At Least 3 Million Nigerians Lost N18bn To MMM – NDIC

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The Nigerian Deposit Insurance Corporation (NDIC) has said that an estimated three million Nigerians have lost N18bn in the popular Ponzi scheme, MMM (Mavrodi Mundial Movement).

Alhaji Umaru Ibrahim, Managing Director of the Corporation speaking at the ongoing 38th Kaduna International Trade Fair on Thursday. decried that despite repeated warnings by the Central Bank of Nigeria (CBN) and other agencies, Nigerians still inested in the scheme.

He stressed that trading in the Ponzi scheme with Bitcoin, and other internet-based transactions were not in line with the Cental Bank Nigeria’s directives adding that any person who invests their money in the Ponzi scheme does so at their own risks.

He added, “The Ponzi 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. 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 that these fund managers are illegal as they are neither licences by the CBN to take deposits from members of the public nor 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. “

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