Commercial
banks in the country used by operatives of the now collapsed ponzi
scheme popularly known as MMM (Mavrodi Mondial Movement), will soon be
exposed and made to face appropriate sanctions, the Vice Chairman,
Senate Committee on ICT and Cybercrime, Foster Ogola, has said...
Ogola who made the declaration yesterday, during an interactive
session with key players in the financial services industry disclosed
that as a way of preventing such fraud in the future, the Senate will
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 at
the invitation of the Senate committee.
“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 sheme 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 the
bitter ways,” he said.
He explained that the essence of the
interactive session was to gather the inputs of stakeholders to the
amendments that would soon be carried out on the Cybercrime Act ahead of
the resumption of the Senate in two weeks’ time.
All the financial stakeholders at the
session from the Central Bank of Nigeria (CBN) to commercial banks,
agreed on creation of centralised database anchored on National Identity
Card as the best way of preventing hacking and cybercrime in the
sector.
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