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Over 3m Nigerians lost N18bn to MMM in 6 months—NDIC report

At last, figures have emerged on the real incurred by Nigerians from the once popular Ponzi scheme, Mavrodi Mundial Movement (MMM) as the Nigerian Deposit Insurance Corporation (NDIC) Thursday revealed that over three million Nigerians blew away N18bn in the Russian scam which fled the country in December.

Managing Director of the corporation, Alhaji Umaru Ibrahim who made this known at the ongoing 38th Kaduna International Trade Fair, decried Nigerians investment in the scheme despite repeated warnings by the Central Bank of Nigeria (CBN) and other agencies.

NDIC boss further disclosed that trading in the Ponzi scheme with Bitcoin, and other internet-based transactions were not in line with the Central Bank Nigeria’s directives.

It would be recalled that MMM had planned a repackaging but failed to resurface again after much publicized return in January.

Only recently, the Securities and Exchange Commission (SEC) sacked another ponzi, Yuan Dong after raiding their Lagos office on ground of operating a finance business not covered by any Nigerian regulation or law.