FG Set To Shut Down MMM, Other Wonder Banks In Nigeria

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FG Set To Shut Down MMM, Other Wonder Banks From Operations In Nigeria

The Federal Government of Nigeria is on the verge to wield the big stick on the insupportable activities of MMM and other wonder banks operating in the country – as regulatory authorities have unveiled plan to put them out of circulation.

READ ALSO: ‘MMM Is A Fraud, Don’t Patronize It’ – CBN Warns Nigerians

Speaking on Monday, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, stated that the regulators have set up a Committee to stem the nefarious activities of the fraudsters across the country.

Speaking during the NDIC Special Day at the 2016 Lagos International Trade Fair, the NDIC boss griped that in spite of pleas and warnings, Nigerians are still patronising the illegal fund managers.

Represented by the Director, Claims Resolution Department of the Corporation, Mr Bello Shittu, the NDIC boss, however, warned that all those who patronise these illegal funds managers are doing so at their own risk.

The Sun quoted him as saying:

“I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks. It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers.

Once again, I must sound a word of warning that those who patronise these illegal funds managers are doing so at their own risk. For the avoidance of doubt, these illegal fund managers or wonder banks are neither licensed by CBN nor under the NDIC deposit insurance coverage.

Members of the public are therefore advised to patronise only banking institutions that display the NDIC sticker: “Insured by NDIC” in their banking halls or entrances. However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Coordinating Committee (FRSCC) to stem the nefarious activities of these fraudster across the nation”.

This is coming barely a week after the Central Bank of Nigeria (CBN) warned Nigerians against patronising the scheme, MMM.

The Apex bank, via its head of the consumer protection, Kadija Kassim, stated that their activities were not regulated by it or any verified institution.

Kassim’s warning comes barely after the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, dissociated himself from the scheme, saying he has nothing to do with it or any other online financial aid community, projects or contracts.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.If you ever find my article unduly insipid, sue me and i’ll refund you...

37 comments

  1. Nigerians are not ready to listen to your rantings anymore. You promised change; we got chain instead. A hungry man is not a free man, remember. Unemployment, Governor Oshomole once said, is a crime against youths. It is sad to live in a country like this when your chain of degrees fetches nothing. We will not stop patroning MMM and the like because you push us to that extremity. People are hungry and angry and you want them to listen to your ‘pleas’ and ‘warning’. It is wise to fall into the hand if MMM than allowing you, people, to drive us to our early grave with your directionlessness and insensibility. We have taken our time to study the rationale behind MMM: freedom from financial slavery. It is the hope of Nigerian masses at this time of recession. It, of course, reduces the rate of crimes in our society. Nobody can shut down our hope because it is not made in Nigeria. If you try it, it will turn to wind, fire, thunder and earthquake.

  2. leave us to fall prey.this government is bent on putting more hardship on the face of the common man on the street.i have being paid and i am still getting paid in mmm so i prefer to make the little am making here than die of starvation from this clueless government.please give us genuine reasons why you want to shut than mmm,if not to maintain your selfish financial slavery to nigerian citizens

  3. Haha joke of the century can federal government shout down Facebook, my money na me get am and I chose what and how to use it, in 2008 I bought about 40000 unit of daar communication share till date not even a dime I started mmm with ordinary 50k today am living comfortable financially no bi today mmm has not even started we are taken over the entire nation if you are not tired of poverty then be decive by hungry blogger who is seeking for traffic to his stupid site
    Mmm is God sent to my generation, poverty trembles when they hear the name mmm

    If you are not a member then you are missing out something big
    Mmm is breeze and trap can not catch air
    For more information on mmm or how to register reach on zero eight zero five three three zero six four three three via what I will personally guide you on how to participate and be on your way to financial freedom.
    Mmm has open the eyes of millions population of the world on the way to financial freedom today there numbers of donation and help platform all over the globe.

  4. If they try it, they are only inviting chaos in the land. Bokoharam insurgency is not a turbulence compared to what awaits them if they try this nonsense. It is now confirmed that those in government are the beneficiaries of the established economic order inherited from their predecessors. If you don’t belong to their occultic circle, you continue to live in servitude for the rest of your life. It is only the masses that can emancipate themselves. With the way we are going, the present order of human society is on the brink of collapse; the relationship between those that print notes that we call money and the teeming masses they control with money is about to be queried and heads shall role in the process.

