HOW MANY NIGERIANS LOST TO MMM

An estimated three million Nigerians have lost N18billion in the popular Ponzi scheme, Mavrodi Mundial Movement, according to the Nigerian Deposit Insurance Corporation (NDIC). Alhaji Umaru Ibrahim, managing director of the corporation, said this while quoting social media at the NDIC day at the on-going 38th Kaduna International Trade Fair on Thursday, March 2,. According to Ibrahim, despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerian's still patronise MMM. NDIC says that 3 million Nigerians have lost N18billion to MMM . Ibrahim emphasised that the creation, usage or trading in the Ponzi 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 Ponzi scheme does so at their own risk.  He said: "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." Recall that there was panic on Tuesday, December 13, 2016, among participants when the popular Ponzi scheme MMM froze all confirmed Mavros, saying it would resume operations after one month. The scheme had said it would resume on January 14 but it resumed a day earlier. However, it is over a month since the Ponzi scheme came back but members have not been able to get back their money. ***prbxselfnetwork***