Despite the call by Nigeria’s House of Representatives for the country’s financial regulator and law enforcement agencies to crack down on pyramid financial scheme called MMM, members of the community across the country have celebrated the first anniversary of the scheme with donations to Internally Displaced Persons (IDPs) and other indigent people.
A member of the country’s lower chamber, Akinlade Fijabi from Oyo State, who raised the matter 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, asked law enforcement and regulatory agencies to clamp down on the promoters of MMM.
Some Nigerians have also described the scheme as a Ponzi destined to go burst. But the number of Nigerians participating in the scheme has continued to grow exponentially. There are now over 2 million active members of the scheme in the country.
As the scheme, which its participants like to refer to as “a community of mutual aid and donation exchange” marked its first anniversary on Friday, members across the country donated cash and relief materials to the less privileged.
The News Agency of Nigeria (NAN) reports that members of the MMM community as part of its humanitarian week tagged, “MMM Cares” donated relief materials to IDPs at the Gwoza and Bama Camps in Abuja.
The group donated bag of rice, garri, cartons of beverages and noodles as well as clothing, and drugs.
Seyi Bello, a Guilder in the ‘MMM Community’ said they were driven to make the donation by their desire to affect the society positively and help the less-privileged.
“We are marking our first year anniversary and we have decided to come and celebrate it with our brothers, mothers and children in the camp.
“As a community, we do not only provide help to our members, we also extend that to the larger society as part of our social responsibility.
“In these times of economic challenges, the IDPs are the ones that need help and support more than any other person; that is why we visited them today,” he said.
He said that the relief items were bought from free-will donations of members in their quest to touch lives positively.
He said: “The N5 million was raised from voluntary donations by members in the FCT.
“That is what defines us as a community of people providing financial help to each other on the principle of reciprocity and benevolence.
“In MMM there are no lenders and no debtors. One participant asks for help, another one helps.’’
Similarly, in Ibadan, Naij, an online media, reports that MMM community members in the city donated N2.5 million to hospital patients.
The community, which tagged its charity donation “Save a life”, said it was part of the reason the group was formed.
“And part of the motive of the organization is providing for the less privileged. We have come here and seen that there are a lot of people in need financially and we are here to render the assistance.
“We believe that if we save these people’s lives today, they would be the ones to save other people’s lives tomorrow.
“We are here to also enlighten people that the scheme is not a scam and to enlighten them on social responsibility by the community”, said Eleyele Benjamin, one of the community leaders.