FG Warns Nigerians Against MMM, Bitcoin, Other Ponzi Schemes Again!

FG Warns Nigerians Against MMM, Bitcoin, Other Ponzi Schemes Again!

The NDIC,Nigeria Deposit Insurance Corporation, has once again warned Nigerians against investing their money in online and block-chain currencies schemes, including the controversial Mavrodi Mundial Movement (MMM).

Umaru Ibrahim,The Managing Director of NDIC, issued the cautionary statement at a special day of the corporation at the ongoing 2007 Enugu International Trade Fair on Thursday, April 6, 2017.

Speaking on behalf of the NDIC Controller at Enugu Zonal Office, Nicolas Ibrahim, Umaru said the warning became necessary to save investments and money of Nigerians.

He said: “I wish to draw attention to emergence of the various Ponzi schemes, popularly called Mavrodi Mundial Movement (MMM) and other forms of digital and block-chain currencies.

“These ponzi schemes also came in form of virtual currencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin for medium of exchange and web based transactions which are neither authorised by the CBN nor insured by the NDIC.”

Mr. Umaru also cautioned members of the public against activities of some co-operative societies that had gone beyond their primary mandate of accepting contributions from their members.

“I wish to emphasise that cooperative societies are established to mobilise savings from their members only.

“I therefore call on non-members not to patronise them as they are neither licensed as deposit taking financial institutions nor insured by the NDIC,’’ he said.

The NDIC, and other agencies like the Central Bank and the anti-graft EFCC have repeatedly warned Nigerians against such schemes.



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