BREAKING: Nigerians lost N18bn to Ponzi scheme operators – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has said three

million Nigerians lost N18 billion in the Ponzi scheme, popularly

called Mavrodi Mundial Movement (MMM).

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Speaking Thursday during the NDIC day at the 38th Kaduna International

Trade Fair, the Managing Director, Alhaji Umaru Ibrahim, said despite

repeated warnings by the Central Bank of Nigeria (CBN) and the NDIC on

the activities of the fraudsters, Nigerians still patronised the MMM.

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Ibrahim, who was represented by the Deputy Director, Corporate

Affairs, Alhaji Hadi Suleiman, warned against trading in Ponzi schemes

or virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, and

others, which are not authorised by the CBN due to the risks involved

in their operations.

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The NDIC boss argued that "The scheme is the phenomenon of illegal

fund managers, otherwise called 'wonder banks,' which have continued

to defraud unsuspecting members of the public of their hard-earned

money."

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