The Central Bank of Nigeria (CBN) has cautioned Nigerians against getting involved in MMM, a scheme that is currently making the rounds among Nigerians
This is coming shortly after the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, dissociated himself from the MMM, saying he has nothing to do with it or any other online financial aid community, projects or contracts.
This was made known by the head of the consumer protection department of the CBN, Kadija Kassim, on Monday. She made it known that activities associated with the scheme are not regulated by any institution.
Speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM Federal Republic of Nigeria, a Ponzi scheme company, referring to the scheme as a “wonder bank”.
In Kassim’s words, “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.
“Don’t save what is left after spending, but spend what is left after saving.”
The scheme claims to allow a 30 per cent monthly return on investment for every investor and a lot of Nigerians have been lured into it.