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It is bad news for the promoters of Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria as the House of Representatives on Wednesday, ordered the Economic and Financial Crimes Commission(EFCC) and the Central Bank of Nigeria (CBN) to immediately go after the promoters.

It specifically asked the EFCC to arrest MMM promoters and prosecute them. Most of the lawmakers who added to the discussion opposed the investment scheme and labeled it scam.

MMM gained popularity recently in Nigeria following the current economic recession in the country.

MMM Global has swept across Africa, with branches promising returns on investment of 30 per cent a month in South Africa, Zimbabwe, Nigeria and some east African states.

It is masterminded by the former Russian politician Sergey Mavrodi, who went on the run when the original MMM – standing for Mavrodi Mondial Moneybox – collapsed in the late 1990s, losing investors an estimated $100m.

On its website, MMM Global unashamedly advertises itself as a scheme whereby new members “assist” older members by paying a fee to join.

Older members are allowed to withdraw money after a certain period of time, and receive bonuses for encouraging others to sign up.

The lawmakers warned Nigerians to be careful as this is yet another trick investment fraudsters use to attract people before vanishing with their money.

The House directed the EFCC, security agencies and the CBN to take urgent steps to halt the scheme before many Nigerians would become victims of the scam.

The House further directed it Committees on Banking/Currency and Financial Crimes to investigate the activities of MMM Nigeria Scheme, “with a view to saving Nigerians participating in the scheme from you financial ruin.”

The Chairman, House Committee on Telecommunications, Mr. Saheed Fijabi, had in a motion, drawn the attention of the House to the growing popularity of the scheme among Nigerians.

Fijabi, an All Progressives Congress lawmaker from Oyo State, represents Ibadan-South/West Federal Constituency.

“The scheme entered the Nigerian circle in 2016, capitalising on the high level of unemployment and poverty to deceive unwary Nigerians into falling prey to their antics”, Fijabi stated.

He said the fact that MMM was not regulated by law or approved by the CBN as a secure business venture, made Nigerians more vulnerable.

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440 COMMENTS

  1. Lol…very soon..an end would come to MMM,wise ones would start withdrawing their money now while d foolish one will be proving stubborn with d FG,but no job and people engaged themselves in this and FG is angry,na wa o

  3. House of reps,you people have refuse to represent them,now they want to represent themselves,you started ranting…………..House of reps. your fathers….I repeat am your fathers

  8. Persecute?? When did house of rep start doing that?
    How about those qays and lesbians wen will dy order for dia persecution…
    MMM has come to save Nigerians and who ever is against it is just a hater,selfish and greedy person who dont want people to survive..

  16. I was expecting this rubbish, because all the banks are on the loosing side they will spend all their money to ensure that MMM will stop operating in Nigeria. But God will surely show poor masses another way out

  19. MMM promoters should sue EFCC to court…international court if possible so that they can’t manipulate the verdict like they do in all their life dealings…I’m no MMM participant but at the same time I nor be bad belle…I can’t support a government that don’t feed it’s people and still plan on stopping people from feeding themselves….total rubbish

    • Mr Alimi Ammed Adekunle…Thank u for yo clarification but the fact remains the people investing are fully aware of the risks and chose to invest of their own free will…nobody has forced any scheme down anyone’s throat…and they are all coping with it so where does this concern government?…no government funds have been taken under any registered government name to partake in this…its all individual responsibilities so WHY!!! is the parliament disturbed?

    • If well registered as financial cooperation or institution with Government with required capital base and deposits with the apex bank with their Insurance certificate

      No Government nor Agency can order their closure or arrest of any of the staff if those requirements are met, this is just to protect people’s interest and their investment.

