3m Nigerians Lose N3billion To Ponzi Scheme MMM

                                           
The Nigerian Deposit Insurance Corporation, NDIC, has said about three million Nigerians lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement, MMM.


The Managing Director of the Corporation, Alhaji Umaru Ibrahim, stated this while speaking at the ongoing 38th Kaduna International Trade Fair, yesterday.

Represented by the NDIC Deputy Director of Corporate Affairs, Alhaji Hadi Suleiman, Ibrahim lamented that despite repeated warnings by the Central Bank of Nigeria, CBN, and the Corporation, Nigerians still patronised MMM. He said:”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 of 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 licenced 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 say that some cooperative societies, which often go beyond their primary mandate by accepting contributions from members as cooperative societies, are only recognised to mobilise savings from their members.”