The Senate Committee on Information Communication Technology (ICT) and Cybercrime has accused some commercial banks in the country of being in cahoots with the Mavro Mondial Movement (MMM) scheme which collapsed recently, with many Nigerians losing money in the scheme.
The committee’s Vice Chairman, Senator Foster Ogolo (Bayelsa West), said on Thursday at a meeting with some stakeholders in the financial sector that the erring banks would be exposed and sanctioned so that banking platforms are not used for such fraud in the future.
Already, Ogolo said, an international expert specialising at revealing cyberspace and banking crimes was already in Nigeria at the invitation of the committee over the matter.
“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 first 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 per cent 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,” Ogolo said.