    • @Mr Alimi Ammed Adekunle…that’s the point it demands to be free of the government’s involvement because these are individuals of various orientations transacting amongst themselves and the government is forcefully demanding to be involved using underated approach tagged “registration” and “licensing”…i invested 100k in a poultry biz and got my returns as stated I didn’t have to register to do that and got my money back…same approach with MMM investors..government is just being a greedy glutton wanting to reap from where they didn’t sow

    • Mr alimi oooo …. Me self i dont believe u are d one saying dis … Are dey suppose to go and register d platform … Was facebook registered with nigerian government … Even other platform where people make money like helping hands and d rest … Why is everyone focused on d mmm … Even some top men are doing dis business … Investing millions and being paid millions …

    • Please if the participants n investors can come together..and fight this government encroachment publicly for the whole world to see If they dare try to make arrest or any form of intimidation…total rubbish..ahn ahn..how can a government be this bad and evil…let me just state cos I’m sure this isn’t Buhari’s handwork so I can’t put the blame on him..It is the hand work of the greedy gluttons that have been hiding in civil offices under the guise of public service…The rubbish they eat from their corrupt lives have turned their hearts n brain stone dead so they will even take breast milk out a suckling baby’s mouth…And I say to them the wrath of God coupled with Karma will be heavy upon their lives when it does come…its not an empty threat …i stand for free citizens…u can’t keep milking people that way it must come to an end…#idevex

  20. This is the last straw.This our leaders are really confused. How can you take away the livelihood of so many Nigerians. Do you know the thousands of Nigerians that have invested in mmm? Is the government going to compensate them for this? Hell no they won’t. Its time for Nigerians to take their destinies in their hands.This is just a govt of confusion no sense of direction what so ever .Just passing Sha

  21. Dis ppl ar evil! D want to fruastrate ppl in dis recession! Meanwhile, d just want d poor keep getting poorer n d Rich getting richer! God will destroy dia house hold,if d dare try to block our way!

  26. If MMM promoter should be arrested n prosecuted, what happens to all of you politicians that have sworn that this country will never develop as a result of massive looting of the treasury that have given server pains to the masses… God will judge and punish all of you politicians

  32. In Order To Still Be Relevant In Social Network and Gather More Traffics To Their #MonetizedBlogs…#Yabaleft and Co Are Coming Out With Catchy Phrases So That People Can Click and They Make Money…

    My Dear #Yabaleft,,Ara Gbaa Unu Nile Ebe Ahu….You Guyz No Fit Poison The Hearts/Minds Of People 2Start Running Helta Skelta..

    #MMM Is Here,and We Will Make Sure It Grows Wella…#NdiAra…

  38. Most Nigeria believed in fire brigade attitude because of money, l can testified before any of m m m director that the business is Froude. Pls good people’s of my nation mmm is 419. I remember wounder bank, forum, & of resent at shomolu when a group of Fraud master campaign that Canada needed 15,000 works men & all yu need to pay is100,000 at the end what happened voice mail after 100000# of people’s have paid

    • Bro…even if na scam..its their personal investment and choice and risk…where e take concern anybody but the investors?..don’t be an enemy of another man’s progress

