Speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday,the Managing Director of the corporation,Alhaji Umaru Ibrahim decried that despite repeated warnings by the Central Bank of Nigeria (CBN) and the corporation, Nigerian's still patronise MMM.
Represented by the Deputy Director Corporate Affairs,Hadi Suleiman,the MD emphasised that the creation, usage or trading in the Phonzi scheme in forms 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 cautioned that any person or groups of persons who invest their money in the Phonzi scheme does so at their own risk.
He added,"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 for 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 not are those who patronise them covered by the NDIC deposit insurance scheme.
I want to also draw the attention of some cooperative society which often go beyond their primary mandate by accepting contributions from members as cooperative societies are only recognised to mobilise savings from their members. "
from dailytrust
*18Billion?My Goodness!!..Where is the guy that introduced MMM into Nigeria?How can he do this to fellow Nigerians and still sleep at night?
Chai!I lost 400k.Well I have moved on.
ReplyDelete3million ,she was greedy. I advised her not to invest in December
DeleteEyaaaaaaah
DeleteStella what did he do? This is simple arithmetic Na, the ponzi was bound to crash, it's like taking 100 cups of water from a tank and refilling with 50 cups each time, definitely the water would run out Na. besides EVERYONE who did it knew the risk involved, nobody sweet talked anyone, so don't blame him pls. I have people who lost a lot as well but life goes on, at least if we are to calculate it 80percent didn't lose their capital rather the money they got from the scheme
ReplyDeleteShhhhhhh. Who told you nobody sweet talked anybody? Some people where even deceived.
DeleteMy own na one careless 20k wey person dash me.... thank God e no much...as a student be die I for dey.
DeleteHonestly I'm not surprised. Because I know of s friend that Paid in N23million. And another 41million in total. Well I don't know if this money can be paid back to them but I honestly feel sorry for them. And wish something can be done shot it St least. MMM chop plenty people eyes oh
ReplyDeleteNo hope. Lost 200k as well. And it was my first attempt. Some fools are still keeping hope alive...i pity them.
DeleteHow did he pay N23million and 41million?? Na kwesion ooo
DeleteThey have come again, if you want to lie, do it softly na. You can't pay up to 20million in MMM let alone 23 and 41 million. As for NDIC, they can calculate the loss but they won't calculate how much people have gained from it.
DeleteYou can na multiple accounts
DeleteIf new Ponzi scheme show up this afternoon, Nigerian will still invest into it..
ReplyDeleteStubborn people.. Lol
They are still investing in MMM sef. Donation hub,twinkas,get help e.t.c people are still putting money.
DeleteGreediness will make some not to listen to advice.
DeleteSome are still investing money into MMM..
Hope they added my 3million and I referred someone who put in 5million. Oh well, what can I say or do
ReplyDeleteHahaha... Maybe they visits SDK.
DeletePathetic! The insults I got from trying to discourage people from investing in this scheme eeh.
DeleteGod will replenish their pockets and heal them.
Ndo nu!
An old wooman filz on-eazi eeesh thym drai bonez are menshioned.
ReplyDeleteMy fellow villager,hope you're not part of us
DeleteMy money is also counted in that 18bn.
ReplyDeleteHe'd sleep well jo, we were all warned, & any fool shld know it wouldn't last 4evr, thr'd be victims last last
It's a pity am one of the vitims.. The good Lord is our strength
DeleteWho did the math?
ReplyDeleteGreed got into it.
ReplyDeleteMmm said spare money, money that won't pain you incase u don't get it back. I no do pass 20k
Na devil pushed me ooo...
DeleteIt's well!
I lost so much and am yet to recover. Still mourn my money every night
DeleteThere's no such thing as 'spare money' my dear
DeleteEvery money,na money.
MMM just came to ruin people's lives.
ReplyDeleteI pray God to console those that lost their monies.
Father Lorrrrrddddd!
ReplyDeleteStella he is sleeping fine because Nigerian's have help put a smile on his face.that's a whole lot of money come to think of it N18bn
ReplyDeleteAll those people wey chop my money and no want to pay, i tell God say make una money hang for this MMM. I am sure una dey among the 3 million people.
ReplyDeleteIt is just a pity. End time Fan Emmanuel, God is still on the Throne. Sueobi it is well with your soul, dont worry, it is not the end of the world. Good things will still happen. But you all should forget doiing ponzi again.
