Even when FG and the House of Representatives have declared MMM money scheme unsafe for Nigerians, the Scheme has gone ahead to partner The redeemed Christian Church Of God.
The Ponzi scheme has taken Nigeria by storm with many putting huge sums into it despite clear warnings from the Central Bank of Nigeria, House of Representatives and a threat from the Economic and Financial Crimes Commission (EFCC) to desist from it.
The scheme promoters recorded a massive turnout in their campaign in one of the redeemed branches.
Contrarily, If anyone is not willing to work, let him not eat.” Says the holy book. The programme held in the church with the theme “Provide Help, Get Help” was facilitated by one acclaimed MMM guider by name Stella convincing the congregation to invest in the dangerous scheme.
Meanwhile, the Central bank of Nigeria,CBN earlier this year organised a press conference, discouraging Nigerians to shun the unrooted money scheme which has no bases in the country’s financial institution.
Lawmakers strongly opposed the investment scheme, which has lately gained popularity among Nigerians in the wake of the current economic recession in the country.
The MMM promises 30 per cent return on investment for any money put into the scheme for 30 days.
The investment scheme has a Russian origin and “involves directing clients to make money available for an anonymous person with a promise of 30 per cent return within one month.”
But, members of the House described the scheme as a scam and warned Nigerians not to be carried away by the mouth-watering returns on investment that it promised.
Lawmakers warned that the trick being used by the operators was to attract as many Nigerians as possible to invest substantial amounts of money before the bubble would burst.