MMM is fraudulent, CBN warns Nigerians

The Central Bank of Nigeria has warned Nigerians to desist from investing in the MMM Ponzi scheme.

The CBN noted that the scheme which promises 30% return on investment is not regulated and is bound to crash soon.

Speaking during a mentoring program for students of Government Secondary School, Niger State, CBN Head of consumer protection Hajiya Kadija Kassim described MMM as a wonder bank.

Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model.

She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”

She said the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save.

She added, “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike.

“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitise them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”

The CBN’s warning is coming at a time  when massive the unemployment  in the country has prompted many Nigerians to take interest in the online investment scheme tagged :+ ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.

The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.