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Thursday

Nigerian Deposit Insurance Corporation reveals how 3 million Nigerians lost N18bn to MMM



Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim, says going by the data gathered on social media, about three million Nigerians lost an estimated N18 billion in the failed Ponzi scheme popularly known as Mavrodi Mundial Movement(MMM)

Umaru stated this through the Deputy Director Corporate Affairs of NDIC, Hadi Suleiman, at the ongoing 38th Kaduna International Trade Fair in Kaduna today. 

According to Umaru, despited repeated warnings fom the Central Bank of Nigeria, many Nigerians fell for ponzis like Bitcoin, Ripples, Monero, Litecoin,Dogecoin, Onecoin and lost their money.

"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 licences by the CBN to take deposits from members of the public not 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. "he said.

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