Beware Of MMM, It Is A Big Scam’ – CBN Warns Nigerians

The Central Bank of Nigeria (CBN) has warned Nigerians to be wary of the Mavrodi Mondial Movement(MMM) as the scheme is a fraudulent one.

Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi had earlier dissociated himself from the scheme saying he has nothing to do with it or any other online financial aid community, projects or contracts.

CBN’s head of head of the consumer protection department of the CBN, Kadija Kassim, on Monday said the activities of the scheme are not regulated by any institution.

She was speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM, a Ponzi scheme company, referring to the scheme as a “wonder bank”.

While cautioning Nigerians against patronizing their activities, Kassim 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.”

 SOURCE;NIGERIAN MONITOR