Despite losing N18bn to MMM, Nigerians still patronise ponzi schemes –NDIC

Though Nigerians have so far lost about N18bn by subscribing to the Ponzi scheme, popularly known as Mavrodi Mundial Movement (MMM), greater number are still patronising similar fund management schemes.

This was disclosed on Thursday by the Managing Director, Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim, at the ongoing 38th Kaduna International Trade Fair in Kaduna.

Speaking through his Deputy Director, Corporate Affairs Hadi Suleiman, he named the other questionable funds schemes to include: Bitcoin, Monero, Litecoin, Dogecoin, adding that more victims would be recorded, unless the public heeds to experts’ advice, including that of CBN to desist from going for them.

Hear Ibrahim: “The Phonzi scheme is the phenomenon of illegal fund managers, popularly called ‘Wonder Banks’.”

He said the authorities had done all that is needed to desuade Nigerians from relying on the unlicenced scheme, but many are yet to heed the warning

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The NDIC Boss further stated: “There is the need to stress the fact that these fund managers are illegal as they are neither licenced by the CBN to take deposits from members of the public nor are those patronising them covered by the NDIC deposit insurance scheme.

But one of the lady subscribers to MMM, Mrs. Joyice Njoku, who claimed that she put in N250,000 in the MMM said she received a message from her helper in the scheme assuring her that a new method is being worked out for the programme, adding that she could continue with it if she received her payment.

 

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