But I no follow chop your money nau
DeleteStella the thing dey pain me ehn, i have decided to keep calm bfor HBP will catch me at this my young age.
ReplyDelete*hangs legs on the wall*
Hmmmm,God dey.
ReplyDeleteHmmmmm..
ReplyDeleteAnyway, have missed u pple like period. Hope una dey cool in here.. Stella, howfar, hope ur cookies is still galant#lol#
March 5th is my day and if you are around katsina, u can felicitate with me while we pour fura de nunu and feed some Alumajiris.
Happy birthday 2me in view
Mc pinky
Happy birthday in advance..
DeleteChaii see money...
ReplyDeleteMMM is the only scam in Nigeria that scammed both yahoo boys, pastors, Ashawo, Nepa, Govt, market people, Bankers, even Police...choii..brain truly pass brain.....i heard its now working again....but my brother nigerians are now born again ๐๐๐๐๐
ReplyDeleteAre we truly born again?? Some still dey do #fact
They never left o.my neighbour got paid yesterday..36k. But its like they put 2016 own on hold. Most people that lost money,actually lost the profits they got from the scheme
Deletegreed and lack of contentment....so individuals can pull this amount....money they dis country o..is just to think well....
ReplyDeletePls who has any info about ultimate cycler? Since december i've not heard anything from them.
ReplyDeleteBlood of Ezekiel๐ 18 billion you say?
ReplyDeleteI'm lost for words.
Consequences of greed....
ReplyDeleteSexy daddy, so you had that kind money, na MMM you see. In short bring your bombom come and take 24 strokes of cane. Why did you do that?
ReplyDeleteThese figures are not correct.. Even if all of the 3million people invested #1m each which is very impossible, that will amount to #3b. So how come they arrive at #18b. But all the same accurate figure or not greed motivated every person that invested in this MMM scam.. Just my thoughts anyway..
ReplyDeleteOne person alone invested 41million, it's so correct my dear
Delete@russ, This shows that you're really a poor mathematician. If 3m people invest just 1k, that would amount to 3billion naira.. so please check ur facts and figures well next time b4 commenting...
DeleteChai see money ooo.
ReplyDeleteThis is a message i received last week from the person that introduced me!
ReplyDeleteHello marvrodians, we need to know that if we leave our account inactive for 3months it will be deleted automatically from the system. It was programmed. Also note that if we dont PH, it may lead to restart and we can all forget about 2016mavro and count our losses. Its better to try as little as you can to get part of 2016mavro and be sure to get 2017 mavro. If we do not try at all, we stand to loose everything. The choice is yours.......... PH now or in a month plus, you forget about your personal office cos it will be deleted.
Happy Sunday.......
Anya ukwu Ajoka
ReplyDeleteFAKE NEWS! Now I understand why Donald Trump hates the media so much. The Managing Director of the NDIC should be fired for gross incompetence. I can`t understand why they keep misinforming the public. I really do not understand why these guys can`t do their due deligence to understand that the system is not a business but a help platform where people use their spare money to help others then receiving help from other participants in return? There`s no law anywhere in the world that`s against that.
ReplyDeleteThe system did not tell you to use your life`s savings, it says use your SPARE MONEY.
The system says one person should have just one account not multiple accounts.
Nigerians do not read and they do not follow instruction. That includes you Stella!
MMM is not a business, Nigerians just made it so. It is crowd funding just like your "osusu" or "ajoo". We are just an iLLiterate population.
Sit your asses down, keep being ignorant while others are still providing and receiving help.
Your foolishness knows no bounds!
DeleteWho's this bastard! Crowd funding is the future. See education.. silly bitch!
Delete@The Best man, I thought I've met foolish Ple in my life till I read your comments. You take the crown of stupidity.
DeleteAs for me, d best man guy is right. When MMM went on break, d media made all sorts of noise. Media like this that was seeking cheap publicity. They even stated that they were not coming back and dat that was the end but MMM came back. And trust me, MMM is still running. MMM have rules. If you break such rules, u will be in trouble. We, humans are dose that tear down good things. Right now, I know lots of people that are phing and still thing in MMM. Lets wait and see how far it goes. Time will tell.
DeleteHmmmmmm
ReplyDeletei just hate this Nigeria. anything them put hand dey spoil. we have been doing MMM for months, before the whole world join come spoil am
ReplyDelete