Senate promises to expose banks used for MMM fraud

The Senate of the Federal Republic of Nigeria (FGN) on Thursday vowed to expose all commercial banks in the country used by discredited Ponzi scheme popularly called Mavrodi Mondial Movement (MMM).
The upper chamber said the exposure became necessary so that the affected banks would face appropriate sanctions.
The position of the Senate was made known by the Vice Chairman, Senate Committee on Information and Communication Technology (ICT) and Cybercrime, Foster Ogola, who spoke during an interactive session with banks executives on cybercrime.
According to him, exposing the banks used for the deal would help to prevent such fraud in future, adding that the Senate would come up with a legislation making digital education compulsory in both primary and secondary schools in Nigeria.
“We need to secure our cyberspace and financial sector against all forms of crimes or frauds as seen with the MMM operators, who came in collaborations with insiders, expressly entered into the banking system, duped Nigerians and bolted out.
“We have to stop anything meant to defraud us from getting or hacking into our digital system. The first step now is to expose all the banks involved in the MMM fraud.
“As a chartered fraud examiner, when the scam called MMM Ponzi scheme came with its 30 per cent interest rate in 30 days early last year, I told people that it was a fraud but many refused to listen and some of them later learnt their lessons in bitter ways”, Ogola said.