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Three Million Nigerians Lost 18 Billion In MMM

Three Million Nigerians Lost 18 Billion In MMM

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

This was disclosed by the Managing Director of the Corporation, Alhaji Umaru Ibrahim, while speaking at the ongoing 38th Kaduna International Trade Fair.

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.

”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.”

He also advised the public on the dangers of keeping large sums of money at home or in market shops, saying there are 978 licensed microfinance banks nationwide, out if which seven are spread across Kaduna State.

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