  5. I don’t think this useless and senseless people know what they are saying, I graduated since 9 years without job and God sent MMM to rescue me and some heartless people are now telling me it’s fraud. Please hold your advice

  6. God knows I can’t stop providing and getting help. If FG do anything stupid pertaining MMM. They wil see us in the streets and they can’t stand our wrath. MMM all the way…

  7. It is impossible, if you hack their website, the Russian internet genius will hack central banks and ministry of finance and distribute the money to poor Nigerians. Stay away from MMM-Nigeria and focus our your change you promise Nigerians. God bless Federal Republic of Nigeria

  8. It is impossible, if you hack their website, the Russian internet genius will hack central banks and ministry of finance and distribute the money to poor Nigerians. Stay away from MMM-Nigeria and focus on your change you promise Nigerians. God bless Federal Republic of Nigeria

  9. Fg cant try this cheat, it is impossible and if they dare it, believe me all the financial institutions will be crumble, because many hired hackers are waiting to unleash their contracts given to them on nigeria financial institutions, what happened to tesco of uk is not even worse, worst are to boomerang on nigeria economy. Seriously, I have contacted all my able hackervists, I dont care spending all what I have gain from mmm on these crazy hackers. I just pray nigeria government dares this cheat. Nigeria economy will never leave to tell the story

  10. I JOINED MMM NIGERIA LAST 4MONTHS AND SINCE THAN MY LIFE HAS NEVER BEEN THE SAME, AFTER GETTING DONE WITH MY BSC AND UNLESS NYSC WHICH COULDN’T GET ME A JOB EVEN WITH MY 2.1 UPPER, I WONDERFULLY JOINED THIS GREAT COMMUNITY CALLED MMM NIGERIA AND SINCE THEN I CAN SPEAK OUT LOUD THAT I HAVE A LAND OF MY OWN, STARTED A BUILDING PROJECT IN LAGOS NIGERIA, WE GIVE TO MOTHERLESS BABIES, HELP TO THOSE WHO CAN’T PAY THEIR HOSPITAL BILLS ETC. NOW YOU PEOPLE CALLED THE GOVT WANT TO STOP THIS WONDERFUL COMMUNITY BECAUSE OF UR OWN SELFISH INTEREST, THE THUNDER THAT WILL FIRE ALL OF YOU ALL STILL DEY GYM, U WICKED FOOLS, WHOM CAN’T PROVIDE JOB FOR THE YOUTH, HELP THE LESS PRIVILEGED AND FEED THE POOR WHAT TO STOP MY WONDERFUL MMM FROM ITS OPERATIONS IN NIGERIA, WELL I KNOW IT IS NEVER POSSIBLE BECAUSE U WILL HAVE TO STOP GOOGLE, STOP BANK OPERATION, IN SHORT STOP INTERNET IN NIGERIA. IT IS NEVER POSSIBLE SO SINCE U CAN’T BIT THEN KINDLY JOIN THEM, YOU GOVT ARE ALL WICKED FOOLS WHO ONLY THINK ABOUT THEMSELVES, AM ALREADY A MILLIONAIRE IN MMM, LEAVE MMM ALONE AND FOCUS ON YOUR GOVT. MONKEYS WITHOUT TAILS.

  11. Who are the Fraudsters here? This economy promised change to its citizens, but in d past 1 year all we see is hunger and poverty. Everything is triple the price it used to be, workers are not getting paid, job recruitments is just a scheme to waist the precious time of Nigerian graduates while the jobs are reserved for family and friends oF our so called leaders, don’t forget immigration recruitment in 2014 where millions of unemployed graduates paid 1000 naira only for them to lose and risk their lives, and still nothing to show for it, was the money ever refunded till date? No! CBN, NDIC SEC and co What do you have to offer us If we stop patronizing mmm, will you put food on our table? No! But mmm has put food on our table and smiles on our faces in This harsh economy and you are there acting like you care when all you want is for us to leave our money to the bank so dat you can use it to enrich yourselves and your generation While we die of hunger. So once again I ask who are the fraudsters?

  12. Thunder fire federal government and all of the people against MMM and it shall never be well with them and their families MMM has come 2 stay.

  13. FEDERAL GOVERNMENT OF NIGERIA BEFORE YOU STOP MMM PLEASE FIRST STOP THE COMMERCIAL BANKS FROM OPERATION BECAUSE IT IS PURE WICKEDNESS TO PAY 3 PERCENT INTEREST ON SAVINGS FOR A WHOLE YEAR BUT CHARGE OVER 22 PERCENT ON LOAN. WE USE OUR MONEY TO INVEST ON MMM NOT GOVERNMENT MONEY SO DON’T WORRY, WE TAKE THE RISK NOT YOU. WE CHOOSE WHERE TO INVEST OUR MONEY NOT YOU. ALL THAT YOUR MESSAGE OF CHANGE HAS DONE IS MORE SUFFERING ON THE NIGERIA PEOPLE. YOU PEOPLE WILL ADVISE THE MASSES TO INVEST IN AGRICULTURE BUT WILL GIVE THEM NOTHING TO START WITH. IF MMM NIGERIA HAS DONE GOOD THAN EVIL THEN IT WILL NOT BE WELL WITH YOU AND YOUR SO CALLED SET UP COMMITTEE TO STOP MMM. BUT IF IT HAS DONE EVIL THAN GOOD THEN YOU WILL SUCCEED IN JESUS NAME, AMEN. LET THE GOD OF JUSTICE AND TRUTH ARISE FROM HIS THRONE IN HEAVEN AND FIGHT FOR THE POOR AND ORDINARY PEOPLE IN NIGERIA.

