Foster Ogola, Vice chairman of the Senate committee on Information and Communication Technology (ICT) and cyber crime has said that all commercial banks used by the operatives of the collapsed Ponzi scheme known as MMM (Mavrodi Mondial Movement), will be exposed shortly and appropriate sanctions meted out.
Mr. Foster who made this known on Thursday at an interactive session with the major players in the financial industry said that as part of ways to prevent such fraud from re-occurring in the future, the Senate is about to come up with a law making digital education a compulsory subject in both primary and post primary schools.
He said, in a bid to expose all involved in the Ponzi fraud, an international expert in exposing cyberspace and banking crimes has arrived the country at the instance of the Senate committee.
Continuing, he said there was a need to secure the country’s cyberspace and financial sector from all forms of crimes or fraudulent activities as observed with the MMM operators who came in connivance with insiders, entered into the banking system, duped citizens and disappeared.Anything meant to defraud citizens must be stopped from entering our digital system, and the initial step is to unearth all the banks that were involved in the failed Ponzi scheme MMM.
He went on to explain that the reason for the interactive session was to put together inputs of all stake holders to the changes that would soon be made on the Cybercrime Act when the Senate resumes from its break.
All the stake holders at the interactive session ranging from the Central Bank of Nigeria (CBN) to the other commercial banks, agreed on creating a centralized data base, to be anchored on National Identity Card as the most effective way of preventing hacking and cyber crime in the economic sector.
It would be recalled that the popular MMM scheme was received with open arms by Nigerians because of its high return on investment which was 30 percent. The collapse of the scheme resulted in a lot of heart aches for its participants when it collapsed in December 2016.