CBN warns against patronizing Ponzi Scheme

Central Bank of Nigeria (CBN) has warned against patronizing the Ponzi Scheme Company, Mavrodi Mondeal Money Box, popularly called MMM Federal Republic of Nigeria.

The Apex Bank said the scheme was a wonder bank, fraudulent and unregulated.

CBN head of consumer protection department, Kadija Kassim issued the warning while mentoring students of the federal government secondary school in Suleja, near Abuja.

She explained that many Nigerians had been lured into the online investment scheme which promises a monthly investments return of 30 per cent for every investment.

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