MMM is a fraudulent scheme, CBN warns Nigerians

 

By Onitsha Shedrack, ——- October 1^st, 2016 ———

 

The Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, ‘MMM Federal Republic of Nigeria (nigeria.mmm.net),’ stating that their activities were not regulated by it, describing it as a fraudulent scheme.

The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this at Government Secondary School, Suleja, Niger State, during a mentoring programme for students held simultaneously in over 200 schools as part of activities to mark the World Savings Day.

The apex bank’s warning is coming at a time when there is an upsurge in the numbers of unemployed Nigerians looking for ways to make ends meet due to the crushing economic situations which has forced some people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.

While responding to a question asked by one of the students Kassim, described the scheme as fraudulent since it was not supported by any business model.

According to her; “we have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”

She added also that this year’s theme of  the World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save.

She noted that, “the World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike.

“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitize them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”

The MMM platform has in recent time have embarked on an aggressive online media campaign to lure the unsuspecting investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.