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3million Nigerians lose 18billion Naira to MMM

The Nigerian Deposit Insurance Corporation, NDIC, has said about three million Nigerians lost Eighteen billion Naira in the Ponzi Scheme, popularly called Mavrodi Mundai Movement, MMM.

The Managing Director of the Corporation, Alhaji Umaru Ibrahim, stated this while speaking at the ongoing 38th Kaduna International Trade fair, yesterday.

Represented by the NDIC Deputy of Corporate Affairs, Alhaji Hadi Suleiman, Ibrahim lamented that despite repeated warnings by the Central Bank of Nigeria, CBN, and the Corporation, Nigerians still patronized MMM.

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 of 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 licensed by the public nor are those who patronize them covered by he NDIC deposit insurance scheme.

I want to also say that some cooperative societies, which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognized to mobilize savings from their members.”

While advising the public on the dangers of keeping large sums of money at home or in market shops, he said there are 978 licensed micro-finance banks nationwide, out if which seven are spread across Kaduna State.

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