    • As unemployment, lay-offs and low borrowing hit Nigeria hard, MMM came, offering participants an online Nigerian community that can give thirty percent rewards on their donations to each other.
      MMM Nigeria has been greeted with applause from many and tough criticism and scepticism from others. From the security man who has to live on peanuts to the chief executive who cannot access bank loans, everyone seems to feel richer and comfortable not necessarily because they have a lot of cash but because they have “confidence” that whenever they need cash, they have a community that can donate to them. This is what MMM claims is its ideology. Love over selfishness. For these people, MMM is a saviour and they won’t allow any criticism change their view. It is amazing to see thousands of Nigerians donating to each other.
      Some other people don’t buy this. They believe “its too good to be true”. They believe MMM is a ponzi scheme because it allegedly needs new members to continue to thrive.
      Join MMM Today By Clicking Here
      MMM Nigeria has however continued to grow even with bad media, something that really worries the critics and spectators. MMM Nigeria participants spend millions of naira monthly giving to thousands of less privilege persons in hospitals and orphanage homes, spending time with them in almost every state in Nigeria.
      According to their website (www.nigeria-mmm.net) and hundreds of participants interviewed, thousands of Nigerians have benefited from donations they provide to each other through the MMM platform. A participant, Ade, got donations of about N900,000 donations to pay for his medical bills after previously donating N500,000.
      MMM boasts of transparency by having no central account (so the money cannot be easily stolen) and being truthful with participants. MMM strongly warns participants to donate only spare money and stick to the ideology of helping each other. MMM resists those who want to get rich quick on its platform by putting limitations on possible donations (ten thousand dollars) and removing participants with multiple accounts.
      These moves by MMM seem not to impress critics, they argue that MMM has collapsed severally first in Russia, South Africa and recently Zimbabwe. Research shows the Russian government in 1994 saw MMM as a threat and seized millions of participants monies in the MMM head office thereby leading to the collapse. The Russian government excuse was “MMM didn’t pay taxes”. It is hard to trust a Russian government who jailed and killed Nicolai (a foremost economist) by a firing squad for simply predicting the fall of socialism. The founder of MMM was arrested for not paying taxes (which was impossible because there was no law in Russia to tax a joint stock company for selling stocks) and later released when he was voted into parliament in millions of Russians. Clearly, they didn’t see him as the person who stole their money, they knew what their government had done hence the overwhelming vote.
      Join MMM Today By Clicking Here
      South African banks and media strongly believed MMM was a threat to their economy. The media trial created a panic among participants who didn’t really understand the MMM ideology thereby leading to a panic. People stopped donating to each other. The media apologised to MMM after the disaster and banks unfroze accounts of participants. MMM South Africa restarted and became stronger (www.rsa-mmm.net)….

  40. You don’t welcome mmm because no one pays tax to you. Porn xxx site is working in Nigeria no arrest, gambling is operating in Nigeria no arrest, boko haram you can’t arrest them, Niger delta militant you can’t arrest those ones. Please government arrest all the citizen of Nigeria because the are the participant of mmm. Arrest everyone in this country. It’s like you guys don’t have what to do. Long live mmm

  42. I beg wil FG tel us were to put our mony its our money i hv d right to put my money were i want,u deposit 20k n get 30k is dat not a busnes? How dos dis afect dem,Donald Trump must hia dis i wil tel him Nig Govt dnt want to see us progres atal but God pass dem

  43. I think time don reach wey we individual go turn kidnappers dey kidnap dis house of reck people beat dem well well den return go back to their nonses house bcus dem no mean well for we d massiss, MMM wey dem just send me alert yesterday here nahim house dey contemplate on,na GOD go demolished EFCC nd d so called HoUse reck

  54. i think there’s something that federal government is not telling Nigerians about their evil plans to stop this MMM of a thing. but come ooo! is it federal government money their using to do the business? Buhari and his team, can you please shift your attention to more serious issues bordering Nigeria than wasting your energy on a fruitless journey?

  55. We have leaders that are only interested in running their mouths & inflict hardship on the citizens without looking for better alternatives to bring the citizens out of the country recessionary hardship they stylishly inflicted on the citizens, meanwhile they receiving steady allowances & fat salaries.
    Omo ijo nru, alfa nsanra.

  56. Stupid ppl! As d said d want all d graduates to start working as a conductor not even driver! N earn 30k as a salary! Graduate 30 thousand naira! As a salary! God will punish all of Una!

  58. Na waitin self? FG make nna take time, OK FINE, waiting FG done do to help us? Na make them they tell us for news say 6 trilion dollar, 200 billion naira, na which amount nna done gv us? No job, no help, not even happy ness from FG. Now way God done send helper to us, winch come they worry nna. Pls leave our helper alone.

  61. MY HUMBLE OPINION ON MMM

    I have heard ignorant people antagonising the system and this is an exhibition of ignorance.

    When Jonathan and Buhari were running for presidency, it was not a crime to gather Nigeria termites to donate for them and even sent out codes to contribute for them to run their career, but now it is an offence for poor masses to come together to assist one another.

