial banks in the country used by discredited MMM Ponzi scheme. 

The Vice Chairman, Senate Committee on Information and Communication Technology (ICT) and Cybercrime, Foster Ogola, stated this during an interactive session with banks executives on cybercrime.

The upper chamber said the exposure of the banks used for MMM became necessary so that the affected banks would face appropriate sanctions. According to him, exposing the banks used for the deal would help to prevent such fraud in future.

Also Read: Diezani Loot More Notorious Than Abacha’s, Only 15% Recovered – Magu

He also said the Senate would come up with a legislation making digital education compulsory in both primary and secondary schools in Nigeria.

Ogola said:

We need to secure our cyberspace and financial sector against all forms of crimes or frauds as seen with the MMM operators, who came in collaborations with insiders, expressly entered into the banking system, duped Nigerians and bolted out.

We have to stop anything meant to defraud us from getting or hacking into our digital system. The first step now is to expose all the banks involved in the MMM fraud.

As a chartered fraud examiner, when the scam called MMM Ponzi scheme came with its 30 per cent interest rate in 30 days early last year, I told people that it was a fraud but many refused to listen and some of them later learnt their lessons in bitter ways.

The MMM Ponzi scheme grounded to a halt in December last year after several warnings by financial regulators about the sustainability of the scheme.

Also Read: Tompolo Speaks From Exile: I Will Avenge My Fathers Death

However, the scheme bounced back in March and commenced payments and has slowly began to attract Nigerians back into the fold.

It is also striking to observe that the scheme has gone about its business with less publicity and fanfare than it did last year.