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Published On: Fri, Mar 3rd, 2017

Three Million Nigerians Lost N18bn To MMM- NDIC

LAGOS MARCH 3RD (URHOBOTODAY)-The Nigerian Deposit Insurance Corporation (NDIC) on Thursday said that an estimated three million Nigerians lost N18 billion in the ponzi scheme popularly called Mavrodi Mundial Movement (MMM).
It would be recalled that since the scheme announced new guidelines to its operations in Nigeria late 2016, it has not recorded new investor while existing ones have not been able to recoup their savings.

Speaking at the ongoing 38th Kaduna International Trade Fair, Alhaji Umaru Ibrahim, Managing Director of NDIC, stated that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerians still went ahead to patronise MMM.
Represented by Hadi Suleiman, Deputy Director, Corporate Affairs of the corporation, Ibrahim emphasised that the creation, usage or trading in the ponzi scheme in forms 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 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 licensed by the CBN to take deposits from members of the public, not that those who patronise them are covered by the NDIC deposit insurance scheme.,” he stated.
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 licensed microfinance banks nationwide out of which seven are spread across Kaduna State.

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