MMM can’t work; it will soon crash: CBN

Posted by News Express | 18 December 2016 | 9,463 times

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The Head of Development Finance, Central Bank of Nigeria (CBN), Mr. Banji Akinola, has said that the controversial Mavrodi Mondial Moneybox (MMM), will soon crash no matter what anybody says of its operation.

MMM, akin to some past ‘Wonder Banks’ that went under after about a year of their operation wherein many subscribers were duped, has been under fire, with the Federal Government staunchly against its operation in Nigeria.

According to its chief operator, Mavrodi, payment to the teeming subscribers has been frozen for a month till January 13, 2017.

Reports have it that the business owners have shifted their base to Kenya. In spite of Mavrodi’s claim that it froze its payment to shame the Federal Government and the media for the opposition mounted against the business venture, Akinola, who spoke on Friday at the “2016 Business Leadership Conference”, organised by the EZ37 Solution led by Mrs. Adaora Ayoade, held at the Kakanfo Inn in Ibadan, insisted that the scheme will collapse. Speaking on the theme: “Prospering in Recession”, Akinola said: “Whether anybody likes it or not, MMM will soon crash.

Their activities have been booming because it provides succour to many Nigerians in this period of recession. The Federal Government also has found it difficult to stop the trend because of the economic crunch which has made it difficult to pay workers’ salaries.

So, I urge you to invest your money wisely,” he advised the young entrepreneurs at the event.

He noted that the Central Bank has been helping the young entrepreneurs to grow their business most especially the small scale farmers that intend to boost their sales to a commercial standard.

He said: “Though most of the commercial banks are afraid to lend out loans to the farmers because of the risk involved in the agric business, but as a mother bank, we have facilitated some banking projects that will help the bank to assist the farmers.”

Akinola therefore urged the young farmers not to invest their money in any suspect scheme such as MMM, insisting that “It will soon collapse.”

In her address of welcome, the MD of EZ37 Solution, Mrs. Ayoade, urged the young entrepreneurs to always strive hard and use the advantages in recession to discover a way out of their business.

She said: “I will urge the young entrepreneurs to strive hard and always maintain their standard and always source for a way out to benefit their business in this recession time.” (New Telegraph)

Source: News Express

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