NDIC Reveals That 3 Million Nigerians Lost N18Billion To MMM.

The Nigerian Deposit Insurance Corporation (NDIC) has come up with a shocking figure which indicates that over 3 million Nigerians that participated in popular ponzi scheme (MMM) lost N18bn. The Managing Director of the corporation – Alhaji Umaru Ibrahim – emphasised that despite several warnings by the Central Bank of Nigeria (CBN) and the NDIC, Nigerians still trusted the ponzi scheme.

He also 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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