Shocking: Nigerians lost 18bn to MMM, NDIC revealed.

The authority of the Nigerian Deposit Insurance Corporation (NDIC) has disclosed that no fewer than three million Nigerians had  lost N18 billion to the Phonzi scheme, popularly dubbed Mavrodi Mundial Movement (MMM).

The Corporation’s Managing Director , Alhaji Umaru Ibrahim made the disclosure on Thursday while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair organized by the Kaduna Chambers of Commerce, Mines and Agriculture. (KADCCIMA).

Represented by the Deputy Director, Communication and public Affairs,  Alh Hadi Birchi Suleiman, the Managing Director rued that despite several warnings by the Central Bank of Nigeria (CBN)  and the Corporation,  Nigerians still patronised MMM.

The MD reiterated that the frequent   usage  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, however cautioned that any person or groups of persons who invest their money in the Phonzi scheme does so at their own risk.