Nigerians Lost N18 Billion to Ponzi Scheme Operators, Says NDIC

Mar 09, 2017

The Nigeria Deposit Insurance Corporation (NDIC) has said three million Nigerians lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM).

Speaking yesterday during the NDIC day at the 38th Kaduna International Trade Fair, the Managing Director, Alhaji Umaru Ibrahim, said despite repeated warnings by the Central Bank of Nigeria (CBN) and the NDIC on the activities of the fraudsters, Nigerians still patronised the MMM.

Ibrahim, who was represented by the Deputy Director, Corporate Affairs, Alhaji Hadi Suleiman, warned against trading in Ponzi schemes or virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, and others, which are not authorised by the CBN due to the risks involved in their operations.

The NDIC boss argued: "The scheme is the phenomenon of illegal fund managers, otherwise called 'wonder banks,' which have continued to defraud unsuspecting members of the public of their hard-earned money."

 

- The Guardian Nigeria

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