MMM participants plan to meet House of Reps to legalise scheme
3 minute read

Despite
not been discouraged by the temporary closure of operations, members of
popular money doubling scheme MMM Nigeria, plan to meet with the House
of Representatives’ committees on finance and banking and currency to
seek for government’s recognition of the scheme.
MMM
community in Abuja, which is coordinating the planned meeting, said it
hopes to submit a proposal for the amendment of the Banking and Other
Financial Institutions Acts (BOFIA) to legalise the operations of the
scheme and similar money initiatives in the country.
Chief
Mike Chukwuma, a member of the committee speaking to New Telegraph,
said MMM has helped immensely in easing the pains of recession.
He
said instead of discouraging Nigerians from participating in the
financial self-help scheme, the government should rather legalise its
activities so that it could be monitored and regulated.
“We,
the MMM family, are planning a meeting with the lawmakers in the House
of Representatives. We want to discuss with both the committee on
finance and that of banking and currency on the need to give MMM legal
backing in the country.

“I
am a beneficiary and I can attest to the fact that MMM came as a
saviour to most of us; if not, the economic recession that this change
government brought would have consumed most families," he added.
Chukwuma speaking further on the agenda of the meeting said: “we
have engaged the services of financial experts and lawyers to draft a
bill, which is aimed at amending the BOFIA law. We are educated people
and we hope to engage the House members, being our representatives in
the National Assembly.
We are mobilising our members from all over the country and they will all send representatives.”
Chukwuma,
who said the interactive meeting would take place as soon as the
National Assembly reconvenes from the Christmas and New Year holiday,
explained that “at the moment, we are trying to establish contact with
the Banking and Currency Committee chair, Hon. Jones Onyereri and his
colleague in finance, and once we do that, we will reach an acceptable
date.”
Recall that last year November, the lower chamber passed a resolution seeking the abolition of the financial policy and probe of its promoters in the country.
The lawmakers said MMM scheme promoters are fraudsters exploiting Nigeria's current poor economic condition to defraud them.
A few weeks later MMM suspended its operations by “temporarily” freezing accounts of investors.
A circular sent out to all users in the second week of December 2016, had said the account has been frozen for a month.
The
scheme put up a disclaimer on its website on Tuesday, December 13,
informing Nigerians of a temporary freeze on payments to existing
subscribers.
The scheme blamed a “heavy
workload” being experienced by its servers and the panic caused by the
Nigerian government and media for the development, but said it will be
back by mid-January, 2017.
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