Nigerians have been warned by the Central bank of Nigeria from patroinsing one of Ponzi scheme company, MMM federal Republic of Nigeria.
During the warning, the apex bank stated that the scheme was fraudulent, not registered, not regulated and not in accordance with any known business model describing it as a ‘wonder bank’
Speaking during a mentoring program for students of Government Secondary School, Suleja, the head of the consumer protection department of the CBN Kadija Kassim said the activities of the scheme is not regulated by any institution.
Kassim referring to the scheme as ‘wonder bank’ cautioned Nigerians on patronizing activities of the MMM scheme which stands for Mavrodi Mondial Moneybox.
A lot of Nigerians are already lured into doing business with the scheme which pays interests of about 30% of every investor.
“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,” Kassim said.
Speaking on the theme of the year’s world savings day: “Don’t save what is left after spending, but spend what is left after saving”, Kassim said such approach would assist in the needed awareness for savings.
“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 sensitize them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development,” she said.
But some Nigerians have reacted to this call by the CBN insisting they will continue with the scheme.
What is your opinion? have you benefited from them before? What was your experience like?