Commercial banks in Nigeria used by popular Ponzi scheme Mavrodi Mondial Movement (MMM) will be exposed, the Senate has vowed.

Foster Ogola, Vice Chairman, Senate Committee on Information and Communication Technology (ICT) and Cybercrime, made this known during an interactive session with banks executives on cybercrime.

Ogola said exposing the banks would help to prevent such fraud in future.

“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 Nigerians and bolted out,” he said.

“We have to stop anything meant to defraud us from getting or hacking into our digital system. 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 rate in 30 days early last year, I told people that it was a fraud but many refused to listen and some of them later learnt their lessons in bitter ways.”