3m Nigerians Lose N18bn To MMM – NDIC

The Nigerian Deposit Insurance Corporation says social media estimate has disclosed that no fewer than three million Nigerians lost N18 billion in a Ponzi scheme popularly called Mavrodi Mundial Movement (MMM).

While speaking during the NDIC day at the ongoing 38th Kaduna International Trade Fair, the managing director of the Corporation, Alhaji Umaru Ibrahim who was Represented by the deputy director Communication and public Affairs, Alhaji Hadi Birchi Suleiman lamented that Nigerians patronised MMM despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, .

The MD who cautioned people against nvesting their hard earned money in the Phonzi scheme also noted that frequent usage of virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin are not authorised by the CBN due to the risks involved in their operations.