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3 million Nigerians reportedly lost N18billion to MMM

MMM

According to the Nigerian Deposit Insurance Corporation (NDIC), about three (3) million Nigerians lost around N18billion in MMM money scheme.

According to the Managing Director of NDIC, Umaru Ibrahim, who spoke at the NDIC day at the ongoing 38th Kaduna International Trade Fair, over three million Nigerians were registered participants in the MMM money scheme before December 2016 when the organizers suspended payments due to heavy workload on its system.

He noted that even when the scheme returned in January, many of the investors could not receive their respective payments.

Ibrahim noted that Nigerians despite warnings by the Central Bank of Nigeria (CBN) and agencies like the Economic and Financial Crimes Commission (EFCC), still went ahead to involve themselves.

The Director noted that any transactions done using internet currencies like Bitcoin, Ripples, Litecoin and Onecoin is not authorized by the CBN because of the risk associated with it.

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“The ponzi scheme is the phenomenon of illegal fundmanagers,popularly called “WonderBanks” which have continued to defraud unsuspecting members of thepublic of their hard earned money,” he said.

“This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public havecontinued to fall victims of their fraudulent practices.” He added

“We would like to reiterate the fact that these fund managers are illegal as they are neither licenced by the CBN to take deposits from members of the public nor are those who patronise them covered by the NDIC deposit insurance scheme.”

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