The Nigerian Deposit Insurance Corporation (NDIC) has said while quoting the social media that an estimated three million Nigerians have lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM).
Speaking at the NDIC day at the ongoing 38th Kaduna International
Trade Fair on Thursday,the Managing Director of the corporation,Alhaji
Umaru Ibrahim decried that despite repeated warnings by the Central Bank
of Nigeria (CBN) and the corporation, Nigerian's still patronise MMM.
Represented by the Deputy Director Corporate Affairs,Hadi
Suleiman,the MD emphasised that the creation, usage or trading in the
Phonzi scheme in forms of virtual currencies, such as Bitcoin, Ripples,
Monero, Litecoin,Dogecoin and Onecoin as currencies for medium 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 Phonzi scheme does so at their own risk.
He added,"The Phonzi 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 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. "
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