CBN warns Nigeria: beware of MMM, it is fraudulent!
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At a time when there are growing apprehension that the Mavrodi Mondial Movement, MMM, scheme is fraudulent, the Central Bank of Nigeria, CBN, has warned Nigerians to be wary of it.
This is coming shortly after the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, dissociated himself from the MMM, saying he has nothing to do with it or any other online financial aid community, projects or contracts.
The head of the consumer protection department of the CBN, Kadija Kassim, on Monday said the activities of the scheme are not regulated by any institution.
Speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company, referring to the scheme as a “wonder bank”.
While cautioning Nigerians against patronizing their activities, Kassim said, “We have heard about the activities of MMM.
“But I want to warn you against it because they are wonder banks that are not regulated.
“Desist from their activities because they are fraudulent.
“Don’t save what is left after spending, but spend what is left after saving.”
DAILY POST learnt that many Nigerians have been lured into MMM which functions as an online investment scheme.
The scheme claims to allow a 30 per cent monthly return on investment for every investor.
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