CBN warns Nigeria: beware of MMM, it is fraudulent!
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.
More Stories
TINUBU ASSURES OF MORE POLICIES FOR NATION’S INDUSTRIALISATION
President Bola Tinubu has given the assurance that his administration would continue to put in place policies for the industrialisation...
WE’LL STOP FUNDING TERTIARY INSTITUTIONS WITH POOR PERFORMANCE – FG TO VCs, RECTORS, OTHERS
The Minister of Education, Professor Tahir Mamman, has said the Tertiary Education Trust Fund will defund any non-performing Centre of...
POLICE ARREST 10 SUSPECTED ORGAN HARVESTERS IN LAGOS
The Lagos State Police Command has arrested a gang of suspected ritualists who specialise in killing people and harvesting body...
NORTHERN GOVS WENT ON U.S TRIP FOR ‘IDEAS’ ON INSECURITY – KATSINA GOV, RADDA
Governor Dikko Radda of Katsina State has defended the northern governors’ trip to the US, saying it was to find...
APPEAL COURT RULES DISMISSAL OF UNMARRIED PREGNANT OFFICER ILLEGAL
The Court of Appeal sitting in Abuja has declared illegal Regulations 126 and 127 of the Nigerian Police which allows...
POLICE ARREST MAN FOR ALLEGED SEXUAL ASSAULT OF ONE -YEAR-OLD STEPDAUGHTER IN ADAMAWA
Operatives of the Adamawa State Police Command have arrested a man over alleged sexual assault on his infant stepdaughter Thirty-year-old...