MMM, Twinkas, other Ponzi schemes: Govt sends strong message to Nigerians

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– NDIC has again warned Nigerians against investing their money in online and block-chain currencies schemes

– The corporation says an estimated three million Nigerians have lost N18billion in MMM

– NDIC also warned Nigerians against activities of some co-operative societies that had gone beyond their primary mandate of accepting contributions from their members

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday, April 6, warned Nigerians against investing their money in online and block-chain currencies schemes.

Umaru Ibrahim, the managing director of NDIC, gave the warning at the on-going 2007 Enugu International Trade Fair.

Again! Govt warns Nigerians against MMM, Twinkas, other Ponzi schemes

Umaru Ibrahim, who was represented by Nicolas Ibrahim, the NDIC Controller at Enugu Zonal Office, said that the warning became necessary to save investments and money of Nigerians, NAN reports.

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He said: “I wish to draw attention to emergence of the various Ponzi schemes, popularly called Mavrodi Mundial Movement (MMM) and other forms of digital and block-chain currencies.

“These ponzi schemes also came in form of virtual currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin for medium of exchange and web based transactions which are neither authorised by the CBN nor insured by the NDIC.”

Umaru also warned Nigerians

against activities of some co-operative societies that had gone beyond their primary mandate of accepting contributions from their members.

“I wish to emphasise that cooperative societies are established to mobilise savings from their members only.

“I therefore call on non-members not to patronise them as they are neither licensed as deposit taking financial institutions nor insured by the NDIC,’’ he said.

ZENITHBLOG.com recalls that NDIC, and other agencies like the Central Bank and the anti-graft EFCC, have repeatedly warned Nigerians against such schemes.

NDIC had disclosed that an estimated three million Nigerians have lost N18billion in the popular Ponzi scheme, MMM.

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Recall that there was panic on Tuesday, December 13, 2016, among participants when the popular Ponzi scheme MMM froze all confirmed Mavros, saying it would resume operations after one month.

The scheme had said it would resume on January 14 but it resumed a day earlier.

However, it is over three months since the Ponzi scheme came back but members have not been able to get back their money.

Watch Nigerians complain about MMM

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