An estimated 3 million Nigerians have lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement(MMM). This much was announced by the The Nigerian Deposit Insurance Corporation (NDIC) while quoting the social media.
The Managing Director of the corporation, Alhaji Umaru Ibrahim was speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday, 2nd March 2017. He was particularly sad that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, some gullible Nigerians still patronised the MMM.
He said, “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”.

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How did they know? Did they approach MMM for the figures?

Lobatan