Nigeria's House of Representatives has ordered the arrest of local promoters of the MMM Global pyramid scheme. The move comes as MMM Global’s operations crumble across Africa, with Nigeria being its last significant foothold. Lawmakers are initiating a probe to prevent widespread financial ruin for citizens.
The legislative body mandated its committees on banking, currency, and financial crimes to investigate MMM Nigeria. These committees must deliver a report within four weeks. This action follows a warning from the Central Bank of Nigeria, which identified MMM Nigeria as a fraudulent operation.
House Representative Saheed Akinade Fijabi stated the scheme exploited Nigeria's high unemployment and poverty rates. He claimed MMM Global entered the country this year, preying on vulnerable individuals. The government’s proactive stance contrasts with the outcomes in Zimbabwe and South Africa, where schemes collapsed and investors lost their money.
Lawmaker Bode Ayorinde had cautioned that if MMM Nigeria collapsed, the House would be overwhelmed with petitions from defrauded citizens. The House of Representatives' resolution not only calls for a probe but also directs law enforcement agencies to actively pursue and apprehend MMM promoters.
Regulatory bodies in Nigeria, including the Central Bank and the Nigerian Deposit Insurance Corporation, have no record of the entity or its operators. The scheme also appears unregistered with the Corporate Affairs Commission, making it difficult to identify those behind it.
Enugu lawmaker Dennis Amadi expressed concern that a collapse could lead to suicides among affected Nigerians. He urged the House to intervene before the scheme defrauds citizens of billions of naira or drives people to despair. The Economic and Financial Crimes Commission has commenced its own investigation into MMM Nigeria.