  14. A government that cannot cater for my needs threatens to shut down a means of livelihood I discovered. They say it’s a risk; Is it more risky than living in Nigeria? They want Nigerians to remain poor, under their draconian claws. Wicked and heartless people! They should leave us to bear our risks. Rubbish!

  15. I joined MMM last 3months ago I am a graduate of institute of management and technology(IMTEnugu) i read Electrical Electronics Engineering I graduated since 2013 searching for job every where I have Gone for several interviews after sometime I will hear that they have started working and those people did not even attend interview hmm what a weekend country. Since I joins MMM my life has changed automatically I don’t need our government advice let them avidce there self first.
    Let our government tarcle the heavy hunger in the land, bokoharam , economic melt down,give youths jobs , build factories,companies, invite foreign investors and employ youths, control the scarcity of fuel and kerosine,gas and others. let our gov do something to develop our country I don’t think MMM suppose to be there problem bcs its helping peoples life its not exporting our money outside the country our money its still on circulation to boost our economy.
    Let our government look into it very well for them to know its not fraud or what they thinks it is and nobody is investing a boko to MMM.
    MMM is a community where poeple helps each other with funds.

  16. FG or what they called themselves should face and mind their business. who gave them the authority to decide for me on how to spend or invest my hard earned money?

  17. This our government is so wicked. The government knows that no people now know the truth about our banks you save your money they use it to invest yet they give you little interest yet large debt for things we don’t even know. Nobody want to save money for bank again but we dey use the money for MMM transaction so CBN they grumble. God pass una.

  18. Long Live MMM.. Crazy politicians.. Liars scammers.. Sec, CBN nd ndic.. U want to stop us from mkn it in life una wey dey these 3 grps I mentioned ur generations will neva succeed.. Aba aba.. Fg greatest scam

  19. I have received payment for MMM NIGERIA. It is very real. I have been making money consistently with it for the last 8 months. Take advantage of this opportunity now and do not let anyone deceive you. You can also make money with this system. You do not have to sign up people to make money. You will receive your profit guaranteed. Click on the link below to signup http://bit.ly/2bFK84V and I will
    give you all the assistance you need. I am always available 24hours. Whatsapp:08032544301

  20. It is impossible for the FG of Nigeria or any other world power for that matter to shot down MMM.
    This is for several reasons,

    1.MMM servers are the most advanced set of servers in the World… It is accessed by more that 200 million people world wide who visit it Atleast 2-5 times a day… Yet, the serve is never down.

    2. MMM servers are not even hosted in Nigeria, so how can the FG shot it down.

    3. MMM has no physical office in Nigeria, so how can the FG shot it down..

    4. Participating in MMM isn’t illegal and participants are not breaking any law… If donating money to a fellow man is illegal then it means the federal government must be ready to arrest everyone in Nigeria because we all donate money to friends and families but that’s obviously impossible.

    5. The South African government earlier in the year tried to shot down MMM South Africa on the basis that it is a ponzi scheme but they failed. MMM South Africa participants took the government to court and won the case. The government had to make a withdrawal of some of the negative things they had published allot MMM.
    Just 2 weeks ago, the president of South Africa came out publicly to advise unemployed youths to embrace MMM.

    6. So, in the same way, MMM Nigeria can never be shot down by the FGN. All we need to do is continue our now PH and GH and keep smiling to the bank.

    MMM pays!
    Long Live MMM!
    Together we change the world.

    MMM PROGRESS!!!

    Use this link to sign up
    https://goo.gl/ZIr33T

  21. ITS JUST A RUMOUR TO ME BEACUSE I SEE NO VIDEO PROOFING THE CLAIM OF REPS REPRESENTING RAM SELLERS AND DUM BRAIN UN INTERLECTUAL URINE SMELLING MALAM AMONG THE REPS TO ME ITS A RUMOUR AND FOR THE BLOGGER WHO AS BEEN BURD NOW FOUND SOMETHING TO WRITE ABOUT DONT WORRY U WILL SHARE ART OF THE BOMB..NO DUM GOVERMENT CAN TELL ME NOT TO TAKE RISK
    SERIOUSLY I KNW MY WRITE PEOPLE LET STAND TO BRING IN HUMAN WRIGHT TO PLAY..LET ME JUST BELIEVE ITS A LIE

  22. If not for MMM NIGERIA, I wouldn’t have finished my final project. MMM NIGERIA will stand and FG plans to stop will fall. Thank GOD for MMM NIGERIA.

  23. my brother is a senate member, he was the one that introduces mmm nigeria and west africa to me. l registered through his referral link unknowing to me that this my brother is using ten percent of my referral bonus buy fuel to his car.

  24. The Nigerian government are fools with no Common sense, they see what make us happy and they want to stop is that not stupidity, they claim to care for us, since when did they begin to grow such corncern? Where were they when recession kicks in,where lots of people lots their jobs ,the jobs that Nigerian never had,everybody jst manage the little they have,the current state of the economy is just riduclous to behold and government have mouth to talk. Let them leave MMM alone we are happy and never regretted if been a member long live mmm

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