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Estimated 3m Nigerians Lost N18bn to MMM – NDIC



While delivering a speech at the 38th Kaduna International Trade Fair on Thursday, the Managing Director of Nigerian Deposit Insurance Corporation (NDIC)Umaru Ibrahim said that about 3 million Nigerians lost N18bn to money-doubling scheme Mavrodi Mundial Moneybox (MMM).
Ibrahim who was represented by the Deputy Director Corporate Affairs, Hadi Suleiman lamented that Nigerians still patronise the scheme even after repeated warnings by the Central Bank of Nigeria (CBN) and the corporation.
He stressed that the creation, usage, and usage of Ponzi schemes and all forms of virtual currencies – Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin – as currencies or media of exchange are Internet-based transactions and are not authorised by the CBN due to the risks involved in their operations.
He cautioned that any person or groups of persons who invest their money in the Ponzi scheme does so at their own risk.
“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 licences by the CBN to take deposits from members of the public not are those who patronise them covered by the NDIC deposit insurance scheme.  I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members,” he said.
Source: Dailytrust


  1. Spunky

    March 2, 2017 at 7:45 pm

    I know these are hard times and most people are desperate ang gullible when it comes to making easy money. Unfortunately, there’s no such thing as easy money. Hard work and sweat must be involved. I’m sorry but I don’t feel sorry for anyone who was scammed.

  2. Cindy

    March 3, 2017 at 8:38 am

    My pastor in the RCCG CTL overflow branch that I attend introduced the scheme to many of the members. She was very convincing and we were gullible. Lots of us lost money to the scheme. Yet up till now, herself and her fellow pastor in crime are still fiercely canvassing new ignorant members in the church to join the scheme, while scolding those of us who lost money and are grumbling that we don’t have faith in God. They have turned that parish into MMM parish preaching the gospel according to mavro. Wish someone can do something to stop their heartless acts, manipulating poor worshippers in the church with a twisted mixture of the words of God and acts of the devil. Even an atheist with a little bit of conscience knows the scheme is evil …..lives lost, homes destroyed, dreams aborted….The list of its many evils is just endless

  3. stefini

    March 3, 2017 at 9:19 am

    i was never a fan of the scheme and did not take part in it ,however my only question is where did they get the information from as per the amount and people involved?they should pls keep their fake news and fabricated estimates to themselves …most of those that invested in this scheme and could not retrieve their money are still licking their wounds so they should just backoff already and let it go

    • Ogbuefi

      March 3, 2017 at 10:28 am

      I agree with you. They should tell us how they got their statistics except Mavrodi shared with them…..Dangote & other Industrialists lost more in the recession even in lawful investments. . Banks loose millions yearly in the form of bad debts. No more investing beyond spare money.Lessons learnt and we have moved on

  4. Not a mumu

    March 3, 2017 at 9:11 pm

    Hahahahaha ? I can only laugh out loud. I warned people Beth they wouldn’t lizzen. Some called me a mumu for not taking the plunge.

    No free lunch in Freetown! You gats work for your money.

    I hope they’ve learned their lesson is all.

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