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We’re Investigating MMM Ponzi Scheme—EFCC


By Modupe Gbadeyanka

The controversial MMM Ponzi scheme is presently being investigated by the Economic and Financial Crimes Commission (EFCC).

This followed an order given to the anti-graft agency and the Central Bank of Nigeria (CBN) few days ago by the House of Representatives to crackdown on promoters of the scheme in the country.

In a chat with Daily Post in Port Harcourt, Rivers State, spokesman of the EFCC, Mr Wilson Uwujaren, disclosed that the Commission has placed surveillance on the activities of MMM Nigeria investment scheme in the country.

Mr Uwujaren, who spoke with Daily Post on the sidelines of a training programme in Port Harcourt, noted that preliminary investigations have shown that online schemes like the MMM thrive in countries that are facing economic recession.

He warned that there was big chance of desperate subscribers on such platforms of losing their investments.

“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,” Mr Uwujaren said.

However, he said the House of Representatives cannot direct the EFCC to investigate what he described as faceless wonder bank like MMM.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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