The Economic and Financial Crimes Commission (EFCC) says it warned Nigerians against investing in Mavrodi Mondial Moneybox (MMM).
On Tuesday, many woke to the news that the Ponzi scheme had frozen withdrawals until the new year.
This created panic among investors, with some taking to social media to narrate their experiences.
Tweeting via @Lolami_Boo, one Reet Petite questioned role of the anti-graft agency in sensitising Nigerians about the scheme.
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“Where the hell was @officialEFCC ? Isn’t it your job to stop crap like this?” she tweeted.
Where the hell was @officialEFCC ?? Isn’t it your job to stop crap like this??? https://t.co/2RUq9JeK2A
— The Reet Petite (@Lolami_Boo) December 13, 2016
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Responding, the commission said: “You mean amongst the plethora of venality we fight daily? Ponzi schemes aren’t sustainable. There were a number of warnings.”
You mean amongst the plethora of venality we fight daily? Ponzi schemes aren’t sustainable. There were a number of warnings. #DontDoIt https://t.co/GeUhP4nrVT — EFCC Nigeria (@officialEFCC) December 13, 2016
There have been several warnings against participating in the scheme from the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and the house of representatives which also ordered an investigation into the operation of the scheme, in October.
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Two days ago, Sergey Mavrodi, founder of MMM, wrote an open letter to the federal government, defending the scheme, claiming it was “restoring social justice” since the federal government was not concerned about the welfare of its citizens.
“MMM is their only means of livelihood,” Mavrodi had said.
3 comments
The government should not just warn the citizens, they should arrest the organizers of MMM. It is a criminal scheme. I’m sure the organizers are foreigners. They do in Nigeria what they can’t do in their country.
FG, EfCC should leave Nigerians alone which of our own have ever brought the idea that mvrodian brought you people steal our money take them abroad and store for your children now that poor people are surviving without you, you want to hunt them down.
When do the government start to care for us Mmm is a moving train it can’t be stop