Wednesday, 2 November 2016

Beware Of MMM, It Is A Big Scam’ – CBN Warns Nigerians


For some time now the Mavrodi Mondial Movement (MMM) has been a re occurring issue of discuss amongst many, the issue however is unclear as the Central Bank of Nigeria as a Major finacial body in the country is urging subscribers of the scheme to desist from it citing criminal motive by the operators of the scheme.

However, Subscribers of the scheme are quick to disagree with the CBN point of view as they are getting real value for their money, infact so many Nigerians are daily enrolling into the scheme, many of the beneficiary of the scheme(MMM) have argued that the Scheme is very sustainable in that Monies payed does not get to the managers of the scheme, the beneficiaries insists that the CBN is worried that people no longer fix money in the banks as they prefer to use their money to pledge help for members of the scheme and also get help from some other buoyant members too.
But the Central Bank of Nigeria (CBN) has warned Nigerians to be wary of the Mavrodi Mondial Movement(MMM) as the scheme is a fraudulent one.
Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi had earlier dissociated himself from the scheme saying he has nothing to do with it or any other online financial aid community, projects or contracts.
CBN’s head of head of the consumer protection department of the CBN, Kadija Kassim, on Monday said the activities of the scheme are not regulated by any institution.
She was speaking during a mentoring program for students of Government Secondary School, Suleja, Kassim warned against the use of MMM, a Ponzi scheme company, referring to the scheme as a “wonder bank”.
with the above insinuation by the CBN's head of the consumer protection department, one wonders if even the CBN has enough facts on the Scheme, if we must safe guard the investments of Nigerians or the financial involvement of our citizenry, those calling on people who perhaps are glaringly benefitting from a scheme many call "PONZI SCHEME" to  withdraw are on a wide goose chase in view of the scourging hunger in the land, More need to be done to better the wellbeing of our people, it is however a game of chance, one hopes that those in defense of the scheme will do all they can to stick to the life changing face of the scheme and not let the enrollees of the scheme down.

By: Chris Oz