Stay Away from MMM Ponzi Scheme- CBN Warns Nigerians

The head, Consumer Protection Department of the Central Bank of Nigeria, Kadijat Kassim has warned Nigerians to stay away from the MMM Ponzi scheme saying that it is not a legal investment venture. She made this disclosure on Monday while adding that the activities of the scheme are not regulated by any government 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. Investigation by Strategic Media reveals that the local branch of the MMM in South Africa failed due to the inability of the scheme to pay. According to a statement posted on their Facebook page after the collapse, the Scheme said: "We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed,” On April 9, a website that investigated Multi-level Marketing Scheme, BehindMLM reported: "The financial apocalypse is upon us, MMM Global has collapsed,”