MMM community in Abuja, which is coordinating the planned
meeting, said it hopes to submit a proposal for the amendment of the
Banking and Other Financial Institutions Acts (BOFIA) to legalise the
operations of the scheme and similar money initiatives in the country.
A member of the steering committee of the MMM community, Chief Mike
Chukwuma, who told New Telegraph, that MMM has helped immensely in
easing the pains of recession, said instead of discouraging Nigerians
from participating in the financial self-help scheme, the government
should rather legalise its activities so that it could be monitored and
regulated.
Recall that the House of representatives had, in November last year,
passed a resolution seeking the abolition of the financial policy and
probe of its promoters in the country.
The resolution was sequel to the adoption of a motion moved by Saheed
Akinade Fijabi (APC, Oyo) who lamented the widespread acceptance by
Nigerians of the unregulated scheme, established in 1989 by three
Russian nationals with a promise that participants would make 30 per
cent on investment after 30 days.
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