MMM founder
MMM founder

NO fewer than Three million Nigerians are estimated to have lost N18 billion to popular Ponzi scheme, Mavrodi Mundial Movement, otherwise known as MMM. According to Managing Director of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim, millions of Nigerians lost their hard earned money to the scheme despite several warnings from the Central Bank of Nigeria (CBN). Ibrahim stated this, Thursday, while marking the NDIC day at the ongoing 38th Kaduna International Trade Fair. He was represented by the corporation’s deputy director Communication and
public Affairs Alh Hadi Birchi Suleiman. “The Phonzi scheme is the phenomenon of illegal fund managers, popularly called “Wonder Banks” which have continued to defraud unsuspecting members of the public of their hard earned money,” Ibrahim said. “This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public have continued to fall victims of their fraudulent practices. “We would like to reiterate the fact fact that these fund managers are illegal as they are neither licences by the CBN to take deposits from members of the public not are those who patronise them covered by the NDIC deposit insurance scheme. “I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members”. He further advised Nigerians to “Avoid mouth watering interest rate being used to lure you into becoming a victim thereby loosing. Your hard earn monies, don’t be deceived”

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