Senate vows to expose banks used for MMM fraud

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THE Senate yesterday vowed to expose commercial banks being used by discredited Ponzi scheme, popularly called Mavrodi Mondial Movement (MMM). The upper chamber said the exposure of the commercial banks became necessary so that the affected banks will face appropriate sanctions. The Vice Chairman, Senate Committee on Information, Communication Technology (ICT) and Cybercrime Senator Foster Ogola spoke at an interactive session with bank executives on Cybercrime. Ogola (Bayelsa West) noted that exposing the banks also go a long way to prevent such fraud in future. He said the Senate will soon come up with a legislation making digital education compulsory in both primary and secondary schools. The senator added that as part of the move to expose those involved in the MMM deal, an international expert in unearthing cyberspace and banking crimes is already in the country at the invitation of the Senate committee. Ogola said: “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 and bolted out. “We have to stop anything meant to defraud us from getting or hacking into our digital system and 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% interest in 30 days early last year, I told people then that it was a fraud but many refused to listen and some of them later learnt their lessons in bitter ways.”

Ogola explained that the essence of the interactive session was to gather the inputs of the stakeholders to the amendments that would soon be carried out on the Cybercrime Act ahead of the resumption of the Senate in two weeks. Stakeholders at the session, including the Central Bank of Nigeria (CBN) and commercial banks, agreed on the need to create a centralised database anchored on National Identity Card as the best way of preventing hacking and cybercrime in the sector. Millions of Nigerians were defrauded over N13 billion through MMM. 

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