The Nigeria Deposit Insurance Corporation on Wednesday said three million Nigerians lost N18 billion in the Ponzi scheme, Mavrodi Mundial Movement, popularly known as MMM.
This was disclosed on Thursday during the NDIC day at the 38th Kaduna International Trade Fair by the corporation’s the Managing Director, Alhaji Umaru Ibrahim.
Ibrahim said despite repeated warnings by the Central Bank of Nigeria and the NDIC on the activities of the fraudsters, Nigerians still patronised the MMM.
Ibrahim, who was represented by the Deputy Director, Corporate Affairs, Alhaji Hadi Suleiman, warned against trading in Ponzi schemes or virtual currencies such as Bitcoin, Ripples, Monero, Litecoin, and others, which are not authorised by the CBN due to the risks involved in their operations.
The NDIC said: “The scheme is the phenomenon of illegal fund managers, otherwise called ‘wonder banks,’ which have continued to defraud unsuspecting members of the public of their hard-earned money.”
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