CBN warns Nigerians against MMM business

CBN warns Nigerians against MMM business
November 02 06:05 2016

The Central Bank of Nigeria (CBN) has warned Nigerians to stop investing in a new, fast money-making scheme called MMM.

Head of the consumer protection department of the CBN, Kadija Kassim, said on Tuesday that the scheme was a fraud because it was 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 invested it.