CBN warns against MMM

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.

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