    Hmmm, the rich want to be richer for the poor to get poorer. For the wicked and selfish Nigeria government to be kicking against it is a proof that this is genuine. Everything is being increased, even when the law says no, they are bigger than the law. Take a case study of the electricity tarrif despite the judgment, we still pay out of our noses. What a wicked rulers.

    To help the misinformed minds

    (1) MMM has no central pause to be stolen by anybody.
    (2) nobody is carrying nation money to any where, nothing criminal about it, only the wicked rich ones are afraid of the liberty of the poor.
    (3) The organisers has nothing to do with our money, either directly or indirectly. They only benefits has we open their site just as Facebook and other sites. I imagine if Facebook. Instagram etc are not crime, what is the problem of this wicked government and sponsors blind minds.

    What is the problem of this government, why are you witch haunting the masses, you don’t have things to give to us than endurance messages. You take things we enjoy without substitute. A wise person provides alternatives to whatever he is taking, we are not yet recover from the band rice and other zeal without knowledge policies.

    MMM has been hope to many you have made hopeless, any action against the millions of Nigerians finding their feet via this humble, sincere, hope energising programme will be highly resisted.

    Shares, Banks you monitored have been crashing, don’t sponsor any fear into us. Even manner falling from heaven stopped one day. We take responsibility by ourselves. Stop witch haunting. We rob nobody, we don’t practice money laundering, what then is your problem.
    For the sceptical individuals, we see things by our fears, faith and mind set. Check your internal compass.

    MMM is a community of honest and sincere people to lift up one another which our government have failed to do.

    MMM is sincere and honest enough to those that are not greedy and money mongers. Follow their instructions, advices etc,

    No one is cheating another.
    You contribute to make others smile which also will be done also unto you.

    Space and time will not permit me to go further. If the people involved in Naira bet open shops publicly, go to media for publicity are not criminalised and this mutual helps is their headache, abaa! this is wickedness.

    Let them return the money they donated for themselves to become the president and we will stop helping ourselves in this situations they have put us in the country. Please share to educate others in all your platform and let the government knows we have our humans right.

    Long live MMM.
    Thank you

  65. Please update us more about dishes mmm bcos I ve registered but I ve not deposit any money to them I want the reality about them

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  68. “A hungry man is an angry man, and an angry man is a mad man ” my point is; the masses they ‘claim ‘ to be protecting has asked them to mind their business. Is it your money? People will revolt if govt and it’s officials stop this MMM thing! #justsaying #

  77. All of the house of rep member must be craze even their president in the person of Buhari… people are suffering like seriously and this MMM is trying to help some, you now come again that u wanna arrest dem… Even if u do such, God will punish you on his own… b4 pple curses will start disturbing and damaging your life… heartless set of pple… call themselves… house of rep… who u epp??

  78. As a computer scientist…..there is no way they can shut a system they didn’t host down……there is also no law governing who we send our money or receive from,…..the only thing they r doing is to cause panic so dat people will b back down…..this is d weakness of mmm…….United we stand divided we fall…..don’t listen to dese greedy bastards

    • Oso Oluwafemi Ibukunoluwa Ebenezer u need to be conversant with something u know…..government can block the isp and dns…but these stuffs can easily be maneuvered….using proxy channels…..there is no way it will work….Nigerians are so desperate nd so deep into mmm dat it won’t crash my brother…if u r one of those trying to create panic,I tell u u will keep hearing testimonies every blessed day…..long live mmm

    • Oso Oluwafemi Ibukunoluwa Ebenezer I like u…pls continue promoting the hatred while we mk our money…..I read dat nd if u r on mmm and u know d ideology u will understand y Russians did wat they did and branded him a criminal with all forms of allegation……he later came back and held a govt office hope u also know dat….his people voted him in because of the platform….but it’s cool…..we r makin our money….living in nigeria is already a risk….everything we do in our life is a risk…..this particular risk is not an exception….thanks for the care

