The
Nigerian Deposit Insurance Corporation (NDIC) has said while quoting the
social media that an estimated three million Nigerians have lost N18
billion in the Phonzi scheme, popularly called Mavrodi Mundial
Movement(MMM).
Speaking at the NDIC day at the
ongoing 38th Kaduna International Trade Fair on Thursday, Alhaji Umaru Ibrahim, the Managing
Director of the corporation decried that despite
repeated warnings by the Central Bank of Nigeria (CBN) and the
corporation, Nigerian's still patronise MMM.
Represented
by the Deputy Director Corporate Affairs,Hadi Suleiman,the MD
emphasised that the creation, usage or trading in the Phonzi scheme in
forms of virtual currencies, such as Bitcoin, Ripples, Monero,
Litecoin,Dogecoin and Onecoin as currencies for medium of exchange are
Internet-based transactions and are not authorised by the CBN due to the
risks involved in their operations.
He cautioned that any person or groups of persons who invest their money in the Phonzi scheme does so at their own risk.
He added,"The Phonzi scheme is the
phenomenon of illegal fund managers,popularly called "Wonder Banks"
which have continued to defraud unsuspecting members of the public of
their hard earned money. This phenomenon has been a source for concern
because despite our repeated warnings over the years, some members of
the public have continued to fall victims of their fraudulent practices.
"We would like to reiterate the
fact that these fund managers are illegal as they are neither licences
by the CBN to take deposits from members of the public not are those who
patronise them covered by the NDIC deposit insurance scheme. I want to
also draw the attention of some cooperative society which often go
beyond their primary mandate by accepting contributions from members as
cooperative societies are only recognised to mobilise savings from their
members. "
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