The Nigeria Deposit Insurance Corporation (NDIC) has again warned Nigerians to stop patronizing fake financial institutions otherwise known as wonders and the current online Mavrodi Mundial Movement (MMM).
Speaking in his opening remarks at the Annual Workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Kaduna, the Managing Director, NDIC, Alhaji Umaru said, MMM’s warning that participants should use only spare money and not to sell Houses or Cars to enter MMM and that one would be foolish to do so, shows that there is no guarantee in the business.
Recall, in November, 2015, MMM launched a website targeted at the Nigerian Audience. The scheme claimed a “30% per month returns” including other acquirable bonuses. The entity is self-described as “Mutual Aid Fund where ordinary people help each other”. Three (3) million people had signed by late October, 2016 with the unemployed is given to Provide Help (PH) to a needy Get Help (GP), payment are made through: online transfer, mobile money, cash deposits and ATM transfer. MMM does not hold to depositors’ money, people are only matched to others that request for help and you pay directly to their accounts (Not MMM account). MMM is a donation system, all monies are being transferred Peer to Peer, MMM do not trade.
Ibrahim enjoined Nigerians to put their money in Banks that are well regulated and guaranteed.
He disclosed that the Corporation was working with the Central Bank of Nigeria (CBN) to set up a committee that would look into the activities of MMM in the country.