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According to the Nigerian Deposit Insurance Corporation, NDIC, about three million Nigerians lost N18 billion to the Ponzi scheme, popularly called Mavrodi Mundial Movement, MMM.
This was the position of the Managing Director of the Corporation, Alhaji Umaru Ibrahim. Alhaji Umaru Ibrahim made this known while speaking at the ongoing 38th Kaduna International Trade Fair, yesterday.

Represented by the NDIC Deputy Director of Corporate Affairs, Alhaji Hadi Suleiman, the Managing Directorlamented that despite repeated warnings by the Central Bank of Nigeria, CBN, and the NDIC, Nigerians still patronised MMM.

He said: ”The Ponzi 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 of concern because, despite our repeated warnings over the years, Nigerians have continued to fall victims of their fraudulent tactics.

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“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 say that some cooperative societies, which often go beyond their primary mandate by accepting contributions from members as cooperative societies, are only recognised to mobilise savings from their members.”

He advised the public on the dangers of keeping large sums of money at home or in market shops, he said there are 978 licensed microfinance banks nationwide, out if which seven are spread across Kaduna State.

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