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3 Mar 2017

3 Million Nigerians Lost Billion Naira To MMM - NDIC

The Nigerian Deposit Insurance Corporation
(NDIC) has said while quoting the social media
that an estimated three million Nigerians have
lost N18 billion in the Phonzi scheme, popularly
called Mavrodi Mundial Movement(MMM).

Speaking at the NDIC day at the ongoing 38th
Kaduna International Trade Fair on Thursday,
March 2nd, the Managing Director of the
corporation, Alhaji Umaru Ibrahim decried that
despite repeated warnings by the Central Bank
of Nigeria (CBN) and the corporation, Nigerians
still patronised MMM.

He added, "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 for
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 not are those who
patronise them covered by the NDIC deposit
insurance scheme. I want to also draw the
attention of some cooperative society which
often go beyond their primary mandate by
accepting contributions from members as
cooperative societies are only recognised to
mobilise savings from their members.

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