MMM is Illegal – NDIC insists

MMM is Illegal – NDIC insists


The Nigeria Deposit Insurance Corporation, NDIC has warned Nigerians to desist from dealing with wonder banks as well as online schemes such as, Mavrodi Mundial Movement, MMM stating that anybody transacting business with these institutions is doing so at his own risk.

The Managing Director/CEO, NDIC, Mr. Umaru Ibrahim, said this  while speaking at a workshop organised by the corporation for Business Editors and Finance Correspondents in Kaduna State.
He said  the corporation has identified two wonder banks currently in operation, and giving unrealistic promises to the unsuspecting public, stating that, wonder banks are not regulated by neither the Central Bank of Nigeria or NDIC.
He said they are illegal and are out to dupe the unsuspecting public and the corporation is unhappy with the way at which Nigerians are patronising MMM, noting that this is an outfit operating in the cloud.
Recall that MMM had on December 13 frozen accounts of participants, sparking fears that the Ponzi scheme has crashed. In a message to participants, it, however, insisted that the scheme had not crashed and that the accounts were being frozen for only one month to avoid challenges during the Yuletide.

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