It's Paul Olarewaju's Blog Again!!!: See How Much Nigerians Lost To MMM, As Revealed By NDIC

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Thursday, 2 March 2017

See How Much Nigerians Lost To MMM, As Revealed By NDIC

Speaking at NDIC day at the ongoing 38th Kaduna International Trade Fair today, the Managing Director of The Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim said that an estimated three million Nigerians have lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM).

He further said:

"The Phonzi scheme is the phenomenon of illegal fund managers,p opularly called "Wonder Banks" which have continued to defraud unsuspecting members of the public of their hard earned money. This phenomenon has been a source for 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 licences by the CBN to take deposits from members of the public not are those who patronise them covered by the NDIC deposit insurance scheme. I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members".

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