The Nigerian Deposit Insurance Corporation (NDIC) has said about three million Nigerians lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).

The Managing Director of the Corporation, Alhaji Umaru Ibrahim, stated while speaking at the ongoing 38th Kaduna International Trade Fair on Thursday.

Represented by the NDIC Deputy Director of Corporate Affairs, Alhaji Hadi Suleiman, Ibrahim lamented that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerians still patronise 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. This phenomenon has been a source of 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 nor are those who patronise them covered by the NDIC deposit insurance scheme.


“I want to also draw the attention of some cooperative societies which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members.”

While advising the general public on the dangers of keeping large sums of money at home or in market shops, he said there are 978 licensed microfinance banks nationwide out if which seven are spread across Kaduna State.
more at http://www.akelicious.com/2017/03/ndic-three-million-nigerians-lost-n18bn.html

I blame bubu for all these..

MMM the monster that leaves an indelible mark of pain, regret and more regrets.

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chisos

Is sad that we have 3million of educated foools living with us.

We told them to abstain from that scam called MMM, but they refused and even abused us on top. Anyway, it is non of my business

i will never doubt this... among my few friends the lost over 13m.
of recent we found out that the stingy one among us lost 4.5m

The harshness of the economy that came as a result of this woeful regime is what is driving Nigerians into these schemes that are springing up all over the place like a contagious disease
Besides nairaland should stop flogging a dead horse
That is if it is truely dead

Long live MMM


Not only 18billion, na 180billion dem loose...because na you guys dey account all d money wey dey enter...mtcheew


https://www.youtube.com/watch?v=LyuCgaCBWaU

3 million people nitori olohun
Y'all wanted an easy way out of this RECEPTION abi ?

is MMM back?
to kill the unkilled

N18b?

Money dey naija!

Only say the greedy no allow naija sweet!!

Imagine say naija get social security and minimum wage na 150k ?

Nobody go play mmm, even some people go prefer to earn salary instead of to hammer desperately

18bn and how many lives, jobs and house rents?

OK next..pls enough of mmm news,but with this harsh recession?

Oh my God... No be small money oh
Sha CBN and other government agencies tried to warn them no hear.
They where "Helping themselves" & "Changing the world together"
Wetin I go say.... My 1-Naira No dey Inside there.

lol

They did not lose any money. They only exchange ownership with other needy Nigerians.

Much as i do not support MMM or any Ponzi scheme, but these guys will just be quoting figures anyhow. How did NDIC arrive at this figure?

Lost it to who exactly ..anybody that participated in MMM is dishonest PERIOD!!!!!!!

Liar Muhammad hand dey for this lie of mass destruction

Watch how people who participated will come here and say those that participated are fools...

Even with few comments, this post make it to the front page. Seun , Lalasticlala and MMM are like PDP and corruption.

Mavrodichukwu ugorji

Who tolD NDIC Nigerians lost to MMM, they didn't loose, MMM went to re-strategize for better service delivery, end of quote, "mumus".

It will take a scammer to scam a scam.
The scammed and MMM are all scams.

The money wasn't lost, it was just moved around..... And they were happy doing it given that they were helping each other and changing the world together.

Nigerians are too stubborn... They were warned but they never listened...... May God help us all..

And Nigerians are crying Recession.

So una get that kind money invest for Ponzi scheme?

MMM is coming back jare