The Central Bank of Nigeria has warned Nigerians against patronizing Ponzi Scheme, Mavrodi Mondial Moneybox, popularly known as MMM Federal Republic of Nigeria.
The Apex bank referred to the scheme as fraudulent, not regulated and not in tandem with any known business model.
The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, while describing the investment scheme as a ‘wonder bank’, 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.”
Recall that the Securities and Exchange Commission (SEC) on 1st September, warned Nigerians against the activities of the investment fund, declaring it to be fraudulent.
SEC in a statement on its website had said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net).
“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.
“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.
“SEC, therefore, advises the general public to distance themselves from the online scheme."
Source: https://thewhistler.ng/consumer/again-nigerians-warned-against-patronising-mmm
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