MMM Scam: 3 Million Nigerians Lose 18 Billion Naira
At least 3 million Nigerians have been thrown into deeper poverty by the popular Ponzi scheme, Mavrodi Mundial Movement, MMM.
According to the Nigerian Deposit Insurance Corporation, NDIC, about 3 million people lost a total of 18 billion Naira which they invested in the scheme.
The Managing Director of NDIC, Umaru Ibrahim, on Thursday, noted that despite the loss, and repeated warnings from authorities, people are still being lured into new ponzi schemes by greed.
Represented by the NDIC Deputy Director of Corporate Affairs, Hadi Suleiman, Ibrahim said;
''The Phonzi 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."
Ibrahim maintained that the fund managers of the Ponzi schemes are illegal. They are neither licenced by the Central Bank of Nigeria to take deposits from members of the public nor are those who patronise them covered by any insurance scheme.