NDIC launches plan to shut down MMM in Nigeria, insists it is fraudulent

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NDIC launches plan to shut down MMM in Nigeria, insists it is fraudulent

The Nigeria Deposit Insurance Corporation, NDIC, has revealed plans to shut down Mavrodi Mondial Movement, MMM, scheme in Nigeria.

The Managing Director, MD of NDIC, Alhaji Umaru Ibrahim, disclosed that the regulators had set up a Committee to stem the nefarious activities of the fraudsters across the country.

Speaking on Monday during the NDIC Special Day at the 2016 Lagos International Trade Fair, Umaru advised members of the public to patronize only banking institutions that display the NDIC sticker: ‘Insured By NDIC’ in their banking halls or entrances.


He lamented that despite repeated warnings, Nigerians were still trooping out to patronize the illegal fund managers.

The MD said, “I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks.

“It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers.

“However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Co-ordinating Committee (FRSCC) to stem the nefarious activities of those fraudsters across the nation,” he added


This is coming at a time when there were growing apprehension that the MMM scheme was fraudulent.

Recall that the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, had dissociated himself from the MMM, saying he had nothing to do with it or any other online financial aid community, projects or contracts.

Also, the Central Bank of Nigeria, CBN, had warned Nigerians to be wary of it, referring to the scheme as a “wonder bank”.

The head of the consumer protection department of the CBN, Kadija Kassim, had said, “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.”