“3 million Nigerians Lost N18 Billion to MMM” - Nigerian Deposit Insurance Corporation

“3 million Nigerians lost N18 Billion to MMM” - Nigerian Deposit Insurance Corporation


“3 million Nigerians lost N18 Billion to MMM” - Nigerian Deposit Insurance Corporation


Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim, says going by the data gathered on social media, about three million Nigerians lost an estimated N18 billion in the failed Ponzi scheme popularly known as Mavrodi Mundial Movement (MMM).


Umaru stated this through the Deputy Director Corporate Affairs of NDIC, Hadi Suleiman, at the ongoing 38th Kaduna International Trade Fair in Kaduna today. 


According to Umaru, despite repeated warnings from the Central Bank of Nigeria, many Nigerians fell for Ponzi schemes like Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin and lost all their money.

"The Ponzi 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 licensed by the CBN to take deposits from members of the public or are those who patronize them covered by the NDIC deposit insurance scheme.  I want to also draw the attention of some cooperative society which often goes beyond their primary mandate by accepting contributions from members as cooperative societies are only recognized to mobilize savings from their members." He said. 

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