Atleast 3M Nigerians Lost N18bn To MMM – NDIC
The Nigerian Deposit Insurance Corporation (NDIC) today disclosed that
the social media estimated that three million Nigerians had lost N18
billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).
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).
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).
Also See: MMM (Founder & History)
Represented by the deputy director 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 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 fact that these fund managers are illegal as they are neither licenses by the CBN to take deposits from members of the public not are those who patronize 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 recognized to mobilize 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 licenses micro-finance Banks nationwide out if which seven are spread across Kaduna state and should be patronize 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.
Also See: 7 Reasons Why MMM Nigeria Is Not Coming Back
“Avoid mouth watering interest rate being used to lure you into becoming
a victim thereby loosing. Your hard earn monies, don’t be deceived”.
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