The Nigerian Deposit Insurance Corporation (NDIC) has said about three million Nigerians lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement (MMM).
The Managing Director of the Corporation, Alhaji Umaru Ibrahim, stated while speaking at the ongoing 38th Kaduna International Trade Fair on Thursday.
Represented by the NDIC Deputy Director of Corporate Affairs, Alhaji Hadi Suleiman, Ibrahim lamented that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerians still patronise MMM.
He said,”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 of 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 nor are those who patronise them covered by the NDIC deposit insurance scheme.
“I want to also draw the attention of some cooperative societies which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members.”
Late last year, I wrote a comprehensive 8 part article warning Nigerians on the dangers of this MMM scam. Many listened but several others were defiant in their belief that it was for the good of Nigerians, hence ignoring all the warnings that came from both the Nigerian government and myself. I hope my fellow nigerians can now learn from this experience, especially so that they will make better choices if another such scheme was to show in the country tomorrow.
Below are the articles I wrote on the dangers of MMM and you will do well to share this with your friends. Knowledge is power and Nigerians desperately need to be informed.
FOR THE LOVE OF GOD, CHURCH AND NATION
By Pastor Sunday Adelaja