The Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it.

The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.

The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day.



The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.)’.

The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.

Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model.

She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”

She said the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save.

She added, “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike.

“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitise them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”

slimany:
Every mmm participant goes through the following stages
1. U think its a scam
2. U register because of ur friend
3. U are afraid ur money is going to disappear
4. Ectasy !!! u got help
5. U can't shut up u tell ur family and friends
6. You get scared again because of rumour mongers
7. You get desperate for referral bonus
8. You increase ur pledge.
9. When people say mmm is a scam u tell them that u like it, that mmm should keep scamming u.
10. You spend money like your father owns

abuayman:
This the 2nd warning from CBN

nony43:
CBN is it your money? Is it your risk? Shebi na my money and risk, Abeg I was once criticizing mmm but now I am regretting not starting early, people b calling mmm a scam while our money grows like grass by the way I am ghing today

coollabman:



I have a feeling that government might do something about it. probably clamp down on the MMM system and ban it in Nigeria, the same way it was banned in China. Make we dey look, there's definitely some more to this second warning than meets the eye.

fiizznation:
Lately I Have been hearing about this MMM, but to be honest, I have no idea about what the thing stands for. Is it a betting game or what? I'm kind of curious though

coollabman:



I can't believe someone will type this rubbish on a public forum! You mean that after being warned about the dangers of something by a government official from a reputable government agency you still ask such stu.pid questions?! Now imagine if NAFDAC warns Nigerians about a particular product and tells them to desist from buying/consuming it, is it wise to ask NAFDAC is it their money? is it their own life at risk? imagine the nonsense! better heed the warning and stop fooling yourself.
There's no quick and easy way to make money #Word.

coollabman:



I can't believe someone will type this rubbish on a public forum! You mean that after being warned about the dangers of something by a government official from a reputable government agency you still ask such stu.pid questions?! Now imagine if NAFDAC warns Nigerians about a particular product and tells them to desist from buying/consuming it, is it wise to ask NAFDAC is it their money? is it their own life at risk? imagine the nonsense! better heed the warning and stop fooling yourself.
There's no quick and easy way to make money #Word.

nairaman66:


CBN reputable? Please think again..

nairaman66:



Besides, the CBN can't do anything they can only warn and that's it. The decision making solely lies with the individual who wants to invest in MMM.

nairaman66:




Furthermore, between the Nigerian government, CBN and MMM who is scamming the Nigerian people the more??

fiizznation:
Lately I Have been hearing about this MMM, but to be honest, I have no idea about what the thing stands for. Is it a betting game or what? I'm kind of curious though

nony43:
CBN is it your money? Is it your risk? Shebi na my money and risk, Abeg I was once criticizing mmm but now I am regretting not starting early, people b calling mmm a scam while our money grows like grass by the way I am ghing today

ademasta:
Up MMM!



My money, my business, my life! Be reminded, not yours.


And I see no reason why you should quote me unreasonably.