Nigerians react to internet wonder bank probe

Adeyinka Ajayi Lagos

There are mixed reactions to calls for a probe into the operations of the internet based wonder bank, otherwise known as Mavrodi Mondial Moneybox scheme (MMM),  to save innocent citizens from falling prey to fraudsters during the economic recession.

This followed the adoption of the motion promoted by Hon. Saheed Akinade Fijabi of the ruling APC from Oyo state, complaining about the wide acceptance by Nigerians of the unregulated Mavrodi Mondial Moneybox scheme.

Popularly known as MMM, it was established in 1989 by three Russian nationals with a promise that participants in the wonder scheme will make 30 per cent on investment after 30 days.

Fijabi noted that every Nigerian participating in the MMM scheme, which has no legal backing, is vulnerable to losing his/her investment as there is no identifiable platform to guarantee the security of the invested funds.

However, some Nigerians who have participated in the internet wonder bank believe investment involves risks and have made up their minds to invest.

A baker who has ventured into the Mavrodi Mondial Moneybox scheme believes it’s a risky business.

” I have put my money into the MMM twice and gotten my interest, but I still think it’s a risky business.  I personally will rather put money I know I can part with into it,” she said

An accountant with one of the airlines said the scheme could not be fraudulent since the organisation is not in charge of the money directly.

” As an accountant, I don’t see how it could be fraudulent but I would still be cautious .That is why I only use spare cash to invest in the scheme”, she disclosed.

On the other hand, a journalist said he does not believe in the scheme.

” I don’t believe in that kind of business. I will rather invest my money in something that is not so complicated.

If along the line my money dissappears, who doI hold responsible? It is not only risky but senseless, ” he said.

Meanwhile,  a banker Mr. Osas Odegie  has said that Mavrodi Mondial Moneybox scheme (MMM) is like a community that empowers people.

Mr Odegie said he has investigated the system of the scheme and came to a conclusion that it is indeed a viable venture.

” I have done a lot of research into the system of the scheme. If it is maintained, it can last and empower a lot of people.

I have done it twice and I got fifteen thousand naira interest which is more than a bank will give you for six months.”

He said that the government has no bases for the probe since there hasn’t been any report of fraud.