Amaka Obiefuna.

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.”