The Nigeria Deposit Insurance Commission NDIC, says over 3 million Nigerians lost their N18 billion to the popular get rich quick scheme, MMM. The Corporation through it Managing Director,Alhaji Umaru Ibrahim, said despite warning from necessary quarters, some Nigerians allowed themselves to be duped.
He said, “The Ponzi 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.”