The Nigerian Deposit Insurance Corporation (NDIC) has said that an estimated three million Nigerians have lost N18bn in the popular Ponzi scheme, MMM (Mavrodi Mundial Movement).
Alhaji Umaru Ibrahim, Managing Director of the Corporation speaking at the ongoing 38th Kaduna International Trade Fair on Thursday. decried that despite repeated warnings by the Central Bank of Nigeria (CBN) and other agencies, Nigerians still inested in the scheme.
He stressed that trading in the Ponzi scheme with Bitcoin, and other internet-based transactions were not in line with the Cental Bank Nigeria’s directives adding that any person who invests their money in the Ponzi scheme does so at their own risks.