GTB 737 banner Yudala banner

MMM investors lose N18 billion

By News Express on 03/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,223


An estimated three million Nigerians have lost about N18 billion in the Mavrodi Mundial Moneybox (MMM) Ponzi scheme, the Nigerian Deposit Insurance Corporation (NDIC) has said.

Speaking at the NDIC Day at the ongoing 38th Kaduna International Trade Fair yesterday, 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 patronise MMM.

Represented by the Deputy Director Corporate Affairs,  Hadi Suleiman, the MD emphasised that the creation,  usage or trading in the Ponzi scheme in forms of virtual currencies,  such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies for medium of exchange are internet-based transactions and are not authorised by the CBN due to the risks involved in their operations.

He cautioned that any person or groups of persons who invest their money in the Ponzi scheme does so at their own risk.

“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. I want to also draw the attention of some cooperative societies which often go beyond their primary mandates by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members,” he said. (Daily Trust)

Source News Express

Posted 03/03/2017 05:54:46 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Adebanjo defends Afenifere's endorsement of Jonathan

Bayelsa Polls: We’ll wind up APC on Dec....

Obasanjo, Amosun task media on national unity

Anambra govt signs MOU for development of 30...

Nigeria to issue N95b bonds on December 14...

Group vows to use FoI Act to fight...

Ex-President’s daughter shot dead

We’ll wipe out Fulani herdsmen from Niger Delta...

Ogun begins construction of 285 rural roads

Boko Haram kills 235 police personnel in Yobe...

US-based Professor dribbles Buhari, turns down appointment

Killing inequality (2)

 

Latest News Niger Delta militants declare war •Their condition for peace US, France, Germany fuelling corruption in Nigeria — Osinbajo Armed bandits kill 23, raze houses in Zamfara Navy to unleash 1,585 fresh inductees on insurgents, oil thieves How I will operate as Aare Ona Kakanfo of Yorubaland — Gani Adams Anambra guber poll: We’ll remain vigilant until final result is announced, says INEC Opone wants modular refineries in every Niger Delta state Lagos East APC Apex group passes vote of confidence on Ambode, condoles Tinubu Billion-dollar Bible Museum opens amid controversy Children takeover at World Children’s Day Anambra governorship election rigged: PDP Pogba back with a bang as United dazzle in EPL •Arsenal win derby

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (294,408 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (278,213 views) Shameless Genevieve Nnaji exposes breasts in public (224,768 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (189,120 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,301 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (165,864 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (143,979 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,433 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (126,848 views) Lagos plane crash: Journalist releases victims’ names (116,440 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,674 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (107,442 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,771) Business Verdict (26) Columnists (769) Complaints & Requests (93) Enterprise & Opportunities (186) Entertainment (404) Features (510) Global Business Monitor (190) International (1,644) Interviews (138) Live Commentary (28) Love Matters (82) News (30,350) Opinion (837) Pidgin (9) Politics (4,105) Religion (648) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!