    • Oso Oluwafemi Ibukunoluwa Ebenezer of course I do and MMM is not a ponzi scheme cos of the following reason that’s if u understand wat a ponzi scheme is….there is no central account were u pay and wait for the company to pay u based on what others are paying…..Mmm is a mutual community….were people help each other…if u need more explanation hit me up…if u want to die in ur ignorance den stop the hate and keep checking ur time line for more testimonies Oso Oluwafemi Ibukunoluwa Ebenezer

    • Muheez Horlarewaju mmm is a mutual community were participants selflessly help each other…..you get 30percent of all invest every month…..there is no central account from mmm u pay to….u pay to ur fellow participants in the group….the only thing mmm does is to regulate the system and mk sure that it is running smoothly for everyone…..u might wonder how and we’re the 30percent comes from….it’s easy but too long to explain….I urge u to check out there website den read the ideology and the reason they made this amazing platform….u will be amazed…..I hope to hear ur testimonies soon

    • Good luck to you! But your answer proved you have to idea what a Ponzi scheme is! BTW am not hating on anything, why will I? It’s not my money now. I only showed you my understanding of the subject matter. As a means of answer, a Ponzi scheme is when you promise investors returns on their money without using the money for an business investment yielding returns thereby you use the money new people are bringing in to pay the old people. A drop my pen ?

    • I find it so strange you believe banks lock your money in a vault and don’t do business with it! The interest collected alone on borrowed money (loans) in banks is more than enough as returns for them, not to mention maintenance charges, COTs, stamp duties and the likes

    • Oso Oluwafemi Ibukunoluwa Ebenezer the financial institutions are the criminals and hv the most greedy people in the world……if people stop paying money in the bank do u think they will pay u?…….this is d ideology of mmm…..to destroy the world’s unjust financial system…..go and sleep Bro….u can’t even change any body’s mind……we grow stronger everyday

    • Evaniho Egie It is impossible for the FG of Nigeria or any other world power for that matter to shot down MMM.
      This is for several reasons,

      1.MMM servers are the most advanced set of servers in the World… It is accessed by more that 200 million people world wide who visit it Atleast 2-5 times a day… Yet, the serve is never down.

      2. MMM servers are not even hosted in Nigeria, so how can the FG shot it down.

      3. MMM has no physical office in Nigeria, so how can the FG shot it down..

      4. Participating in MMM isn’t illegal and participants are not breaking any law… If donating money to a fellow man is illegal then it means the federal government must be ready to arrest everyone in Nigeria because we all donate money to friends and families but that’s obviously impossible.

      5. The South African government earlier in the year tried to shot down MMM South Africa on the basis that it is a ponzi scheme but they failed. MMM South Africa participants took the government to court and won the case. The government had to make a withdrawal of some of the negative things they had published allot MMM.
      Just 2 weeks ago, the president of South Africa came out publicly to advise unemployed youths to embrace MMM.

      6. So, in the same way, MMM Nigeria can never be shot down by the FGN. All we need to do is continue our now PH and GH and keep smiling to the bank.

      MMM pays!
      Long Live MMM!
      Together we change the world.

      Written by KentKure

  80. They shud first of all prob our network providers for giving us 250percent of our recharges if they think mmm is a scam. How can I recharge hundred naira and get 250. Where r they getting the 150. EFCC go and arest them first

  89. Wonderful people like hilary clinto are created by god.wonderful moments are carefully planned by god.hilary clinto god will bless you in the nam off evryeno.donald trump is nothing but fool.donald trump wil fail and is failure.

  91. Tell them say i say “their real dad”…in fact “their papa”…didn’t they see iCharity, Giver’s forum, zarfund and the rest of em……..na my own Oluwa sent MMM…..i dey warn this pple oh……i fit bite army man coz of MMM oh…..

