After the House of representatives passed a resolution
seeking the abolition of Mavrodi Mondial Moneybox, otherwise known as MMM and
probe of its promoters in the country, the MMM community in Abuja, has
disclosed plans to set up a meeting with the government.Recall that in November
last year, the House of Representatives condemned the Scheme and also promised
to investigate the scheme.It had directed the Economic and Financial Crimes Commission,
EFCC, and the Central Bank of Nigeria, CBN, to immediately go after the
promoters of MMM in Nigeria.But the MMM community in Abuja said it was coordinating the
planned meeting, noting that it hopes to submit a proposal for the amendment of
the Banking and Other Financial Institutions Acts, BOFIA to legalize the
operations of the scheme and similar money initiatives in the country.Speaking on the development, a member of the steering
committee of the MMM community, Chief Mike Chukwuma, told New Telegraph, “MMM
has helped immensely in easing the pains of recession.“Instead of discouraging Nigerians from participating in the
financial self-help scheme, the government should rather legalize its
activities so that it could be monitored and regulated.”
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