The Nigerian Senate is investigating the popular ponzi scheme, Mavrodi Mondial Movement (MMM), and the banks that were associated with it.

The vice chairman of the Senate committee on information and communication technology and cybercrime, Senator Foster Ogola, made the disclosure on Thursday, September 7 during an interactive session between the committee and key players in the financial sector, The Punch reports.

Ogola said following an invitation of the Senate, an international expert on cyberspace and banking crimes had arrived the country to expose all those involved in how MMM defrauded Nigerians.

ALSO: PHOTOS: Most Beautiful Girl in Nigeria 2017 contestants pose in swimwear

He said: “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 collaboration with insiders, and expressly entered into the banking system, duped and bolted out.

“We have to stop anything that will defraud us, 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 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.”