N18 bn lost to MMM by 3 million Nigerians

​3 million Nigerian’s lost N18bn to MMM ― NDIC

 Muhammad Sabiu – Kaduna

The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that three million Nigerians had lost N18 billion in the Mavrodi Mundial Movement Ponzi scheme (popularly called MMM).

This was made known by the Managing Director of the Corporation, Alhaji Umaru Ibrahim while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday.

Represented by the deputy director corporate affairs Alhaji Hadi Suleiman, lamented that despite repeated warnings by the Central Bank of Nigeria (CBN) and the NDIC, Nigerians still patronise MMM.

The MD emphasised that frequent usage of virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies for medium of exchange are internet based transactions and are not authorised by the CBN due to the risks involved in their operations.

He cautioned that any person or groups of persons who invest their money in the Ponzi scheme does so at their own risk.

“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 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 draw the attention of some cooperative societies which often go beyond their primary mandate by accepting contributions from members; cooperative societies are only recognised to mobilise savings from their members.”

While advising the general public on the dangers of keeping large sums of money at home or in market shops, he said there are 978 licenced microfinance banks nationwide; out if which seven are spread across Kaduna state.

He noted that with the advent of the cashless policy and the subsequent licensing of mobile money operators (MMOs) by the CBN, the corporation has extended deposit insurance cover to the subscribers of MMOs to the maximum limit of N500,000 per subscriber per bank through its Pass-Through Deposit Insurance Framework.

Source: Tribune


12 thoughts on “N18 bn lost to MMM by 3 million Nigerians”

    1. if’ mmm’ is illegal because it is not backed up by cbn & ndic, what about finànce companies backed up by law & supported by both cbn & ndic, folding up and nothing is done for the investors I.e Resort loans & saving mortgage bank


  1. Is the writer a member of mmm or how did he get his analysis ,all those causing panic for mmm and will not allow mmm be holy ghost thunder fire them


  2. l love Mmm .. . is still d best .my fellow mevoradi pls use ur spare money becos Mmm is fully back. my 2016 mevro is 450,000 and Mmm is trying to pay up d last money .. I pH of 50000 dis on 3rd of Feb . 2017 nd I get help of 76 000 on 3rd of march Mmm is really back so pH


  3. It is obvious some people cannot read the handwriting on the wall. MMM is gone. Stop deceiving yourselves. Muguns can continue putting their money. A fool and his money would soon be parted


  4. Sometimes we loose everything trying to get more, more and more. Those who gained frm MMM, lucky you! Those who lost to MMM, It’s a pity. May God grant ya’ll the fortitude to bear your lost and a big wisdom to wise-up.


  5. Nigeria economy push everyone to this, civil servant don’t get their salary, business is not moving, much unemployment, everything in Nigeria stand still and tomorrow u see someone telling u to put little money inside a hole and when u get there in second day u meet double of the money.
    Are u telling me Nigeria people will not fall into such victim?
    Let’s face our leaders, their our problem, God bless Nigeria but our leaders are waiting it.
    Be wise before u blame anybody, we are all falstrated.


  6. Naa suffering make crayfish bend,if not for d economic crunch wetin go concern somebody with looking for money at all cost n thru unhealthy means.


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