Metro MMM Defrauded Nigerians of N18bn - NDIC MD

[LequteMan]

The Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has revealed that about three million Nigerians lost an estimated N18 billion to the failed Ponzi scheme Mavrodi Mundial Movement (MMM).

According to Umaru, despited repeated warnings fom the Central Bank of Nigeria, many Nigerians fell for ponzis like Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin and lost their money.

"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 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. "he said

 

[Azeez Taiwo]

Ndic how did u calculate this. Liars . mmm is not a scam. Those that lost money did because they lacked reading culture which is what most Africans do. They told u know guaranty, use spare money u decided to borrow and use ur life savings. Mmm didn't collect anybody's money. Money was only exchanges among Nigerians