How MMM Fleeced N18b From 3m Nigerians

The audience at the conference hall of the Kaduna Chambers of Commerce, Mines and Agriculture, KADCIMMA, was shocked to hear that as much as N18 billion was invested and lost by three million Nigerians in the popular Ponzi scheme, Mavrodi Mundial Movement (MMM).

The Managing Director of the Nigeria Deposit Insurance Company, NDIC, Alhaji Umaru Ibrahim made this revelation, at the 38th Kaduna International Trade Fair organized by KADCCIMA).

Ibrahim also warned Nigerians against patronizing virtual currencies, such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin as currencies or medium of exchange. He said they are Internet-based transactions unauthorized by the CBN.

He said, “The Phonzi scheme is the phenomenon of illegal fund managers, popularly called Wonder Bank’ which has continued to defraud unsuspecting members of the public of their hard earned money. This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public have continued to fall victims of their fraudulent practices.

“We will like to reiterate the fact that these fund managers are illegal as they are neither licensed by the CBN to take deposits from members of the public nor are those who patronize them covered by the NDIC deposit insurance scheme.

“I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members, as cooperative societies are only recognized to mobilize s

The Managing Director who was represented by the Deputy Director (Communication and Public Affairs), Alhaji Hadi Suleiman

The more than three million Nigerians, who invested in the scheme with the hope of getting 30 per cent in return were thrown into distress since MMM folded up in December 2016 after announcing a phony suspension till January 2017 when the bubble finally burst

Mr. Chuddy Ugorji, the initiator of the Nigerian faction of MMM has fled the country with his wife, Amaka, reportedly to the Philippines to arrest and attack from failed investors.


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