Despite the call by the Nigerian House of Representatives for the country’s financial regulator and police agencies to suppress the financial scheme called MMM, community members across the country have celebrated the first anniversary of the plan with donations to IDPs ) And other indigent people.
A member of the country’s lower house, Akinlade Fijabi of Oyo State, who raised the issue in a motion of urgent national importance, described MMM as a “Rob Peter to Pay Paul Scheme.”
PREMIUM TIMES reported how, after deliberations, The House, called on law enforcement and regulatory agencies to crack down on MMM promoters.
Some Nigerians have also described the scheme as a Ponzi destined to explode. But the number of Nigerians participating in the scheme has continued to grow exponentially. There are currently more than 2 million active members of the program in the country.
As the plan, which its participants call “a community of mutual aid and exchange of donations,” marked its first anniversary on Friday, members throughout the country donated money and materials to help the underprivileged.
The Nigeria News Agency (NAN) reports that members of the MMM community as part of its charter humanitarian week, “MMM Cares” donated aid materials to IDPs in the Gwoza and Bama camps in Abuja.
The group donated a bag of rice, garri, cartons of drinks and noodles, as well as clothes and drugs.
Seyi Bello, a florin in the “MMM Community” said they were urged to make the donation out of their desire to positively affect society and help the underprivileged.
“We are celebrating our first anniversary and have decided to come celebrate with our brothers and sisters and children in the camp.
“As a community, we not only provide help to our members, but also extend it to society in general as part of our social responsibility.
“In these times of economic challenges, the internally displaced are those who need more help and support than anyone else, so we visit them today,” he said.
He said that relief items were purchased by donations from volunteer members in their quest to positively touch lives.
He said: “The N5 million were raised from voluntary donations from members of the FCT.
“That is what defines us as a community of people who help us mutually with the principle of reciprocity and benevolence.
“In MMM there are no lenders or debtors. One participant asks for help, another helps.”
Similarly, in Ibadan, Naij, an online medium, reports that members of the MMM community in the city donated N2.5 million to hospital patients.
The community, which marked its charity donation “Save a Life”, said that was part of the reason the group was formed.
And part of the reason for the organization is to provide the less privileged. We have come here and we have seen that there are many people in need financially and we are here to help.
“We believe that if we save the lives of these people today, it would be they who would save the lives of others tomorrow.
“We are also here to illustrate to people that the scheme is not a scam and to illuminate them about the social responsibility of the community,” said Eleyele Benjamin, one of the community leaders.
What do you think of MMM? Will it crash?