  94. “Still on the matter”

    For God so loved nigeria that he brought MMM that whosoever that provide help shall get help in return and shall survive in this recession.. Amen MMM rocks but bad belle is allowed even from federal govt..

  96. These men lack job responsibilities. I won’t blame them. Please leave MMM alone.. Am expecting my 2.3m tomorrow for trad/white weddings this Dec. Please do your legislative work well and stop disturbing us..

  99. Evil leaders….. God pass yhu…..MMM will keep growing by d special grace of almighty God…. And federal government will be put to shame
    Y can’t u find solutions to diz crazy economic situations in our country instead of dereping una sef fg
    FG gat no shame at all n I’m highly disappointed can’t blame d corrupted leader der children studied abroad n dey gat no worries y won’t dey think of shutting dwn MMM

    Useless FG
    Awon oniranu
    Team MMM forever

  108. They can’t do nothing, only trying to scare people to back away from MMM so the system can shutdown but we know your plans evil people that do not want others to be financially free and it won’t work

  110. At times I laugh when people say FG will shut down MMM as if mmm is one shop at ebutte-meta, oyingbo or Alaba market, as if MMM is one company at Agbara industrial estate.my take, if FG can not stop u from browsing the internet,they can’t stop u from access and runing ur mmm account. Let me shock u. MMM program is not a program that started yesterday. it has survive tougher periods than this. It passed through fierce fire, yet it came out refined, crystal sparkling and purer than GOLD. your own MMM can only stop when you as a participant stop to participate. Clever sergey mavrodi saw the feature and designed MMM not to depend on anybody to survive. So, with this Strength of MMM, it is possible for MMM to stop existing in a country but mmm can never stop being in existence. Remember there are over 7billion people all over the world. Your country is just a fraction. In short who u be? Also it is possible for only you in ur country to be the only one doing mmm. That is why we have the Bitcoin which connect u to global bank and every other people in other part of the world doing mmm. If u think u don’t want to continue with mmm because of what u heard, I beg park well, and let people that dare big things take the center stage of the new financial revolution that bridge the cap between the rich and the poor. The battle of life maybe for everyone, but those that conquer their fears and dare big things are called achievers. In conclusion, always remember this, with or without you mmm will achieve it’s goal which is to raise multi-millionaires, why don’t u face your fears today, join us in the battle for financial freedom and be counted among the self-made millionaire courtesy of MMM. Nobody can stop u from achieving what u desire except you stop urself. Together we can do alot……

  112. Yes ooooooooo is because mmm is making people feed well, parents paying there house rent and children school fees, mmm God will never allow there plan to work, mmm most stand in Nigeria if me and you Is keeping to the rules. Mmm together we will change the world

  119. U guys are just wasting ur time, u can’t tell me wot to do with my money, if u must know am not a promoter but an investor, I put my money where I deem fit, oh the rich can’t get loan from banks anymore abi, cos people are pulling out there cash, to he’ll with u guys

  126. It is because no body is doing boy boy gain for them and guys are now living big even guys no dey do thug men again life done come for many guys that they are using before as boy boy before due to MMM. please guys do not mind them keep on being yourself.

  127. The only thing that can be done is to shut down the website.,but what ever pleases a man so shall he do with his or her money..why taking Panadol over someone else’s headache Federal Government?

  130. It’s all our fault not to have embarked on peaceful demonstration over the 001 or 010 meals most Nigerians have encountered. It’s high time allowances should be removed from their earning other than normal salary scale to enable them know what their Government has turned into. I am not part of MMM, but has put smiles on the face of poor Nigerians, are the promoters or investors investors looting the treasury? perhaps they are the cause of recession. why? we are not asking for two much but the economy to return to normalcy.

    • Are u not seeing comments from my fellow Mavrodians? Do u really think this Govt is out there to help than to kill people that elected them there. They should talk to hell as long as I care. MMM is not a person or anything that they can sue. THIS GOVT WILL SURELY REGRET THEIR ACTIONS SOON & MMM WILL STAY FOREVER