The Nigeria Deposit Insurance Corporation
(NDIC) has said three million Nigerians lost N18 billion in the Ponzi scheme,
popularly called Mavrodi Mundial Movement (MMM).
Speaking yesterday during the NDIC day at the
38th Kaduna International Trade Fair, the Managing Director, Alhaji Umaru
Ibrahim, said despite repeated warnings by the Central Bank of Nigeria (CBN)
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 boss argued: “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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