Three million Nigerians lost N18 billion to MMM

Nigeria Deposit Insurance Corporation (NDIC) says about three million Nigerians lost N18 billion to the failed money doubling scheme, popularly called Mavrodi Mundial Movement (MMM).

NDIC managing director, Alhaji Umaru Ibrahim, who made this known at the ongoing 38th International Trade Fair in Kaduna, expressed concern that Nigerians still patronised the money doubling scheme despite warnings by the Central Bank of Nigeria (CBN).

Ibrahim represented by the corporation’s deputy director of corporate affairs, Hadi Suleiman, explained that the creation, usage, or trading in the money doubling scheme in form of virtual currencies, such as bitcoin, ripples, doge-coin and one coin as currencies, are not authorized by CBN.

He said: “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 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.”

At the moment, more than 4,000 students of the University of Osun, who lost about N2 billion to the MMM scheme, are facing expulsion over unpaid fees.

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