NIGERIANS LOST N18 BILLION TO MMM

The Nigerian Deposit Insurance Corporation (NDIC) on Thursday disclosed that the social media estimated that three million Nigerians had lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).

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The Managing Director of the Corporation, Alhaji Umaru Ibrahim disclosed this while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair organized by the Kaduna Chambers of Commerce, Mines and Agriculture (KADCCIMA).

Represented by the deputy director of Communication and Public Affairs, Alh.  Hadi Birchi Suleiman, the managing director lamented that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, 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 Phonzi scheme does so at their own risk.

“The Phonzi 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 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”.

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 and should be patronized for safe keeping of their monies.

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 it’s Pass-Through Deposit Insurance Framework.

“Avoid mouth watering interest rates being used to lure you into becoming a victim thereby loosing your hard earn monies, don’t be deceived”.

Credit: Benjamin Isaiah (Leadership News)

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About Dr. Ken

Medical Doctor, Publisher, Editor, Novelist, Playwright, Visionary Poet, Activist, Blogger
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12 Responses to NIGERIANS LOST N18 BILLION TO MMM

  1. Qeedos Omotayo says:

    Nobody loss money rather they donated money ( provided help ) to there fellow Nigerians. This money is in circulation between one Nigerian to the other. I donated my money too while some people also donated to me. So point of correction, MMM doesn’t collect anybody’s money, participants donates to one another.

  2. Techno says:

    It’s a risky game. U can’t have it all. U win some, u lose some.

  3. Richie says:

    MMM! MMM!! MMM!!! How many times did I call u?

  4. Sonia says:

    Hmmm…. I reserve my comment.

  5. Nonso says:

    Abeg make una leave MMM alone. Dem don try. Dere are many others coming up, some are real some are fake. So abeg make una dey careful. Biko

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