CBN warns Nigerians against patronizing MMM

The Central Bank of Nigeria (CBN) has
warned Nigerians against patronizing the
Ponzi scheme company, MMM Federal
Republic of Nigeria
– The apex bank in its recent warning said
the scheme is fraudulent, not regulated and
is not in tandem with any known business
model
– CBN also described the investment
scheme as a ‘wonder bank’









MMM stands for Mavrodi Mondial Moneybox
The Central Bank of Nigeria (CBN) has
warned Nigerians against the use of MMM
Federal Republic of Nigeria, a Ponzi scheme
company, Punch reports.
Speaking during a mentoring program for
students of Government Secondary School,
Suleja, the head of the consumer protection
department of the CBN Kadija Kassim said
the activities of the scheme is not regulated
by any institution.
Kassim referring to the scheme as ‘wonder
bank’ cautioned Nigerians on patronizing
activities of the MMM scheme which stands
for Mavrodi Mondial Moneybox.