8 September 2017

Nigeria: Senate to Expose Banks Used for MMM Fraud

Photo: Premium Times

Abuja — The Senate disclosed, yesterday, that it has concluded arrangements to expose all the commercial banks and operatives of the now collapsed ponzi scheme, popularly known as MMM (Mavrodi Mondial Movement) and make them to face appropriate sanctions.

Speaking with journalists, yesterday, in Abuja, Vice Chairman, Senate Committee on ICT and Cybercrime, Senator Foster Ogola (PDP Bayelsa West), disclosed that as a way of preventing such fraud in future, the Senate would soon come up with a legislation making digital education compulsory in both primary and secondary schools.

According to him, in the move to expose all those who were involved in the MMM fraud, an international expert in unearthing cyberspace and banking crimes is already in the country on the invitation of the committee.

Senator Ogola said: "We need to secure our cyberspace and financial sector against all forms of crimes or frauds as seen with MMM operators who came in collaborations with insiders, expressly entered the banking system, duped and bolted out."


Your Presidency Stinks - Opposition Tells Buhari

The Peoples Democratic Party (PDP) yesterday said that the revelation that the Minister of Communication, Adebayo… Read more »

See What Everyone is Watching

Copyright © 2017 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.