Three million Nigerians lost N18 billion to MMM

mmm

The Nigerian Deposit Insurance Corporation, NDIC, has said that an ‎estimated three million Nigerians lost N18 billion in the MavrodiMundial Movement, MMM, ponzi scheme.

While speaking at the NDIC day at the ongoing 38th KadunaInternational Trade Fair on Thursday,the Managing Director of thecorporation, Umaru Ibrahim, decried the development.

Over three million Nigerians were participating in MMM before December 2016 when organisers suspended payment to investors due to its system “experiencing heavy workload.”

By the time the scheme returned in January, few new investors joined and the millions waiting for their payments were left disappointed with majority never paid.

Mr. Ibrahim noted that despite repeated warnings by the Central Bank of Nigeria, CBN, and other agencies like the anti-graft EFCC, Nigerians still patronised theponzi scheme.

Mr. Ibrahim, who was represented by NDIC’s Deputy Director CorporateAffairs, Hadi Suleiman, noted that any financial deal done through any ponzi scheme in form of virtual currencies such as Bitcoin,Ripples, Litecoin, and Onecoin as currencies for medium of exchange, is an Internet-based transaction‎ not authorised by the CBN becauseof the risks involved in its operations.

The NDIC boss cautioned that any person or groups of persons who invest their money in the Phonzi scheme do so at their own risk,adding that such schemes often defraud people of their money.

“The ponzi scheme is the phenomenon of illegal fundmanagers,popularly called “WonderBanks” which have continued to defraud unsuspecting members of thepublic of their hard earned money,” he said.”This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public havecontinued to fall victims of their fraudulent practices.”We would like to reiterate the fact that these fund managers are illegal as they are neither licenced by the CBN to take deposits from members of the public nor are those who patronise them covered by the NDIC deposit insurance scheme,” he said.


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  • Look Wel

    The Nigerian Deposit Insurance Corporation (NDIC) should be ashamed of themselves.What impart has Nigerian government make to help her citizen. Millions of graduates were jobless. Government did not care about those jobless graduate. Currently, the president of Nigeria ( Buhari) has been in united kingdom over a month plus, receiving medical treatment.

    Now tell me what is wrong with the Local hospitals within the country? Are there no doctor in those local hospitals. Why is the president abroad for his health treatment? after all these, may be half of the 2017 budget will be use on hospital bill. what a mess?

    Stop painting black on MMM. MMM stand to help less privileged. MMM stands to bridge the gap between the rich and the poor. Every participant of mmm knows its ideology. Leave mmm alone and mind your business if you have any.

    The economy of the country has been in recession for long. What hav the government and NDIC done about it. one dollar = 500 naira. what a shame? MMM has made me a millionaire within few months.

    Let the government provide an avenue like MMM if they are caring for her citizen. Before MMM entered into Nigeria, what have been the effort of the government towards providing a green pasture for her citizen? People in the hierarchy of power were busy embezzling the national cake alone

    Look at what is happening in south africa. Citizens of Nigeria are been killed for no reason. Nigerian citizen travel to South africa in search green pasture. Trying to be able to fend for themselves and their families.

    Had been that Nigerian government is caring for her citizen, Nobody will like to travel abroad in search work.

    • Dejandon

      A dog that will get lost does not listen to the hunter’s whistle.

    • FineBoy

      Define Recession and what are the Causes of Recession in an Economy?

      • musa aliyu

        MMM is the cause of recession. If these billions are injected out from an economy, then that economy in recession. Fools!

        • listener15

          musa aliyu mmm is not the cause of recession. mmm has its ideology. join now if you like.

        • emmanuel

          I am not surprised, 2 marks for secondary school admission and another 2 for higher education admission (i also know that some of you do remedial to cover up WAEC deficiencies), how will an adult who visit this forum and read comments by other people still reason like you?
          We do one begin your teaching from?
          Recession is simply, when production of goods and services get into negative (below limits that should keep a system)
          Buhari ran Nigeria for 6 months without government economy, the next one year without import of spares, raw materials and outflow of matured foreign investments, death of capital market, drop in import of Petroleum products which led to sharp increase, implementation of TSA which immediately removed loanable monies from commercial banks the next major drivers of the economy.
          Do not tell me that drop in the price of Crude caused recession or monies that were stolen.
          There was never a time Nigeria budget was implemented more than 65%, meaning that the contraction in earnings could have been managed through without a system collapse by implementing the budget as per capacity.
          Unfortunately, Buhari did not implement any budget between May 29, 201 and November 2017 – insanity!
          Saudi Arabis once they knew price of crude dropped; reduced 2016 budget by about 25%, but Nigeria under Buhari increased 2016 by 50%. You wonder why Saudi did not get into recession? or you think the boys of the Royal families do not steal their monies?

      • Jehu Asa

        check your dictionary. illiterate

      • listener15

        Fineboy you can do that with a dictionary.or you can also make a research on internet

    • amazing2012

      …so because the country is not doing well according to fools, blinds, lazy , parasite, demented minds like you then you should join MMM ?
      The money lost in MMM is enough for idiots like you to invest.
      Thief stole from thieves ! You are simple victim of your greed !!

      • Jehu Asa

        amazing2012 you are the biggest full that ever exist

      • Jehu Asa

        amazing2012 you are ignorant of mmm ideology.

      • listener15

        Nobody is asking to join. mmm is a platform where people help one another. mmm stands to help less privileged. mmm stands to bridge the gap between the rich and the poor. Go to mmm website to study its ideology

  • George

    The head of NDIC is Umaro Abrahim and corporate head again is Sulieman all from the useless North and someone still asking why we are going backward

    • Augustine

      Na NDIC do MMM scam? ❌

      • Jehu Asa

        mmm is not a scam.

      • Jehu Asa

        mmm is not a scam

      • listener15

        mmm is not a scam

    • amazing2012

      Prostrated mind ! Is the North MMM? Shameless southern fools believe they are wise and civilized. Thief stole from thieves !!

      • Jehu Asa

        amazing2012 you are a bigot.

      • Jehu Asa

        amazing2012 you are a bigot.

      • listener15

        amazing2012 you are a bigot

    • Chukwuemeka Amanze Ebubedike

      That was hard

  • musa aliyu

    And they will keep shouting, “recession, recession”! Mtchewww!!!

    • Jehu Asa

      ignorant is your problem

  • LionHeart

    Why did the government allow them operate in the first place?

    • Jehu Asa

      go to house of assemble to find out

    • amazing2012

      Your heart can that of lion but it is blind. How should government stop them ? Government should only warn them which we all know government did on several occasions!

      • LionHeart

        Before you operate a business like that of MMM in a civilised society your business must go through scrutiny. How can a government allow a money doubler to operate and scam her citizens? Can MMM operate in Canada, Can they operate in USA, can they operate in UK?

  • Jehu Asa

    Visit mmm website to see testimonies for verification

  • emmanuel

    They said whatever they did with their monies was their business and we should mind our businesses, the government should let them be and that was what happened. Good enough, the over N18 billion is still within Nigeria economy, so as a country we did not loose it to outsiders, just to early risers in the scheme, the sharp and those who led the scheme got very good portion of the pie and the left the greedy low.
    They can all revert to Baba Ijebu and other betting schemes to recoup their monies, that is if most of them still have money to even eat