Home BANKING & FINANCE Senate Vows To Expose, Punish Banks Aiding MMM Fraud

Senate Vows To Expose, Punish Banks Aiding MMM Fraud

Banking hall

The Senate has vowed to expose and punish all commercial banks in the country that have been aiding and abetting the discredited Ponzi scheme, popularly called Mavrodi Mondial Movement (MMM).

Vice Chairman of the Senate Committee on Information and Communication Technology (ICT) and Cybercrime, Foster Ogola, who spoke during an interactive session with banks executives on cybercrime, stressed that exposing the banks used for the deal would help to prevent such fraud in future.

He also said 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.

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“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.” [myad]