MMM Nigeria affiliate facing eighteen years in prison
Following the collapse of MMM Nigeria a few months ago, it was estimated that some 3 million Nigerians together lost $57 million dollars.
Following a criminal complaint filed by two affiliates, now one MMM Nigeria affiliate is facing up to fifteen years in prison.
On March 1st Chukwuebuka Ezengwu convinced Chukwumeka Okafor and Paul Ekene to invest N286,000 ($907 USD) into MMM Nigeria.
Shortly thereafter MMM Nigeria collapsed and Ezengwu refused to refund the pair their money.
A criminal complaint was filed and Ezengwu arrested.
The prosecutor said that the offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The combined maximum penalty for the two criminal offenses is up to eighteen years in prison.
At an arraignment yesterday, Ezengwu denied the charges against him.
The Magistrate, Mr Kazeem Omolaja, granted Ezengwu bail in the sum of 250,000 with two sureties in like sum.
He said that one of the sureties must be either his father or mother while the other must be a gainfully employed person.
Omolaja adjourned the case until May 30 for mention.
Top MMM Nigeria affiliate Chuddy Ugorji is estimated to have stolen $15.3 million dollars from victims of the scheme.
Ugorji fled Nigeria for the Philippines back in January, shortly before MMM Nigeria collapsed, and hasn’t been or heard from since.