The Central Bank of Nigeria (CBN) has once again cautioned the citizenry against investing in the ponzi scheme, Mavrodi Mundial Moneybox (MMM).

The scheme operators stopped the accounts of its investors in Nigeria few days ago.CBN Director of Development Finance Dr. Mudashiru Olaitan gave the warning at a business leaders’ conference with the theme: “Prospering in a recession”, organised by EZ37 Solutions in Ibadan.

He called on Nigerians to be careful in investing their resources, especially at this period of economic recession.

According to him, the nation is blessed with many resources and businesses that could bring returns at minimal risks, urging people to embrace agriculture instead.

Olaitan, who was represented by the Head of CBN Development Office in Ibadan, Mr. Banji Akinola, said the Ponzi scheme has become a national embarrassment with the scheme’s operators insulting the Nigerian government just because it cautioned the people over the scheme.

A university don from the Department of Economics, Obafemi Awolowo University, Ile Ife, Prof. Funmi Soetan, who spoke on the theme of the conference, advised companies to consider cutting the cost of production through waste elimination rather than laying-off workers.

According to her, Nigerian economy is passing through a difficult phase of the business cycle.

Factors responsible, she said, include Nigeria’s overdependence on oil revenue, the adverse impact of the increase in global crude oil supply, fall in global oil prices, slow and declining growth in China, the BRICs and Europe, rising global and local terrorism and its attendant insecurity in Nigeria.

Other factors listed by Prof. Soetan include corruption and poor management of Nigeria’s oil revenue, the decline in external reserves and CBN devaluation of the Naira.

An associate professor at the Nigerian Institute of Social and Economic Research (NISER), Mr. Femi Ogundele, stated that the immediate consequence of recession was that businesses might cut employees, which translate to more work being done by fewer people.

The Chief Executive Officer of EZ37, Adaora Ayoade, stated that the effects of recession on the business community were challenging, urging firms to engage the situation in an informed, constructive and pragmatic manner.

Source: http://nigerianewsnow.com.ng/2016/12/15/stop-investing-in-mmm-cbn-warns-nigerians-again/

They will soon be here.... the "is it their money crew"

How much dem dey pay for FTC? My phone never alert me.

.

MOKU MOGBE MODARAN yepa , after money dey freezing mode.
If banks can give people loan at very low interest for business and are making good legitimate money, many people will not be getting themselves involved in all this ponzi scheme.
I also heard that the number one guilder in Nigeria made over N5 Billon this year alone while some people having their life savings in sub-zero mode (freezing).

Pic2 when you catch that top guilder who has collected over 5 billion and your life savings is in freezing mode

okay... but they wont hear, all they will say is its their money.

p

MMM again.

I remember how a large number of people here on Nairaland were abusing those warning them about MMM.

Even if you had invested in it, wasn't too smart to not pull out during the Xmas period. It was obvious it would crash when alot of people invest more.

it's annoying when people defend MMM saying you should have invested "spare funds" it's just semantics.

CBN has once again sounded a warning...if una like, no hear oooo

CBN isn't this too late!?



it is a shame that everything about MMM and co is now making FP news, I thought this rule prohibits that?


"Don't promote shady investments like betting, HYIP, MLM,
FOREX, binary options, and cryptocurrencies on Nairaland"


anyway who am I.

Moreoffaith:
okay... but they wont hear, all they will say is its their money.

This movie go sweet die. Waiting for the 3D.

smiles, it is well

i guess with this NEWS, they probably know the community will stand on its ground again...as a result of which they are trying to warn before harm...

well, if we the participants abide by the rules...and, we use our hand to click on I am in my right state of mind before making this pledge

i think, we need no 3rd party or spiritual hands to tell us to stop on what we already know.

Will they listen?

make una shut up

Mmm obsession for nairaland na wa o

Tsetse fly wey no dey hear word, na him dey follow dead body enter grave.

I de laugh ooooo

What other means of survival have you provided

na wa o, same news everyday

Let me educate some Nigerians about MMM. It is a franchise bought by someone most probably a Nigerian. It is not run by the original Russians. Have you noticed that some of their customer care bears Nigerian names? Do you think they were employed by Russians in Nigeria here? In every country where you see MMM , it is the franchise that is operating and not the man Mavro himself. I don't comment on MMM issue but I think some dumbass Nigerians need exposure. Even if it makes a turnaround and reopen in January, be rest assured that it will still collapse and hence the need to invest what you can loss.

Is it your money na e participants dey talk. But when e happen, them go dey find people to console them forgetting say no be their money miss or them follow share the bonus

Mumu... Wetin happen to Heritage Bank. No be una dey regulate am? Go and fix them well first. Your useless policies with that of Buhari have made Nigeria a laughing stock among committee of nations

I heard a Pastor put his Church tithes and offerings for the money of November into MMM, hoping to get a multiple of the money by 24th of December.


MMM shocked him and I think you all know what Nigerians can do.

Every one failing Nigerian is using MMM as excuse to deviate from other Topical issues..

Enough from Seun and his minions!! What is the meaning of all of these? There is no more news apart from MMM??

I thought all these news on Nairaland said MMM has crashed? Is it not madness for CBN to warn that people should stop investing? Is this not double standards? Or maybe nairaland has become a dumpsite for every useless news on MMM? Or maybe Nairaland is now affiliated to the government?

This was how the PDP channeled everything at its arsenal to sponsor hate messages against Buhari, yet they lost!

The same thing happened to Hilary Clinton. Couple of years ago when Nairaland crashed due to server issues, did anyone post any hate messages against Mr Seun?

Honestly, this madness should stop! MMM should be allowed to die a natural death!!

lool awon is it there money never reach. I know he still be like film for there eyes .... Since the mmm thing crashed my hood as been on silent mood

Abeg we don hear oo......... But they shud return my school fees first ooo

Middle finger to CBN!

How can we make money on mmm