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The operations of MMM Nigeria is under investigation, the Economic and Financial Crimes Commission (EFCC) has confirmed.
In an interview with Daily Post, Wilson Uwujaren, the spokesman of the commission, said other online schemes that promise huge returns on investments were also under surveillance.
Recall that a week ago, the House of Reps ordered its committee on banking, currency, and financial crimes to investigate the activities of MMM scheme in Nigeria. It also ordered all law enforcement agencies to start arresting those promoting the MMM Ponzi scheme.
According to the EFCC spokesman, the House of Representatives cannot direct the anti-graft agency to investigate MMM which he described as a faceless wonder bank.

He said: “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.”
Uwujaren said preliminary investigations show that such online schemes thrive in countries that are facing economic recession.
He said the commission was aware that people are desperate to make quick money in the face of the current economic recession through MMM but that they will eventually get hurt.
Uwujaren said they are currently sensitizing people not to get involved in MMM as there was a chance of them losing their investments.
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,” he added.
Nigerians have been warned by the Central Bank of Nigeria (CBN) against patronizing MMM which it said was fraudulent, not regulated and not in tandem with any known business model
All these warning have fallen on deaf ears as more and more Nigerians are investing in the scheme.

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