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CBN Warns Against Depositing Money in ‘MMM Nigeria’, Wonder-banks

by on September 16, 2016
 

The Central Bank of Nigeria (CBN) has warned Nigerians to be careful not to deposit money in any institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC).

The bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, warned especially on the trending MMM Nigeria community.

“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.

“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.

“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur”.

There is a new Ponzi scheme called ‘MMM’ that is spreading like wildfire. A lot of young school leavers have already signed on to this scheme, which the promoters are marketing as a “mutual fund.”

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“MMM offers its participants 30 per cent growth rate per month for each and every donation they make into the system… MMM belongs to the community, its sustainability depends on the activities of the people that make up the MMM Nigeria community, that is me and you and other MMM Nigeria participants,” 

Typically, what promoters of such pyramid scheme do is that they offer rates far beyond what is obtainable in commercial banks. This would always attract a lot of people who would always rush in to stake their funds. But, those who join the scheme late would always be the ones to lose their shirts as they would have been convinced by those that joined earlier to invest huge amounts of money.

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  • Tobias
    September 16, 2016 at 10:55 am

    Please Mr Isaac when the stock market crashed and people lost their money what did you do?

    To me thats a scam of the highest order. Him You are liasing and making effort to arrest participants of mmm. Pls log on to nigeria-mmm.net and read all you want about mmm and get the real info.

    I understand that experience is the best teacher but that does not mean we should loose our sense of research. Please I urge CBN or who so ever that is in charge to carry out a thorough research.

    I can even volunteer to help out. It will only cost you.

    Reply

  • paul
    September 16, 2016 at 1:33 pm

    And the stubborn Nigerians wont listen

    Reply

  • Tobi
    September 16, 2016 at 1:44 pm

    All of a sudden, my country suddenly becomes super caring….buhahahaha…I know my Nigeria too well…they don’t care for what brings them nothing…it is not even a ponzi scheme to start with…no central account, so tell me what they want to run with…this risk has paid my bills, this risk has settled my debts, this same risk has served as a capital for my numerous ideas that my country obviously never cares about…thank God for bringing mmm…if it crashes…I start again.

    Reply

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