Reading Time: 2 minutes

[Kaduna]– The Managing Director of Nigerian Deposit Insurance Corporation, Umaru Ibrahim, has disclosed that that an estimated three million Nigerians lost N18 billion in the Mavrodi Mundial Movement, MMM, ponzi scheme.

He said this on Thursday, March 02, 2017, while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair.

It was reported that over three million Nigerians were participating in MMM before December 2016 when organisers suspended payment to investors due to its system “experiencing heavy workload.”

Upon the return of the ponzi scheme, some Nigerians still invested their money with the aim of getting their returns in multiple folds. Until the scheme failed to respond by giving it’s clients their money.

Mr. Ibrahim noted that despite repeated warnings by the Central Bank of Nigeria, CBN, and other agencies like the anti-graft EFCC, Nigerians still patronised the ponzi scheme.

Mr. Ibrahim, who was represented by NDIC’s Deputy Director CorporateAffairs, Hadi Suleiman, noted that any financial deal done through any ponzi scheme in form of virtual currencies such as Bitcoin,Ripples, Litecoin, and Onecoin as currencies for medium of exchange, is an Internet-based transaction not authorised by the CBN becauseof the risks involved in its operations.

It should be recalled that upon the high level of disappointment and the aggrieved state of Nigerians, the top Guider and first initiator of the popular ponzi scheme in Nigeria, mavrodi mondial moneybox, MMM, Mr. Chuddy Ugorji was reported to have fled the country with his wife, Amaka to the Philippines.

Copyright 2017 The Page. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thepageng.com as the source.



Leave a Reply

Your email address will not be published. Required fields are marked *